Futures tied to the Nasdaq 100 climbed about 1.2%, while S&P 500 futures gained 0.4%. Futures on the Dow Jones Industrial Average were little changed after the blue-chip index ended a holiday-shortened week at a record high.
Technology stocks led the advance, signalling renewed investor confidence in the artificial intelligence (AI) trade after a late-June pullback in semiconductor shares.
The positive sentiment was supported by stronger-than-expected quarterly sales reported by Foxconn, formally known as Hon Hai Precision Industry, a key supplier to Nvidia. The sales growth reinforced expectations that demand for AI-related hardware remains robust.
Investor attention has now shifted to earnings from Samsung Electronics, due on Tuesday. The world’s largest memory chipmaker is expected to report an 18-fold increase in year-on-year operating profit, significantly exceeding its earnings for the whole of 2025, reflecting the continued strength of the AI-driven semiconductor cycle.
Crude prices weakened after OPEC+ agreed to increase production targets for August, while exports through the Strait of Hormuz continued to recover, easing concerns over global supply disruptions.
Brent crude futures fell $1.02, or 1.4%, to $71.10 a barrel, while US West Texas Intermediate (WTI) crude dropped 80 cents, or 1.2%, to $67.89 a barrel. Brent had gained 0.45% in the previous session, while there was no official settlement for WTI on Friday because US markets were closed for the Independence Day holiday.
Meanwhile, lower oil prices also supported broader market sentiment, while investors awaited upcoming economic data for fresh signals on the health of the US economy and the outlook for interest rates.
