Most Important News

1. Iran Ends Military Actions Against Israel;
2. Micron Shares Rebound as Musk Highlights Chip Demand;
3. Marvell and Flex Surge Premarket on S&P 500 Inclusion;
4. Apple WWDC 2026 Preview: Siri Revamp and Cook's Final Bow;

US stock futures rose on Monday, led by a rebound in chip stocks following Friday's rout. 

Micron Technology, Inc.(MU.US) surged over 7% premarket after a 13% drop Friday, alongside gains for NVIDIA Corporation(NVDA.US) and Broadcom Limited(AVGO.US). The PHLX Sox Semiconductor Sector Ishares(SOXX.US) rose nearly 4% after plunging 10% last session—its worst day in over six years.

Geopolitical tensions eased after Iran and Israel traded strikes, with President Trump indicating both sides seek an immediate ceasefire. Oil prices dipped as West Texas Intermediate hovered near $91 a barrel.

Traders await inflation data and the debut of SpaceX(SPCX.US), expected to be one of the largest IPOs in Wall Street history.

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As of 03:41 PM Riyadh Time, top pre-market movements are as follows:

Iran Ends Military Actions Against Israel

According to Iran's Fars News Agency, the Iranian armed forces have announced the cessation of military actions against Israel. They warned of harsher retaliation if Israel resumes attacks on Lebanon. Following the announcement, international crude oil futures saw gains ease to 1%, with Brent crude futures rising 1.24% to $94.27 per barrel.

Tech Stock Dip Seen as Buying Opportunity by Nvidia CEO

NVIDIA Corporation(NVDA.US) CEO Jensen Huang stated that the recent global tech stock decline offers a buying opportunity, as AI development is just beginning. He noted the industry is in the early infrastructure-building phase, which will support an AI-driven future. Huang believes AI will become foundational like the internet. He also commented that SK Hynix's plan to double wafer capacity by 2030 is insufficient.

Goldman Sachs Warns of Slight Overheating in US Stock Market

Goldman Sachs reports that some indicators suggest optimism in the US stock market is above historical averages, yet still below the peaks of 2000 and 2021. Led by Ben Snider, strategists evaluated nine indicators across four categories, currently at the 86th percentile, compared to the 100th in 2000 and 95th in 2021. The report notes speculative fervor as a key feature of past high-valuation bull markets.

US Treasury Yields Rise Amid Inflation and Rate Hike Concerns  

US Treasury markets face pressure as traders anticipate May CPI data will show a 4.3% annual increase, the highest since 2023, driven by elevated energy prices amid US-Iran tensions. Persistent inflation and strong economic resilience are dampening hopes for rate cuts. As of reporting, 10-year Treasury yields stand at 4.54%, while 2-year yields, sensitive to monetary policy, are at 4.149%.  

Micron Shares Rebound as Musk Highlights Chip Demand

Micron Technology, Inc.(MU.US) saw its premarket shares rebound nearly 8% after a sharp 13% drop in the previous session. Elon Musk, speaking at JPMorgan's global headquarters, expressed optimism about the company, stating that the real bottleneck lies in chip manufacturing capacity. He emphasized that $MU's production currently falls far short of meeting actual chip demand.

NVIDIA and Samsung Discuss Short-Term Collaboration on HBM4

NVIDIA Corporation(NVDA.US)'s CEO recently discussed short-term collaborations with Samsung's chip division head, JUN, focusing on HBM4 and foundry services. JUN noted that they are co-developing autonomous driving chips for the 4nm and 8nm nodes, as well as NVIDIA's accelerator chips. They also explored long-term partnerships involving HBM4E, foundry business, HBM5, and future technologies, including next-generation chip foundry cooperation.

Marvell and Flex Surge Premarket on S&P 500 Inclusion

Marvell Technology(MRVL.US) rose nearly 9% premarket, while Flex Ltd(FLEX.US) gained over 3%. Both companies will join the S&P 500 Index, effective June 22 at the US market's opening. Inclusion in the index broadens their reach to a wider investor base, including passive funds tracking the index and actively managed funds with investment restrictions. This milestone significantly impacts stock liquidity and valuation.

Eli Lilly Rises Over 3% Premarket on Promising Foundayo Weight Loss Results

Eli Lilly and Company(LLY.US) saw a premarket increase of over 3% following the release of new clinical trial data. Eli Lilly announced that its experimental weight-loss therapy, Foundayo, showed significant weight reduction in overweight or obese women, unaffected by menopause status. The findings, presented at the American Diabetes Association's annual scientific meeting, analyzed data from over 1,500 women in the ATTAIN-1 and ATTAIN-2 trials.

Apple WWDC 2026 Preview: Siri Revamp and Cook's Final Bow

At 20:00 on June 8, Apple Inc.(AAPL.US)'s 2026 Worldwide Developers Conference (WWDC) will commence at its Cupertino headquarters. This event marks CEO Tim Cook's final public appearance before stepping down. Amid past AI disappointments, Apple aims to demonstrate its prowess in generative AI. Key updates include iOS 27, iPadOS 27, macOS 27, and a revamped Siri, crucial for regaining consumer and Wall Street confidence.

SpaceX Secures $70 Billion Compute Deals

SpaceX is converting its compute infrastructure into a cash machine, securing major deals with Anthropic and Alphabet Inc. Class A(GOOGL.US) worth over $70 billion. Ahead of its IPO, SpaceX's agreements include Google paying $920 million monthly from October 2023 to June 2029 for Nvidia GPUs. Anthropic leases SpaceX's Memphis data center for $1.25 billion monthly. Combined, these deals generate $2.17 billion monthly, boosting SpaceX's IPO narrative.

Meta Platforms Weighs Stock Offering Amid AI Investment Surge

Meta Platforms(META.US) is reportedly considering issuing new shares worth tens of billions of dollars to fund its AI-related capital needs, which could reach up to $145 billion this year. After Alphabet Inc. Class A(GOOGL.US) secured a record $85 billion equity raise, Meta Platforms’s discussions have intensified. While denying the report, Meta noted it sees immense AI opportunities and will pursue flexible funding strategies, leaving room for speculation about future moves.