U.S. stock futures extended gains early Monday, following a strong week on Wall Street that saw the Dow Jones Industrial Average hit record highs. Investors are anticipating the Federal Reserve’s June meeting minutes later this week, while key sector rotations see money flowing into Financials, Healthcare, and Industrials, offsetting a semiconductor slump. Globally, European markets opened mixed, Asian markets showed varied performance with a focus on AI shifts, and major M&A news includes Sky’s acquisition of ITV’s media unit and Lockheed Martin’s bid for Ultra Maritime.
U.S. stock futures advanced early Monday, building on a robust performance last week that saw the Dow Jones Industrial Average reach record highs. Investors are closely monitoring the upcoming release of minutes from the Federal Reserve's June meeting, which will be the first under new Chairman Kevin Warsh.
Futures linked to the 30-stock Dow edged up 20 points (0.04%), while S&P 500 futures climbed 0.32%, and Nasdaq-100 futures showed a more significant gain of 0.83%.
Traders work at the New York Stock Exchange on June 29, 2026. (NYSE)
Last week, the Dow surged nearly 2%, putting it within reach of the 53,000 mark. The S&P 500 and Nasdaq Composite also saw strong increases, advancing 1.8% and 2.1% respectively. These gains occurred despite a dip in the semiconductor sector, which has been a primary driver of market growth this year. The VanEck Semiconductor ETF (SMH) fell 3.2%, marking its second consecutive weekly loss, as investors shifted away from chipmakers into other sectors.
Mark Newton, head of Technical Strategy at Fundstrat, views this sector rotation as a positive sign. “The broadening in sector rotation is a big positive, with Financials, Healthcare, and Industrials all closing at new weekly all-time highs this week and more than offsetting the consolidation in Semis,” Newton wrote. He added that while the semiconductor decline is a short-term hurdle, it hasn’t undermined the broader indices. Newton projects the S&P 500 could reach 8,000 by mid-August, up from its last week’s close of 7,483.24.
Comcast-owned Sky to acquire ITV’s media and entertainment unit
U.K. broadcaster ITV announced it would sell its media and entertainment division to Comcast-owned Sky in a deal valued at £1.6 billion ($2.13 billion). Sky will pay £1.2 billion in cash and transfer ownership of Love Productions, known for 'The Great British Bake Off.' An additional £200 million may be paid if performance targets are met post-acquisition. The deal, expected to finalize in the second half of 2027, will merge ITV’s free-to-air channels and ITVX streaming platform with Sky, creating a business accounting for approximately 20% of U.K. in-home viewing.
Carolyn McCall, CEO of ITV plc, stated, "This transaction builds on that momentum to deliver clear, tangible value for shareholders." Dana Strong, CEO of Sky Group, hailed the acquisition as a "defining moment for British media."
European markets open mixed
European stock markets showed a mixed start to the week. Futures for the Stoxx 50 were down 0.07%, with most major bourses anticipated to open lower. Germany's DAX was an exception, projected to open 0.05% higher. However, London’s FTSE 100 was set to open 0.04% lower, France’s CAC 40 0.1% lower, and Italy’s FTSE MIB down 0.09%.
India’s Nifty 50 gains, rupee stable; BofA highlights reform push
India’s Nifty 50 index increased 0.5% in early trading, while the rupee remained steady at 95.23 against the U.S. dollar. Bank of America noted India's broadened reform momentum, including 18 measures across various sectors. These reforms are shifting focus from short-term demand to structural resilience. BofA identified consumption-linked sectors like retail, autos, and internet stocks as immediate beneficiaries due to tax rationalization. Labor reforms are also expected to provide longer-term support by formalizing jobs, benefiting banks and healthcare companies.
Lockheed Martin in lead for $3.5 billion Ultra Maritime acquisition
Defense giant Lockheed Martin is reportedly the frontrunner to acquire naval defense firm Ultra Maritime for approximately $3.5 billion. Ultra Maritime, owned by Advent International, specializes in anti-submarine technology, radar, electronic warfare, and torpedo defense. The deal, advised by Guggenheim and JPMorgan on the sell-side, could be announced this week.
Hong Kong and mainland China markets open higher; Quantum Strategy bullish on Chinese AI
Chinese markets opened positively, with Hong Kong’s Hang Seng Index climbing 0.4% and the CSI 300 adding 0.2%. Quantum Strategy expressed increased bullishness on Chinese equities, particularly in artificial intelligence. The firm is rotating away from U.S. tech leaders and recommending investors go long on sectors benefiting from AI deployment, especially in China.
Oil prices mixed amid OPEC+ production increase
Crude prices were mixed early Monday after OPEC+ agreed to increase production by 188,000 barrels per day in August, marking the fifth consecutive monthly increase. Brent crude futures were flat at $72.12 a barrel, while U.S. West Texas Intermediate futures rose 0.20% to $68.8 per barrel. Westpac analysts believe this move will help keep global markets well supplied, especially if U.S.-Iran peace efforts hold.
Hanwha Group firms surge on Canada submarine contract hopes, space investment
Shares of Hanwha Group companies surged Monday. Hanwha Ocean jumped over 12% on reports that Canada is expected to announce a submarine contract winner for 12 submarines for its Navy, with Hanwha Ocean being a contender. Hanwha Systems also gained over 13% after announcing a 20 trillion won (about $15 billion) investment in satellite technologies as part of Hanwha Group’s broader 55 trillion won investment in space and defense AI by 2040. The global space economy is projected to exceed $1 trillion by 2040.
Asia-Pacific markets mixed; South Korean won begins 24-hour trading
Asia-Pacific markets traded mixed as investors reconsider AI-driven plays, with Federal Reserve minutes in focus. Japan's Nikkei 225 was flat, while the Topix added 0.2%. South Korea’s Kospi added 0.61%, but the small-cap Kosdaq declined 1%. Australia’s S&P/ASX 200 declined 0.23%.
The Japanese yen continued its weakening trend, trading at 161.54 per U.S. dollar after hitting a 40-year low last week. The South Korean won slipped around 0.25% to 1,532.82 per dollar as it began 24-hour trading.
Investors suffering from AI fatigue, says Ed Yardeni
Ed Yardeni, president of Yardeni Research, suggested that Wall Street is experiencing “AI fatigue,” unconvinced that massive AI infrastructure investments will yield sufficient returns. He cited concerns about potential excess capacity, increasing competition, and declining token prices. However, Yardeni dismisses comparisons to the dot-com bubble, stating, “we don’t buy the bubble stories.”
Stock futures rise at the open
Futures tied to the 30-stock Dow ticked higher by 12 points. S&P 500 futures gained 0.4%, and Nasdaq-100 futures advanced 1.3%.
