Market Overview

U.S. stock futures traded higher on Tuesday, with the Dow futures gaining 39 points (0.1%), the S&P 500 futures rising 7 points (0.1%), and Nasdaq 100 futures climbing 67 points (0.2%) by 03:10 ET (07:10 GMT). The main Wall Street averages had risen on Monday, buoyed by a rebound in technology stocks after concerns over massive AI‑related infrastructure spending had weighed on the sector the previous week. A semiconductor‑focused tracker jumped roughly 3.8% after its worst week since April, when U.S. tariffs were announced. The S&P 500 snapped a five‑session losing streak and, with one day left in the second quarter, is on track for its best quarterly performance since the pandemic‑era recovery six years ago.

U.S.–Iran Diplomatic Developments

President Donald Trump announced that U.S. officials would meet Iranian counterparts in Qatar. Envoy Steve Witkoff was reported en route to Doha, and he, along with Trump’s son‑in‑law Jared Kushner, were set to meet Qatari leaders and other officials, according to Axios. Technical teams from the United States and Iran were also slated to meet separately with mediators from Qatar and Pakistan. An Iranian delegation was expected to travel to Doha later in the week, per CNN. The talks follow a reported halt to attacks in the Strait of Hormuz, which had threatened a fragile memorandum of understanding signed earlier in June. Brent crude futures, having retreated to pre‑war levels after the interim peace agreement, were last trading around $73.38 a barrel.

Economic Calendar Highlights

The JOLTS (Job Openings and Labor Turnover Survey) report for May was due, with analysts expecting 7.280 million open positions, down from 7.618 million in April. A separate Conference Board consumer‑confidence survey was also scheduled for release the same day. These data points were viewed as precursors to the U.S. non‑farm payrolls report due on Friday, which could influence the Federal Reserve’s interest‑rate decisions for the remainder of 2026.

Nike Earnings Preview

Nike’s earnings were slated for release after the close of U.S. markets on Tuesday. Analysts were expected to focus on forward guidance, especially after the company projected a 2%‑4% decline in current‑quarter sales, citing weaker demand in China, Europe, the Middle East, and Africa. Earlier in the month, Nike announced the appointment of David Denton, a former Pfizer CFO, as its new Chief Financial Officer. CEO Elliott Hill highlighted Denton’s public‑company experience as valuable for disciplined brand operation and investment.

Chinese Manufacturing PMI

China’s official manufacturing Purchasing Managers’ Index (PMI) rose to 50.3 in June, marginally above the 50.2 forecast and up from 50.0 in May. The modest expansion was driven primarily by strong export demand, as overseas buyers front‑loaded orders amid heightened uncertainty over the Middle‑East conflict and oil prices. However, sluggish domestic demand and weak consumer spending continued to constrain the sector. Analysts noted that if the U.S. and Iran finalize a peace deal and oil prices remain at pre‑conflict levels, export‑driven momentum could wane.

Legal and Regulatory Note

A U.S. Supreme Court decision affirmed that Federal Reserve Governor Lisa Cook could remain in her position despite the Trump administration’s attempt to remove her over alleged mortgage‑fraud allegations, easing but not fully eliminating concerns about the Fed’s independence.