S&P futures vs fair value: +35.00.
Nasdaq futures vs fair value: +223.00.
The S&P 500 futures supported by a rebound across tech names after Monday’s “magnificent seven” selloff and yesterday’s semiconductor retreat.
Equity futures point to a higher open this morning as tech stocks, and in particular, semiconductor and memory names, are rebounding from yesterday’s selloff. A similar bounce was seen in South Korea’s Kospi index (+3.3%), which moved higher after shedding 10% ahead of yesterday’s rout.
Micron (MU 1,098.80, +47.03, +4.5%) is a top mover ahead of its earnings release after the close, which analysts are touting as an important read-through of demand, though expectations for the stock are extremely elevated.
The market has a few geopolitical developments to monitor this morning, with oil prices moving lower again.
Reports suggest that Iran will not charge tolls for ships traversing the Strait of Hormuz, but Reuters reported the U.S. and Iran remain in disagreement on the terms of nuclear inspections.