US pre-open: Futures higher on chip‑sector strength, easing oil prices

27th May 2026 12:24

(Sharecast News) - Wall Street futures were in the green ahead of the open on Wednesday as a tech‑led rally continued and falling oil prices lifted sentiment amid hopes for progress in talks with Iran.

As of 1245 BST, Dow Jones futures were up 0.18%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.30% and 0.72% firmer, respectively.

The Dow closed 118.02 points lower on Tuesday, while the S&P 500 and Nasdaq Composite both delivered solid gains on the back of a strong performance from chip stocks.

Micron Technology jumped more than 5% in pre‑market action, extending a remarkable run that saw the memory‑chip maker surge 19% on Tuesday and break through the $1trn valuation mark for the first time. Investors have increasingly rotated into memory names as a preferred way to play the AI boom, with South Korea's SK Hynix also hitting a $1trn market value overnight. Micron, whose shares have more than tripled this year, was boosted further after UBS suggested the stock could more than double again as long‑term supply agreements tied to AI adoption begin to take hold.

Elsewhere in the corporate space, Dick's Sporting Goods and Abercrombie & Fitch will publish their latest quarterly figures before the open, while HP, Marvell Technology, U-Haul and Salesforce will report earnings after the close.

Oil prices were also in focus, with West Texas Intermediate down around 3.72% at $90.40 a barrel as traders continued to be encouraged by comments from Donald Trump, who said negotiations with Iran to end the conflict were "proceeding nicely", despite the US carrying out what it described as "self‑defence" strikes in southern Iran early Tuesday, with Central Command spokesman Tim Hawkins claiming American forces had shown restraint during the ongoing ceasefire.

On the macro front, US mortgage applications fell by 8.5% in the week ended 22 May, according to the Mortgage Brokers Association, with climbing interest rates weighing on demand. Applications to refinance a mortgage, which are more sensitive to week-to-week interest rate changes, slumped 18% week-on-week, while applications to purchase a home dropped just 0.4%. Last week's moves came as the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances hit 6.65%, up from 6.56%. The 30-year fixed rate has risen by 30 basis points over the last five weeks to hit its highest level since August 2025.

Still to come, the Richmond Federal Reserve's May manufacturing index will be published at 1500 BST.

Reporting by Iain Gilbert at Sharecast.com