Stock futures edged higher on Monday morning as a pause in U.S.-Iran military strikes over the weekend reduced fears of a wider Middle East conflict.
The easing of tensions sent crude oil prices tumbling more than 5%, which helped ease broader inflation worries and lifted sentiment across markets.
Chip and memory stocks were among the biggest gainers ahead of earnings from several large tech companies this week. Investors are watching closely to gauge how long the AI spending cycle can continue.
Sandisk jumped 5% and Marvell added 4% before the opening bell. Advanced Micro Devices, Intel, Micron, and Super Micro Computer also moved higher.
Nvidia gained 1% after a report that the chipmaker is in talks to secure $250 billion in financing for OpenAI, which could fund what would be the largest data center project on record.
Broadcom rose 2.7% after announcing a memorandum of understanding with Samsung Electronics to expand their partnership. The deal covers memory and foundry chips and is valued at over $200 billion through 2030.
The memory portion focuses on high-bandwidth memory for Broadcom’s next-generation AI accelerators. The foundry side will use Samsung’s 2-nanometer and below process technologies. Samsung’s South Korean shares closed 1.8% higher on the news.
General Motors gained 2% after Jefferies upgraded the stock to buy from hold. The brokerage set a price target of $99, citing confidence in the automaker’s position heading into 2027.
Forte Biosciences jumped 39% to $76.02 after Argenx agreed to buy the company for $77 per share in cash. The total equity value of the deal is approximately $2.2 billion.
The deal represents an 86% premium to Forte’s volume-weighted average price since the company released positive Phase 1b vitiligo trial data on July 9. Argenx will launch a cash tender offer for all outstanding Forte shares.
The acquisition adds Forte’s lead drug, FB102, an anti-CD122 antibody, to Argenx’s immunology pipeline.
Lower oil prices weighed heavily on energy stocks. Chevron slid 3% and ExxonMobil fell 3.2%. APA, Diamondback Energy, Devon Energy, and Occidental Petroleum also declined.
Airlines moved in the opposite direction. Delta Air Lines gained 3.2% and United Airlines advanced 3.9% as investors expect cheaper fuel costs from the oil price drop.
The Wall Street Journal reported that United approached Delta about a merger last year. Delta did not comment and United declined to respond.
Everbright Digital fell 5% after pricing a public offering of 4.29 million shares at $1.88 per share, raising around $8.07 million in gross proceeds.
The post Today’s Market Movers: Broadcom, Forte Biosciences, and Sandisk Lead Monday’s Biggest Moves appeared first on CoinCentral.
