Futures tied to the S&P 500 rose 0.3%, while Nasdaq 100 futures gained 0.8%, supported by continued strength in artificial intelligence-linked chip stocks. Futures linked to the Dow Jones Industrial Average traded largely flat.
Investor sentiment remained buoyed by hopes that Washington and Tehran could move closer to a longer-term agreement, easing concerns around supply disruptions and geopolitical tensions in West Asia. However, uncertainty around the timeline for a formal agreement persisted after US Secretary of State Marco Rubio cautioned that finalising any deal could still take several days.
Oil prices fell sharply following reports that Iran could restore commercial traffic through the Strait of Hormuz under a potential framework agreement with the United States. US West Texas Intermediate crude futures dropped 5.7% to $88.53 per barrel, while Brent crude futures declined 4.7% to $94.91.
Technology and semiconductor stocks continued to lead gains amid the ongoing AI-driven market rally. Shares of Micron Technology rose 8% in premarket trading after surging 19% in the previous session, pushing the company’s market capitalisation above $1 trillion for the first time.
The rally in memory chipmakers also lifted South Korean peer SK Hynix, which crossed the $1 trillion market value milestone overnight.
Micron’s stock has more than tripled this year, aided by expectations of sustained AI-related demand. The latest gains came after UBS said the stock could potentially more than double further as memory suppliers sign long-term agreements to support AI infrastructure deployment.
Investors are also awaiting quarterly earnings from companies including Marvell Technology, Salesforce, Snowflake and Abercrombie & Fitch later in the day.
(Edited by : Ajay Vaishnav)
First Published: May 27, 2026 6:51 PM IST
