Nasdaq futures rise as tech shares rebound ahead of Fed minutes

U.S. stock futures climbed Monday as a rebound in chip and software names steadied a market that had just finished a strong week. S&P 500 futures were up 0.4% and Nasdaq-100 futures rose 1.1%, while Dow futures hovered just below flat, keeping the focus on whether the tech-heavy rally can carry into the second half of the year.

The tech lift was broad enough to move the market’s main growth gauge. The Tech Select Sector SPDR ETF rose more than 1% in premarket trading, led by Western Digital, Teradyne, Marvell Technology and Oracle. Chip shares stabilized after recent weakness, while oil prices fell as OPEC+ agreed to raise output targets, easing one source of inflation pressure and helping extend last week’s advance.

That backdrop matters because a handful of megacap technology names now carry unusual weight in retirement portfolios, index funds and target-date plans across the country. The S&P 500 and Nasdaq have become barometers not just of corporate earnings, but of how much investors are willing to pay for artificial intelligence spending, semiconductor demand and the prospect that interest rates will stay high for longer or begin to ease sooner.

Investors are also watching Washington, where the Federal Reserve will release minutes from its June meeting on Wednesday, the first led by Chairman Kevin Warsh. Those minutes could give traders a cleaner read on how officials are thinking about inflation, growth and the path of rates after Warsh’s first press conference at the central bank marked a shift in tone and operations.

Last week’s move showed how quickly sentiment can turn in a market dominated by a few large tech names. On Wednesday, July 1, the Nasdaq Composite fell 0.66% as investors sold semiconductor stocks after the sector had surged more than 80% in the first half of 2026. Micron dropped more than 10% that day, even though it was still up more than 260% for the year, while Sandisk remained up more than 750% in 2026.

Even with that turbulence, the first half of 2026 ended with the Dow up 8.9%, the S&P 500 up 9.6%, the Nasdaq up 12.8% and the Russell 2000 nearly 22% higher. The latest futures gains suggest investors are still willing to buy the dip in tech, but Wednesday’s Fed minutes will help determine whether that confidence rests on earnings or on the expectation of easier money ahead.