Tonight's Highlights: US Stock Futures Extend Gains; Nasdaq 100 Futures Jump Over 1%

On Monday, US equity futures extended their upward momentum, with Nasdaq 100 futures surging over 1%, while major European indices broadly declined.

 

Last week, the Dow gained nearly 2%, finishing just shy of the 53,000 psychological milestone. Over the same period, the S&P 500 and Nasdaq Composite advanced 1.8% and 2.1%, respectively.

 

Tech names caught a broad bid in Monday's pre-market action, signaling that traders are temporarily looking past recent AI sector anxieties, which had previously triggered violent volatility—particularly among semiconductor equities.

 

Mark Newton, Head of Technical Strategy at Fundstrat, noted that expanding sector rotation is a highly positive signal. Weekly all-time highs in financials, healthcare, and industrials last week were sufficient to cushion the impact of the semiconductor pullback.

 

He pointed out that while the short-term semiconductor correction poses a minor headwind, it encourages allocation into other sectors without derailing the broader indices.

 

Newton projects the S&P 500 will climb to 8,000 by mid-August. The index closed last week at 7,483.24, roughly 7% below that target.

 

This week, market focus shifts squarely to the Federal Reserve. Minutes from the inaugural policy meeting chaired by the new leader, Kevin Warsh, will be released on Wednesday, providing investors with critical clues regarding the future rate path.

 

On the corporate front, Samsung Electronics is scheduled to release its Q2 business update on Tuesday. Concurrently, SpaceX will be fast-tracked into the Nasdaq 100 on Tuesday, which is expected to trigger massive index rebalancing flows.

 

Additionally, SK Hynix is poised for a massive $29 billion US listing on Friday.

Corporate News

Broadcom to Develop Custom ASICs for Apple, Extends Collaboration Through 2031

 

Broadcom disclosed in an SEC filing on July 6 that it has entered into a multi-year agreement with Apple, extending their long-standing technical partnership through 2031. Under the terms, Broadcom will develop and supply a suite of custom ASIC chips across multiple generations of Apple products.

 

Following the announcement, Broadcom shares jumped over 5% in pre-market trading.

 

SK Hynix Launches US Roadshow for Historic IPO

 

SK Hynix officially launched marketing for its US listing on Monday. According to its SEC filing, the company plans to issue ADRs representing roughly 17.79 million common shares. Based on Friday's closing price in Seoul, the offering size is valued at approximately $28 billion, putting it on track to rank among the top three largest IPOs in global history.

 

Trading is expected to commence on July 10. The company intends to deploy the net proceeds toward a KRW 45.5 trillion capital expenditure program, including the acquisition of Extreme Ultraviolet (EUV) lithography systems.

 

SpaceX President to Donate Stock Shares to "Trump Accounts"

 

SpaceX President and COO Gwynne Shotwell posted on X on July 6 that she and her husband will donate a portion of their SpaceX shares to "Trump Accounts." The donation is explicitly earmarked for children aged 11 to 17 living in areas with below-average household income, with a slight geographic preference for those residing near their Central Texas property.

 

The "Trump Account" initiative is a government-backed newborn savings program accessible to all US children under 18 with a valid Social Security number, featuring a $1,000 pilot subsidy from the Treasury for infants born between 2025 and 2028.