U.S. Stock Index Futures Rebound, Chip Stocks Rally, Market Focus on Iran-US Tensions and SpaceX IPO

June 8. U.S. stock index futures were pointing higher in pre-market trading Monday, with Nasdaq 100 futures climbing 1.1%, S&P 500 futures up 0.6%, and Dow futures adding roughly 85 points. That comes on the heels of a brutal Friday for tech: The Nasdaq Composite tumbled 4.2%—its worst single-day drop since April 2025—fueled by profit-taking in chip stocks. Chip stocks bounced back sharply Monday. NAND chip maker Micron Technology rose more than 3% in pre-market action, recouping some of its 13% Friday slump; Nvidia and Broadcom also notched pre-market gains. The Philadelphia Semiconductor ETF (SOXX) was up 2.4% in early trading, after plunging 10% last Friday—its steepest single-day drop in over six years. Middle East tensions are also roiling markets: Iran launched a missile strike over the weekend, stoking fears about the region’s shaky ceasefire. The Israel Defense Forces (IDF) later said it carried out a “ widespread attack ” on Iran’s strategic defense systems. International oil prices spiked briefly, with WTI crude crossing the $92-per-barrel mark, but pared those gains after President Trump announced Israel and Iran are seeking an “ immediate ceasefire. ” Asian markets were broadly lower Monday, weighed down by last Friday’s Nasdaq sell-off. South Korea’s Kospi fell more than 8%, while Japan’s Nikkei 225 dropped 3.85%. Callie Cox, chief market strategist at Ritholtz Wealth Management, noted the stock market may be falling prey to its own success. While the labor market has held up, persistent high inflation is a key source of investor worry. Growth stocks and momentum strategies have been red-hot since the March low, and Cox says they face potential pullback pressure in an environment of high interest rates and sticky inflation. Looking ahead, investors will be laser-focused on U.S. inflation data this week, plus the highly anticipated IPO of Elon Musk’s SpaceX, set to price Friday. The offering is expected to be one of the largest in Wall Street history, and could serve as a critical test for the market’s valuation of AI-related stocks. Cox added that historically, mega IPOs tend to launch during periods of overheated market sentiment—so the fallout from SpaceX’s listing is something to watch closely.