Stocks Set to Open Higher as AI Optimism Overshadows Fresh U.S.-Iran Hostilities, Jobs Data Awaited

June S&P 500 E-Mini futures (ESM26) are up +0.31%, and June Nasdaq 100 E-Mini futures (NQM26) are up +0.23% this morning as optimism surrounding artificial intelligence helped offset concerns about renewed U.S.-Iran tensions.

Stock index futures were boosted by a more than +2% rise in Nvidia (NVDA) in pre-market trading after the company late on Sunday unveiled the RTX Spark, which it called “the most efficient PC chip ever built,” designed to enable personal devices to run AI agents. Also, AI infrastructure stocks climbed in pre-market trading, with Micron Technology (MU) rising over +5% and Sandisk (SNDK) gaining more than +4%.

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However, gains in U.S. equity futures were limited as oil prices and bond yields advanced. The price of WTI crude climbed over +3% on Monday as uncertainty persisted over whether the U.S. and Iran were making headway toward a deal for a lasting ceasefire and the resumption of flows through the Strait of Hormuz. The outlook for the deal dimmed after Israel intensified its offensive against Tehran-backed Hezbollah in Lebanon. Also, Iran hit a Kuwaiti air base over the weekend, while the U.S. carried out “self-defense strikes” on Iranian radar and command and control sites for drones in Goruk and Qeshm Island.

Treasuries fell across the curve as higher oil prices fueled inflation concerns, with the benchmark 10-year yield rising three basis points to 4.47%.