Nasdaq, S&P 500 Futures Climb Despite Fresh US-Iran Strikes: Why NVDA, MU, NVTS, RDW, RACE Are Keeping Traders Engaged Today

• Investors balanced hopes of a U.S.-Iran deal against fresh geopolitical tensions. Reports emerged that U.S. forces conducted defensive strikes on Iranian missile launch sites and boats overnight. 
• ‘The Big Short’ investor Michael Burry renewed his criticism of the AI boom over the weekend, warning that hyperscalers and chipmakers may be overextending themselves in what he called a “temporary” surge in demand.
• Later this week, cloud software company Snowflake and chipmaker Marvell Technology will report results.

U.S. stock futures were higher early Tuesday as markets resumed trade after the Memorial Day holiday amid geopolitical developments in the Middle East. 

While President Donald Trump stated that negotiations to end the three-month war with Iran are "proceeding nicely," the optimism was heavily checked by news of fresh U.S. defensive air strikes against Iranian missile sites and boats. These reports have triggered volatility in oil markets, sending Brent crude soaring through Asian trade before a temporary retreat below $100 a barrel. Keep an eye on United States Oil Fund (USO) & Battalion Oil (BATL) in trade today. 

As of 4:30 a.m. ET on Tuesday: Dow and Nasdaq futures were 0.6% higher, S&P 500 futures gained 0.8%, and Russell 2000 futures were up 1%.

Retail sentiment toward the SPDR S&P 500 ETF (SPY), an exchange-traded fund that tracks the S&P 500 Index, and the Invesco QQQ Trust (QQQ) ETF, which tracks the Nasdaq-100 Index, has moderated to ‘bullish’ from ‘extremely bullish’ last week.

Trending Stocks To Watch

Nvidia (NVDA) remains in the spotlight. CEO Jensen Huang has reportedly demanded tighter compliance from supplier Super Micro Computer (SMCI) following fraud arrests in Taiwan, while "The Big Short" investor Michael Burry has again warned that Nvidia's current hyperscaler demand is only "temporary." 

Microsoft (MSFT), Meta Platforms (META): China's open-source model DeepSeek has reportedly slashed its AI pricing by 75% to challenge OpenAI and Meta. 

Alphabet (GOOGL): The European Union is reportedly finalizing a multi-million-euro fine under the Digital Markets Act. 

Navitas Semiconductor (NVTS) stock surged 10% in early premarket trading after it successfully settled its long-standing legal dispute over earnout shares with its SPAC sponsor, Live Oak Acquisition Corp. II. 

Micron Technology (MU) and SanDisk (SNDK): Stocks rose 4% and 2%, respectively, in early premarket trade following FTSE Russell’s preliminary decision to reclassify them out of traditional Value indexes and directly into the Growth indexes. 

Eli Lilly (LLY) stock rose marginally in early premarket trade after reporting encouraging early-stage data for Verve-102, an experimental gene-editing treatment 

Ahead of SpaceX’s highly anticipated public debut scheduled for June, space stocks are seeing momentum trade. Redwire (RDW), AST Spacemobile (ASTS), Rocket Labs (RKLB), and Intuitive Machines (LUNR) are on the retail radar. 

Ferrari (RACE): Shares fell 3% in early premarket trade following the debut of the Ferrari Luce, a four-door, five-seat luxury EV.

Other tickers trending on Stocktwits at the time of writing included Momentus Inc (MNTS), Datadog (DDOG), and T1 Energy (TE).

Other Catalysts To Watch

On the economic front, investors are tracking the release of consumer confidence data at 10:00 am ET. 

On earnings radar, watch out for quarterly reports from AutoZone (AZO), Cargo Aircraft Management (CRGO), and Elbit Systems (ESLT) before the bell, while Zscaler (ZS) and Box Inc. (BOX), among others, report after market close. Investors are keenly watching numbers from Snowflake (SNOW) and Marvell Technology (MRVL) later in the week.

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