S&P 500, Nasdaq futures rise as AI rally continues; oil falls over 5% on US-Iran talk hopes
US stock index futures rose on May 27 as AI-driven demand boosted tech and semiconductor stocks, with Micron Technology and SK Hynix both surpassing $1 trillion market caps, while oil prices fell over 5% amid hopes for a US-Iran deal easing Strait of Hormuz tensions. The S&P 500 and Nasdaq futures gained 0.3% and 0.8% respectively, though Dow futures remained flat, and investors awaited earnings from Marvell Technology, Salesforce, Snowflake, and Abercrombie & Fitch.
US stock index futures advanced on May 27, extending a technology-led rally fueled by AI demand. The S&P 500 futures rose 0.3%, while Nasdaq 100 futures climbed 0.8%, driven by gains in AI-linked chip stocks. Micron Technology surged 8% in premarket trading, pushing its market capitalization above $1 trillion for the first time after a 19% jump the previous session. South Korean rival SK Hynix also crossed the $1 trillion mark overnight, benefiting from sustained AI infrastructure investments. Investors cited UBS projections that Micron’s stock could more than double further as memory suppliers secure long-term AI contracts. The rally lifted broader tech sentiment, though Dow Jones futures remained flat. Oil prices dropped sharply amid optimism over potential US-Iran negotiations. US West Texas Intermediate crude futures fell 5.7% to $88.53 per barrel, while Brent crude declined 4.7% to $94.91, following reports Iran may restore commercial traffic through the Strait of Hormuz under a framework agreement. US Secretary of State Marco Rubio warned, however, that finalizing a deal could still take days. Market activity also awaited quarterly earnings from tech firms including Marvell Technology, Salesforce, Snowflake, and Abercrombie & Fitch later in the day. The AI-driven rally and geopolitical developments shaped investor sentiment, with tech stocks leading gains while energy prices eased on diplomatic hopes.
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