Update: US Equity Futures Rise Pre-Bell as Chip Stocks Rally, OPEC+ Plans Further Oil Output Boost
(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.) US equity futures were mostly higher pre-bell Monday as chip stocks rose after losing momentum in the previous week, while OPEC+ announced a further increase in oil output. Dow Jones Industrial Average futures were 0.1% lower, S&P 500 futures were up 0.4%, and Nasdaq futures were 1.1% higher. Micron Technology (MU) shares were up 3.3% in premarket activity as part of a broader rally in the semiconductor sector. OPEC+ said Sunday it planned to further boost its output targets by 188,000 barrels per day from August, after similar increases for June and July. The move is expected to add to global supplies and potentially further lower oil prices while exports from key producers passing through the Strait of Hormuz continue to recover. Oil prices were lower, with front-month global benchmark North Sea Brent crude down 0.5% at $71.79 per barrel and US West Texas Intermediate crude 0.5% lower at $68.38 per barrel. This week, traders await the minutes of the June 16-17 Federal Reserve policy session, the first under new chair Kevin Warsh, scheduled for release on.
(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.) US equity futures were mostly higher pre-bell Monday as chip stocks rose after losing momentum in the previous week, while OPEC+ announced a further increase in oil output.
Dow Jones Industrial Average futures were 0.1% lower, S&P 500 futures were up 0.4%, and Nasdaq futures were 1.1% higher.
Micron Technology (MU) shares were up 3.3% in premarket activity as part of a broader rally in the semiconductor sector.
OPEC+ said Sunday it planned to further boost its output targets by 188,000 barrels per day from August, after similar increases for June and July.
The move is expected to add to global supplies and potentially further lower oil prices while exports from key producers passing through the Strait of Hormuz continue to recover.
Oil prices were lower, with front-month global benchmark North Sea Brent crude down 0.5% at $71.79 per barrel and US West Texas Intermediate crude 0.5% lower at $68.38 per barrel.
This week, traders await the minutes of the June 16-17 Federal Reserve policy session, the first under new chair Kevin Warsh, scheduled for release on.