Tonight's Highlights: Trump Affirming US-Iran Tuesday Talks; Tech Bounces Back
US equity futures edged higher premarket on Monday following reports that the US and Iran have "agreed to halt mutual attacks" and plan to resume talks on Tuesday. The technology sector, which pulled back significantly last week, led the premarket advance.
As of press time, Nasdaq 100 Index futures (June contract) advanced 1.22%, S&P 500 futures climbed 0.90%, and Dow futures rose 0.50%. Brent crude extended its choppy decline, easing to near $73 per barrel.
A senior US official disclosed that both nations have agreed to cease hostilities and plan to convene in Qatar on June 30 to address disputes surrounding the Strait of Hormuz.
Shortly before press time, US President Donald Trump reiterated the Doha negotiation timeline on social media. Officials from Iran and Qatar have not yet confirmed the statement.
Adam Crisafulli, founder of Vital Knowledge, commented: "Neither side—particularly the US—appears to have an appetite for a return to full-scale hostilities. While random or unplanned escalations remain a tail-risk, the overall trajectory points toward sustained de-escalation."
Beyond Middle East geopolitical risks, the market is navigating a prominent rotation window.
Last week, the Nasdaq and S&P 500 shed 4.60% and 1.95%, respectively, while the value-heavy Dow bucked the trend to gain 0.60%, reflecting a rotation out of tech and into cyclical sectors. Nvidia and Alphabet both dropped over 8%, while SpaceX tumbled 17%.
An analysis from Apollo Global Management suggests this migration away from mega-cap tech is supported by fundamental factors. Torsten Sløk, Chief Economist at Apollo, highlighted that 12-month forward free cash flow for these tech leaders has trended visibly lower from its 2024 peak through 2026.
Concurrently, the earnings growth premium of the Magnificent Seven relative to the rest of the S&P 500 is narrowing. Apollo projects Mag 7 EPS growth to cool to 19% in 2027, while the "S&P 493" is expected to hold at 15%, marking the tightest growth spread between the two cohorts since 2023.
Today and tomorrow mark the final two trading sessions of the first half of 2026. Due to the US Semiquincentennial holiday this Saturday, financial markets will be closed on Friday, making this a shortened four-day trading week.
Other Dispatches
US Blockbuster Memory ETF Allocates to GigaDevice
Historical holding data from the Roundhill Semiconductor Memory ETF (DRAM) shows the fund recently initiated a position in Chinese chipmaker GigaDevice.
DRAM now holds 6,576,638 shares of GigaDevice, representing a 2.91% portfolio weight. This makes it the fund's eighth-largest holding, positioned just behind the "Seven Memory Kings," and represents a market value of over $700 million.
As one of the most successful ETF launches of the year, the globally focused DRAM fund listed in April and has seen its assets under management breach $24 billion.
Rocket Lab to Acquire Iridium Communications in $8 Billion Vertical Integration Deal
Rocket Lab announced Monday it will acquire satellite communications provider Iridium Communications in a cash-and-stock transaction valued at approximately $8 billion. Under the terms of the agreement, Iridium shareholders will receive $27 in cash and a fixed ratio of Rocket Lab stock per share, representing a nominal value of $54 per share.
Rocket Lab stated the transaction merges its launch vehicle, satellite manufacturing, and space systems capabilities with Iridium’s global network and partner ecosystem, creating a vertically integrated space major capable of designing, building, launching, and operating constellations. Rocket Lab shares jumped over 12% premarket, while Iridium surged over 20%.
Memory Big Three Hit with Price-Fixing Class Action in US
Samsung, SK Hynix, and Micron—the world’s three largest memory suppliers—have been hit with a class-action lawsuit alleging they conspired to fix memory prices and artificially restrict global supply. The lawsuit was filed on June 25 in a California federal court.
The complaint alleges that the three operators, who control virtually the entire global DRAM market, restricted the supply of legacy DRAM products during a period of surging prices, exacerbating the current memory supply crisis.
SpaceX Set to Join Nasdaq 100 Next Week
Nasdaq confirmed that SpaceX will be added to the Nasdaq 100 Index effective prior to the market open on Tuesday, July 7. JPMorgan estimates that the inclusion could attract roughly $4.3 billion in passive index-tracking capital inflows.
Samsung and SK Hynix Disclose Major Domestic Memory Projects
The South Korean government on Monday unveiled an investment blueprint covering its "Three Grand Super Projects," spanning semiconductors, physical AI, and AI data centers.
President Lee Jae-myung stated during a Monday briefing that Samsung and SK Hynix, alongside their supplier networks, will deploy KRW 800 trillion to construct two new memory fabrication facilities each in southwestern South Korea.