Stock market today: Nasdaq leads Dow, S&P 500 futures higher as chip stocks revive
US stock futures rose on Tuesday as investors braced for a flurry of earnings reports amid signs of a revival in chip stocks, with fresh US tariffs on Canada and Middle East hostilities also in focus.
Contracts for the Nasdaq-100 (NQ=F) jumped 1.3% as semiconductor names took center stage ahead of Big Tech results this week. Dow Jones Industrial Average futures (YM=F) moved up 0.3%, while S&P 500 (ES=F) futures gained 0.5% after stocks slipped on Monday amid rising US-Iran tensions.
Chip stocks saw another resurgence on Tuesday morning after the sector attempted to stage a recovery at the start of the week. In Asia, South Korea's KOSPI Composite index (^KS11) gained over 2%, driven by strength in semiconductor names.
Meanwhile, Nvidia (NVDA) shares edged up before the bell after the AI chipmaker revealed it has taken a stake in neocloud provider Nebius.
Tech optimism helped offset uncertainty surrounding US trade policy and the war in Iran. On Monday, President Trump unveiled a new raft of 50% tariffs on an array of Canadian goods, including beer, hockey sticks, milk, and chemicals, that risk rekindling a tit-for-tat trade war between the countries. The tariffs are expected to take effect in 30 days after the US accused Canada of "discrimination" in its trading practices.
Notably, the White House exempted Canadian oil imports from the tariffs, which come as crude oil prices trade at their highest level since mid-June. Oil prices eased slightly on Tuesday morning after the latest flare-up in the US-Iran war drove Brent crude prices, the international benchmark, back toward $90 per barrel.
Several companies report earnings today, including General Motors (GM), Halliburton Company (HAL), and 3M Company (MMM). Anticipation continues to build for Big Tech results later this week — particularly from Alphabet (GOOG, GOOGL) on Wednesday — as investors scrutinize tech giants' AI spending plans.