Chip Stocks Rebound and Earnings Beat as Iran Ceasefire Talks Begin
U.S. stock futures rose on Tuesday, led by a rebound in semiconductor stocks and strong corporate earnings, even as U.S.-Iran fighting continued. Nasdaq 100 futures gained 1.3%, and the VanEck Semiconductor ETF climbed over 3%, with Marvell Technology, Micron Technology, and Intel posting significant gains. Early earnings results were robust, with 87% of reporting S&P 500 companies beating profit estimates. 3M surged 7% on strong Q2 earnings, and General Motors also beat expectations. Oil prices edged higher, with WTI crude at $83.90, as Middle East fighting entered its 10th day. However, diplomatic efforts intensified, with mediators proposing a 10-day ceasefire, which caused oil prices to pull back slightly. Traders are focused on upcoming reports from Alphabet, IBM, and Tesla, and on corporate outlooks regarding AI spending and second-half caution. The conflict and higher oil prices have recently weighed on broader market gains.
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