Wall St futures tick up as chips extend gains

• Nasdaq futures led with 0.7% gains as chip stocks including Nvidia, Broadcom, and Micron rose 0.8% to 4.4% in premarket trading, recovering from Friday's selloff triggered by Broadcom's disappointing forecast
• Oil prices fell more than 2% after Iran and Israel halted attacks following U.S. President Trump's appeal, though the Strait of Hormuz remains shut and diplomatic efforts have not secured lasting peace
• May consumer price data due Wednesday will provide insight into inflation impacts from elevated energy prices, while SpaceX's $1.75 trillion market debut and OpenAI's confidential IPO filing raise concerns about overvaluation in high-growth tech stocks

Market Summary: Wall Street Futures Rise on Chip Stock Rebound

U.S. stock index futures advanced Tuesday morning, with the Dow up 0.13%, S&P 500 up 0.38%, and Nasdaq leading gains at 0.7%. The rally was driven by a second consecutive day of gains in semiconductor stocks and easing Middle East tensions.

Chip Sector Recovery:

Major chipmakers rebounded in premarket trading, with Nvidia, Broadcom, and Micron Technology rising 0.8% to 4.4%. These gains followed Friday's sharp selloff triggered by Broadcom's disappointing forecast, which raised concerns about elevated valuations in the AI and technology sector.

Geopolitical Developments:

Iran and Israel announced a halt to mutual attacks following an appeal from President Trump, maintaining an April 8 ceasefire. Oil prices fell over 2% on the news, though uncertainty persists as the Strait of Hormuz remains closed and no lasting peace agreement has been reached.

Key Corporate Activity:

• GSK acquired Nuvalent for $10.6 billion ($124 per share), its largest deal in years, sending Nuvalent shares up 39%
• Applied Digital surged 11.5% after securing a 15-year hyperscaler lease expected to generate $5.2 billion in revenue
• OpenAI confidentially filed for a U.S. IPO, following rival Anthropic's move toward public markets
• SpaceX's recent $1.75 trillion market debut raised concerns about potential overvaluation in high-growth tech stocks

Economic Outlook:

Investors await May consumer price data on Wednesday for insights into how Middle East tensions are affecting inflation. Last Friday's strong jobs report heightened concerns about potential Federal Reserve interest rate increases this year.