Nasdaq Futures Climb as Chip Stocks Rebound Ahead of First Fed Decision Under Warsh Oleksandr Pylypenko June 17, 2026 9 min read ^NDX ^IXIC MRVL KLAC CL=F June Nasdaq 100 E-Mini futures (NQM26) are up +0.54% this morning, signaling a rebound from yesterday's selloff, while investors await the first Federal Reserve rate decision under Kevin Warsh. Nasdaq 100 futures were buoyed by a rebound in chip stocks. Micron Technology (MU), Marvell Technology (MRVL), and KLA Corp. (KLAC) rose more than +2% in pre-market trading.
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The U.S. and Iran prepare to formally sign their interim peace agreement in Switzerland on Friday. The Wall Street Journal reported that the U.S. will lift sanctions on Iranian oil sales under the deal. The memorandum of understanding also includes lifting U.S. and Iranian blockades in the Strait of Hormuz.
In yesterday's trading session, Wall Street's major indexes ended mixed. Chip stocks retreated, with Marvell Technology (MRVL) slumping over -9% to lead losers in the Nasdaq 100 and Intel (INTC) falling more than -8%. Also, software stocks slid, with Atlassian Corp. (TEAM) dropping more than -3% and ServiceNow (NOW) falling over -2%.
In addition, Cboe Global Markets (CBOE) sank more than -9% and was the top percentage loser on the S&P 500 after Commodity Futures Trading Commission Chair Michael Selig defended the decision to approve perpetual futures. On the bullish side, Moderna (MRNA) climbed over +6% and was among the top percentage gainers on the S&P 500 after the U.S. Food and Drug Administration released briefing documents for a June 18th meeting to discuss the company's mFLUSIVA mRNA vaccine.
Economic data released on Tuesday showed that the U.S. import price index jumped +1.9% m/m in May, stronger than expectations of +0.9% m/m. May housing starts fell -15.4% m/m to a 6-year low of 1.177 million, weaker than expectations of 1.430 million, and building permits, a proxy for future construction, fell -0.7% m/m to 1.413 million, weaker than expectations of 1.420 million. "We expect import prices to gradually decelerate in the second half of the year as geopolitical tensions ease and global supply conditions improve," said Vivian Chen at Nationwide Financial.
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