US Pre-Market: US-Iran Peace Talks Conclude; Gold and Silver Surge, Crude Plunges, Memory Stocks Rally, SpaceX Falls Over 5%
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Ahead of Monday’s US market opening, major index futures remain mixed. Storage stocks surged, led by Western Digital and Micron, while Intel climbed over 4% following a foundry partnership with UMC. Conversely, SpaceX shares dropped 5% amid reports of a potential $20 billion bond issuance. Geopolitical de-escalation between the US and Iran pressured crude oil prices downward, while precious metals rallied. Bitcoin reclaimed the $74,000 level. Investors are now monitoring ECB President Lagarde’s upcoming speech and Japanese PMI data, alongside shifts in the S&P 500 index components. Meanwhile, markets mourn the passing of former Fed Chair Alan Greenspan.
Market Movements
TradingKey - Ahead of Monday's US stock market opening, futures for the three major US stock indexes diverged. As of press time, Nasdaq 100 Index futures rose 0.05% to 30,421 points; S&P 500 Index futures fell 0.08% to 7,494 points; Dow Jones Industrial Average futures rose 0.04% to 51,676 points.
US storage concept stocks broadly rose pre-market. Among them, Western Digital ( WDC) rose over 6%, SanDisk ( SNDK ), Seagate Technology ( STX) and Micron Technology ( MU) rose over 4%, Silicon Motion ( SIMO) rose 2%.
Intel's partnership with UMC triggers share price surge. Intel ( INTC) rose over 4% pre-market to $139.42; UMC ( UMC) rose 6.8% pre-market to $27.25. On the news front, according to a report by FundaAI, Intel has partnered with foundry UMC to jointly develop 12nm and 3nm process technology chips.
SpaceX plunged over 5% pre-market. SpaceX (SPCX) fell 5.01% pre-market to $175.73. On the news front, according to Bloomberg, after completing its listing, SpaceX is preparing for its first bond issuance, with a planned size of no less than $20 billion.
SpaceX stock price chart, Source: TradingView
New progress in US-Iran relations, gold and silver surge, crude oil prices fall. As of press time, gold ( XAUUSD) rose over 1%, reclaiming $4,200, while silver ( XAGUSD) rose over 2%, currently trading at $66. Brent crude futures fell 1.64%, approaching $78; WTI crude futures fell 1.85%, dropping back to around $75. Cryptocurrencies generally rebounded, with Bitcoin breaking through $74,000 and Ethereum rising above the $1,700 mark.
Market Headlines
On June 22, the first round of talks between the United States and Iran officially concluded in Switzerland, with both sides agreeing to reach a final agreement to end the war within 60 days. They also reached a consensus on a mechanism to end the fighting in Lebanon and ensure the safety of shipping lanes in the Strait of Hormuz.
Iran's central bank moves to unfreeze assets. Earlier today, Iranian Finance Minister Madanizadeh stated that "the Central Bank of Iran has begun taking necessary measures to facilitate the unfreezing of Iran's frozen assets, though specific details and amounts remain unclear."
Former Federal Reserve Chairman Alan Greenspan has passed away at the age of 100. According to NBC News, citing Greenspan's wife, he died at his home on Monday from complications of Parkinson's disease.
Key Data and Events Preview
ECB President Lagarde speaks at the European Parliament
Marvell Technology and Flex to be added to S&P 500
Japan's June Flash Services/Manufacturing/Composite PMI
This content was translated using AI and reviewed for clarity. It is for informational purposes only.
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