U.S. stock futures climbed Monday as Nvidia $NVDA's new processor for personal computers extended a tech-driven rally into June.
Nvidia stock gained more than 2% in premarket trading after the company announced the chip, which it described as designed for running AI agents on laptops. Dell $DELL Technologies and HP $HPQ Inc followed higher, with shares of Dell and HP rising more than 1% and about 4%, respectively. Intel $INTC stock fell more than 6%. Nvidia said it would work with manufacturers including Dell Technologies, Microsoft $MSFT, and Lenovo to build the AI-capable laptops.
Dow futures were up 257 points, a gain of 0.5%, while S&P 500 futures advanced 0.3% and Nasdaq $NDAQ-100 futures edged up 0.2%.
The gains follow a strong May for U.S. equities. Of the three major indexes, the Nasdaq Composite posted the biggest monthly move at more than 8%, followed by the S&P 500 at roughly 5% and the Dow at close to 3%. Markets closed Friday at fresh highs after the U.S. and Iran reached a 60-day memorandum of understanding to extend a ceasefire.
But oil prices moved higher Monday after retreating Friday on the ceasefire news. Both major benchmarks added about 3%, with WTI settling near $90 a barrel and Brent near $93. Brent was also trading above $94 a barrel in early futures activity following a weekend exchange of fire between the two countries, even as negotiations toward a broader agreement continued. The prior month had been a rough one for crude, with the U.S. benchmark shedding close to 17% — its worst monthly performance since April 2025.
The AI enthusiasm extended beyond U.S. markets. In Tokyo, a 14% surge in SoftBank Group shares was enough to vault the OpenAI backer ahead of Toyota $TM Motor at the top of Japan's market-cap rankings. The Kospi, South Korea's benchmark index, climbed 3.7% on the strength of its major chip holdings — Samsung and SK Hynix — lifting its year-to-date return to 109%.
Friday's nonfarm payrolls report is the week's main event for markets, with traders looking to the jobs data for clues about the economy's health and the Fed's next move.