US stock futures rebounded slightly, escalation in the Middle East pushed up oil prices, and the AI sector supported tech stocks' strength.

BlockBeats News: On July 9, U.S. stock index futures edged up slightly before the market open. S&P 500 index futures rose 0.2%, Nasdaq 100 futures rose 0.61%, and Dow futures were essentially flat. Against the backdrop of renewed escalation in the U.S.-Iran situation and rising international oil prices, the market is betting that technology stocks will drive a rebound in U.S. equities. Most of Europe’s major indices rose. Japan’s Nikkei 225 closed up 1.4%, South Korea’s KOSPI rose 0.62%, China’s CSI 300 index closed up 2.5%, while Hong Kong’s Hang Seng Index fell slightly.

On the news front, the U.S. announced a new round of strikes against Iran in response to an attack on merchant vessels near the Strait of Hormuz. WTI crude oil futures briefly jumped by nearly 1%. U.S. President Trump previously said that the U.S.-Iran ceasefire “has ended,” and stated that he may no longer intend to continue negotiations with Iran. The market is concerned that supply risks in the Strait of Hormuz will continue, further driving up global energy prices and the geopolitical risk premium.

Meanwhile, the Wells Fargo Investment Institute said that if the Middle East situation escalates further, oil prices may continue to maintain a higher risk premium, given that global crude oil inventories are relatively low. However, corporate earnings growth and the AI investment boom will still provide support for U.S. stocks. It is expected that the S&P 500 index still has the potential to rise into the 7800 to 8000 point range by year-end. The market today will also watch U.S. initial jobless claims data, existing home sales data, and PepsiCo’s earnings report.