Wall Street to open higher on oil retreat and tech optimism
SPY•U.S. stock futures rose before the open, with Dow futures up 0.17%, S&P 500 futures up 0.14% and Nasdaq 100 futures up 0.28%. A retreat in oil prices and optimism about technology stocks supported the gains.
1. Futures move higher
Wall Street’s main indexes were set to open higher as Brent crude futures fell more than 1% and technology stocks gained. Anthropic’s public-offering details, reported in the media, also bolstered sentiment toward technology shares.
2. Chip stocks rise
Marvell Technology, Micron Technology and Broadcom each rose around 1% in premarket trading, while Nvidia gained 0.7%. Investors were also watching for remarks from OpenAI CEO Sam Altman at the company’s DevDay event.
3. Other market developments
At least six Federal Reserve officials were scheduled to speak, and an August job-openings reading was due later in the day. Summit Therapeutics jumped 20.1% after AstraZeneca said it would invest $2 billion and collaborate on studies; PepsiCo fell 1.1% after J.P. Morgan cut its rating to neutral.
