US Pre-Market June 29: Futures Rise as US-Iran Tensions Ease; Comcast Jumps on Plan to Split in Two

Sentiment: bullish S&P 500 futures: +0.88% Nasdaq 100 futures: +1.21%

S&P 500 futures sit 0.88% higher and Nasdaq 100 futures 1.21% higher into the Monday US open, after Washington and Tehran agreed to stand down and resume talks in Doha this week. The de-escalation pulled funds back toward risk, with the tech and chip names that led last week's selloff recovering the most. Comcast set the single-stock tone, jumping about 20% in pre-market on a plan to split into two public companies. The week is holiday-shortened: the cash market is closed Friday for Independence Day and the June jobs report has been pulled forward to Thursday.

Overnight drivers

• US-Iran de-escalation: futures rose after reports that Washington and Tehran agreed to halt attacks and resume peace talks in Doha this week, with both sides set to stand down for now following an exchange of fire near the Strait of Hormuz. Investors stepped back from safety, with gold down 0.98% to US$4,056 and the VIX easing to 18.31.
• Tech and chip rebound: Nasdaq 100 futures lead at +1.21%, recovering part of last week's 4.6% Nasdaq Composite decline. There is no fresh chip-specific catalyst; the move tracks the broader risk-on mood, lower yields and a bounce off an oversold week.
• Lower yields, softer dollar: the US 10-year yield eased about 2 bps to 4.37% and the US Dollar Index slipped to 101.26, a marginal support for the growth and tech names leading the futures gain.
• Asia firm, Europe flat: Hong Kong's Hang Seng rose 1.57% and Japan's Nikkei added 0.15%, while European trade is close to flat, the Euro STOXX 50 unchanged and Germany's DAX off 0.02%.

Pre-market movers

• CMCSA.US: Comcast jumped about 20% after announcing a plan to split into two publicly traded companies, separating NBCUniversal and Sky (Universal theme parks, film and TV studios, NBC and Peacock) from its core cable, broadband and wireless business. The company expects the separation to close in about a year.
• CHTR.US: Charter Communications climbed double digits alongside it, as the prospect of a pure-play cable and broadband company lifted valuations across the sector. Charter's own US$34.5 billion acquisition of Cox Communications is set to close by June 30.
• WMB.US: Williams Companies is in advanced talks to buy natural gas pipeline operator Momentum Midstream for about US$5.5 billion, one of its largest deals.

Friday on Wall Street

• S&P 500: 7,354.02 (-0.05%)
• Nasdaq Composite: 25,297.62 (-0.24%)
• Dow Jones: 51,876.11 (-0.09%)
• Russell 2000: 3,010.08 (+0.07%)
• VIX: 18.31

The S&P 500 finished Friday near flat and capped a week down 1.9%, while the Nasdaq Composite fell 4.6% across the five sessions as a selloff in semiconductors and the largest tech names ran through the index. NVDA.US and GOOGL.US each fell more than 8% over the week as investors questioned the cost of AI infrastructure. The Dow held up better and ended the week higher, and the Russell 2000 small-cap index outperformed the larger benchmarks.

Asia and Europe overnight

• Hang Seng: 23,026.68 (+1.57%)
• Nikkei 225: 69,468.11 (+0.15%)
• Euro STOXX 50: 6,222.24 (+0.01%)
• DAX: 24,666.63 (-0.02%)
• FTSE 100: 10,496.80 (-0.11%)
• CAC 40: 8,363.69 (-0.25%)

Hong Kong led the overnight session, the Hang Seng up 1.57%, while Tokyo's Nikkei added 0.15%. European markets are little changed into the US open, the Euro STOXX 50 flat and the DAX, FTSE 100 and CAC 40 each within a quarter of a percent of unchanged, leaving US futures as the clear outperformer.

Commodities and macro

• WTI crude: US$69.75 (+0.75%)
• Brent crude: US$72.94 (+0.47%)
• Gold: US$4,056/oz (-0.98%)
• US 10-year yield: 4.37% (-2 bps)
• US Dollar Index: 101.26 (-0.09%)
• Bitcoin: US$60,420 (+0.36%)

Crude is firmer with the Strait of Hormuz back in the headlines, WTI up 0.75% to US$69.75 and Brent up 0.47% to US$72.94. Gold fell 0.98% to US$4,056 as the safety bid came off, and Bitcoin added 0.36% to US$60,420 with the risk-on mood. The 10-year yield eased about 2 bps to 4.37% and the dollar slipped to 101.26.

What to watch into the US open

• Whether last week's selloff in semiconductors and the largest tech names reverses, or the futures bounce fades once the cash session opens, with Nasdaq 100 futures leading at +1.21%.
• Comcast near +20% and Charter alongside it; the size of the Comcast move puts media and cable stocks at the center of the open.
• Crude and the VIX will signal whether the US-Iran de-escalation holds.

US calendar this week (ET)

• Monday June 29: no major US data scheduled.
• Wednesday July 1: Fed Chair Kevin Warsh speaks in Portugal at 9:30am ET.
• Thursday July 2: the June employment report, pulled forward a day ahead of the holiday, with consensus near 172,000 new jobs.
• Friday July 3: US stock and bond markets are closed for the Independence Day holiday.

Context only. Not financial advice. Track your own trades with Swingfolio.