Nasdaq Futures Rise 1.59% as Tech Rebounds From Friday’s Rout, June 08

Nasdaq futures rose 1.59% to 29,487.25 on June 08 after the tech-heavy index suffered its worst day since April 2025 on Friday. Chip stocks staged a sharp recovery, with Micron Technology jumping 10% and the iShares Semiconductor ETF gaining 6%. However, escalating Iran-Israel tensions pushed crude oil higher, reigniting inflation concerns ahead of this week’s CPI and PPI reports.

Chip Stocks Lead the Rebound

Memory chipmaker Micron Technology surged close to 10% on June 08 after falling 13% on Friday. The iShares Semiconductor ETF rebounded 6% following a 10% plunge Friday, its worst day in more than six years. Nvidia and Broadcom shares also moved higher as investors sought bargains after the sharp selloff.

The Nasdaq Composite dropped 4.2% on Friday, its worst decline since April 2025, as investors took profits on chip stocks over worries that valuations had climbed too far given economic uncertainty. The broad S&P 500 fell 2.6% and the Dow lost 1.4%, snapping the S&P’s nine-week winning streak.

Asia Markets Extend Losses Amid Tech Rout

Asian markets tanked Monday in response to Friday’s Nasdaq decline. South Korea’s Kospi fell more than 8% to 7,484.41, with memory chip giants Samsung Electronics and SK Hynix down 10.18% and 7.68% respectively. Japan’s Nikkei 225 dropped 3.85% to 64,024.6, while SoftBank Group plunged 6.1%.

The selloff followed stronger-than-expected U.S. May jobs data, which reignited concerns about higher interest rates staying in place longer. Goldman Sachs pushed back its forecast for final two Fed rate cuts to June and December 2027, citing stronger labor market performance.

Oil Surge Threatens Inflation Outlook

Iran launched missile strikes on Israel on Sunday, and Israel responded early Monday with airstrikes on Iranian petrochemical facilities. West Texas Intermediate crude surged more than 4% to $94.35 a barrel, while Brent crude advanced nearly 4% to $96.60. Trump indicated negotiations would continue despite the escalation, but oil price gains raised sticky inflation pressures.

U.S. Treasury yields spiked on the jobs data and geopolitical tensions. Energy stocks rose on the oil gains, while airline and cruise operator shares fell. Investors await CPI and PPI reports this week to gauge inflation momentum.

Magnificent Seven Stocks Recover in Premarket

Most of the Magnificent Seven tech giants moved higher in premarket trading on June 08 after finishing lower Friday. Nvidia and Tesla rose more than 1% each after sinking more than 6% the prior day. Apple edged higher ahead of its Worldwide Developers Conference.

Marvell Technology rebounded 7% before the bell on news it would join the S&P 500 before trading opens on June 22, after plunging 17% Friday to lead Nasdaq decliners. Bitcoin rebounded to around $63,400 after falling below $60,000 for the first time since October 2024.

Final Thoughts

Nasdaq futures point to a modest rebound, but persistent inflation concerns and geopolitical risks limit upside. Watch this week’s CPI and PPI data to confirm whether the Fed holds rates higher for longer.

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