Wall St set to gain on tech rebound, Middle East in focus

By Joel Jose and Twesha Dikshit

U.S. stocks were set to open higher on Thursday, as investors sought bargains in beaten-down technology stocks and kept a close watch on developments around the Middle East conflict and its impact on economies and businesses.

Chipmakers bounced back after Wednesday's selloff sent major Wall Street indexes down more than 1% and technology stocks into correction territory, a 10% drop from their record close.

Nvidia, Intel and Micron Technology were up between 1% and 4.6% in premarket trading.

The United States will hit Iran "very hard tonight" and soon take control of the Middle Eastern country's oil and gas infrastructure and markets, U.S. President Donald Trump said.

Futures pared some of their earlier gains, while oil prices edged higher. [O/R]

"That's (Trump's warning) a pretty worrisome thought for the market but what we're seeing here is a market that may have been grossly oversold over the past few days. And so that's why we're seeing some sort of a bump," said Phil Blancato, chief market strategist at Osaic Wealth.

At 09:02 a.m. ET, Dow E-minis were up 248 points, or 0.5%, and S&P 500 E-minis were up 33 points, or 0.45%. Nasdaq 100 E-minis were up 233.25 points, or 0.82%.

The S&P 500 has dropped about 4% since hitting a record closing high in early June. Investors are grappling with concerns about stretched valuations in the technology sector and tighter monetary policy, as the Middle East conflict sends energy prices soaring, stoking inflationary pressures.

Data showed U.S. producer prices increased more than expected in May, leading to the largest annual gain in 3-1/2 years.

Separately, the number of Americans filing claims for unemployment benefits increased marginally last week.

The Federal Reserve is widely expected to hold interest rates in the 3.50%-3.75% range at its next policy meeting on June 17, with investors pricing in at least one 25 basis point rate hike by the end of the year.

The highly anticipated Friday market debut of Elon Musk's SpaceX, set to be valued at $1.75 trillion, could also test the rally this year that has repeatedly lifted stocks to record levels.

Among other movers, Oracle shares plunged 9% after the company projected capital spending plans for fiscal 2027 above Wall Street estimates, underscoring the heavy cash outlays required to expand its AI infrastructure.

Shares of Navan jumped 21% after the corporate travel booking agency raised its full-year forecasts for revenue and operating income on Wednesday, citing strong business travel demand and growth in its enterprise customer base.

(Reporting by Joel Jose and Twesha Dikshit in Bengaluru; Editing by Devika Syamnath and Shinjini Ganguli)

Copyright Reuters or USA Today Network via Reuters Connect.

This story was originally published June 11, 2026 at 8:18 AM.