Indexes

Futures are firmer across the board on the back of a powerful overnight bounce in Asian semiconductors, with traders teeing up the May Consumer Price Index report scheduled for Wednesday morning.

In the News

Drivers

1. Whether the chip rebound has a third leg. Korean memory names ran hard overnight on SK Hynix +16% and Samsung +9%, and Nvidia chief executive Jensen Huang's "buy the dip" framing gives US holders cover. The level to watch on the open is Nvidia clearing the 20-day near $211 and Micron pushing through $960; failure to extend would point to Monday's rally being a positioning unwind rather than the start of a new leg higher.

2. The setup into May CPI on Wednesday. With the 2-year yield at 4.20% and futures pricing odds of a 2026 rate increase near 72%, the inflation reading is the test of whether that pricing holds or hardens. Energy is the line to read after crude's round trip, since a hot result on core goods would press the long end higher and put the 4.60% 10-year level back in play.

3. The bond market and the rate-sensitive complex. The 30-year held 5% and the 2-year sits at 4.20%, which is why utilities and real estate fell while the broad market rose Monday. Duke at $122 testing the $120 floor and American Tower at $189 grinding toward its 200-day are the names that show whether the rate pressure eases or extends ahead of CPI.

SPY daily: Monday's bounce repaired part of Friday's drop; 50-day near $716 is the first level on any pullback.

QQQ daily: Nasdaq 100 ETF back to the 20-day line after Friday's flush.

Nvidia daily: closed back above the 50-day at $203 with the $5 trillion market value reclaimed.

Micron daily: 10.7% surge after a Morgan Stanley note pushed back on the memory-glut narrative.

Duke Energy daily: $120 is the support to watch as the 30-year yield holds above 5%.

Rates, FX, Commodities

Bond yields are little changed from Monday's close but still sit near the high end of the recent range, with the 30-year holding above 5% and the 2-year locked at 4.20%. The dollar index is slipping under 100 as the euro firms ahead of the ECB.

Technicals

The Nasdaq 100 enters Tuesday at 29,414, set to push back above the 20-day near 29,650 once the futures bid extends, with 30,000 the round-number reclaim that would put the index back on the offensive. SPX, closing at 7,405.73, sits roughly 0.9% under its 20-day line near 7,470, with 7,610 the all-time high to recover and 7,165 (the 50-day) the floor on any pullback. Treasuries are the swing factor: the 10-year at 4.55% sits at the top of a six-week range, and a sustained push past 4.60% says the repricing has further to run, while the 2-year at 4.20% holds the highest level since early 2025.

On the upside chart, Nvidia (NVDA) at $208.64 has reclaimed its 50-day near $203 and the $5 trillion market value, with the 20-day at $211 the next resistance. Micron (MU) at $949.28 cleared a one-week downtrend on a 10.7% surge and sits about 1% above its 20-day near $940, with $1,000 the level to reclaim. On the downside, Duke Energy (DUK) at $122.05 is pressing the $120 support floor that has held since April; lose that, and the path opens toward $115 and the 200-day near $112.

Micron, hourly: Monday's 10.7% rebound reclaimed the 20-day line; $1,000 is the next level.

Breakouts & Breakdowns

Breakouts

Nvidia (NVDA) — reclaimed the 50-day line near $203 and the $5 trillion mark, finishing Monday at $208.64. A close above the 20-day at $211 reopens the path to the May high near $222.

Micron (MU) — surged through last week's downtrend and the 20-day near $940 on a 10.7% rally to $949.28. The $1,000 round number, last cleared in early May, is the next test.

Breakdowns

Duke Energy (DUK) — closed Monday at $122.05 with the 30-year yield holding above 5%. A break of $120 support would open downside to the 200-day near $112 and put the year's gains in question.

American Tower (AMT) — slid to $189.10 under the same rate pressure, drawing the 200-day near $185 into focus. Losing that line would mark the tower REIT's first major support break in roughly a year.

Top Movers

Gainers

Micron (MU) is indicated higher in early premarket after SK Hynix jumped roughly 16% and Samsung Electronics rose nearly 9% in Seoul on Nvidia chief executive Jensen Huang's comment that the chip washout was a buying opportunity. The implication for the US session is that Friday's memory-glut narrative continues to unwind; the level to watch is whether Micron can extend Monday's 10.7% gain through $960 to test the $1,000 round number.

Nvidia (NVDA) is firmer in premarket after closing at $208.64 with the $5 trillion market value back in place. Huang's overnight comments on chip demand and the new Korea AI partnerships reinforce the leadership read into Wednesday's inflation report; the stock needs to clear the 20-day near $211 on the open to confirm the bounce.

J.M. Smucker (SJM) reports fiscal fourth quarter earnings before the open with consensus near $2.64 a share. Coffee pricing, the Hostess brands portfolio, and pet food trends are the lines investors will read for implications across staples peers including General Mills and Kellanova; the stock has lagged the broader staples group for most of 2026.

SanDisk (SNDK) is indicated higher after closing Monday at $1,642 (up 7.4%) and should ride the second-day memory bid. The stock is up more than 60% from the early May low; any signal of accelerating hyperscaler memory orders would extend the move.

Losers

Vail Resorts (MTN) closed Monday at $137.21 and dropped roughly 5.6% in extended trading to near $130 after a weak fiscal third quarter. Revenue fell about 7% to $1.21 billion (vs $1.22 billion consensus) and Resort Reported EBITDA fell to $586.4 million from $647.7 million as a warm, low-snow winter cut North American skier visits 14.9%. The company lowered full-year guidance again to net income of $128 million to $162 million and said early 2026/27 season-pass unit sales were running about 10% lower.

Duke Energy (DUK) and other rate-sensitive utilities are indicated lower as the 30-year yield holds above 5%. Duke closed Monday at $122.05 (down 2.0%) and is now testing the $120 floor that has held since the April lows; the question for the open is whether long-end yields ease or extend the bond-proxy pressure into a third session.

Campbell's (CPB) at $21.49 remains under mechanical pressure ahead of its June 22 removal from the S&P 500. Index funds will sell the stock once the move lands, and the soft packaged-food backdrop limits any bounce; $20 is the support that has held since the spring.

Macro Data Today

NFIB at 6 AM ET gives a small-business read on hiring intentions and price plans; the price-paid sub-index is the line worth reading after the spring's energy spike. Neither release reorders the rate-cut debate on its own, which is why Wednesday's CPI report dominates the week.

Earnings Today

Before Open: J.M. Smucker (SJM), Academy Sports + Outdoors (ASO), Designer Brands (DBI), Lands' End (LE), Titan Machinery (TITN), United Natural Foods (UNFI). The SJM result is the staples bellwether; ASO speaks to discretionary spending on outdoor categories.

After Close: Casey's General Stores (CASY), SailPoint (SAIL), Anavex Life Sciences (AVXL). Casey's is the headline read on convenience-store traffic and inside-store margins; options imply a 7% move on the result, and consensus is roughly $3.32 a share on $4.34 billion in revenue.