Nasdaq, Dow Futures Crack After Trump Says Iran Ceasefire ‘Over’ – Why MU, SNDK, DJT, USO Are In Focus

Oil prices surged on Wednesday, following resumption of hostilities between the U.S. and Iran following attacks on oil tankers in the Strait of Hormuz.

• Memory stocks continued to face selling pressure, following a broader sell-off in chip stocks after Samsung Electronics’ earnings on Tuesday.
• Investors will keep an eye on the Federal Reserve’s June 16–17 meeting minutes, due Wednesday afternoon.
• Levi Strauss reports its second-quarter earnings today, PepsiCo is set to post its earnings on Thursday and Delta Air Lines on Friday.

U.S. stock futures slipped early Wednesday as a selloff in memory-chip stocks weighed on sentiment, while oil prices surged after President Donald Trump declared the ceasefire with Iran was over. Investors are also awaiting the release of the Federal Reserve’s meeting minutes later in the day and the start of the second-quarter earnings season next week.

“For me, I think it’s over,” Trump said at the NATO Summit in Turkey. “As far as I’m concerned it’s just a waste of time.” Speaking at the NATO summit after fresh U.S. strikes on Iran and revoked oil waivers, Trump called Iran "scum" and its leaders "sick." He claimed they would use nuclear weapons if available, adding that while he won't block negotiators from continuing contact.

As of 5:10 a.m. ET, Nasdaq futures fell 1.2%, S&P 500 futures declined 0.8%, Dow futures traded 1.1% lower, while Russell 2000 futures edged 1.3% lower.

On Stocktwits, retail sentiment for the SPDR S&P 500 ETF (SPY), an exchange-traded fund that tracks the S&P 500 Index, remained in the ‘extremely bullish’ territory over the past 24 hours, while the Invesco QQQ Trust (QQQ), which tracks the Nasdaq-100 Index, remained ‘bullish’.

Trending Stocks To Watch

Micron (MU), SanDisk (SNDK): The memory chip makers fell nearly 6% in premarket trading, extending their slide into a second session. The decline followed a post-earnings sell-off in Samsung Electronics that sparked broader profit-taking across AI hardware stocks.

Nebius (NBIS): The stock is on track to extend its slide into a fifth straight session, having declined more than 29% through Tuesday’s close. The stock has been under selling pressure since Bloomberg reported earlier this month that Meta was planning to monetize excess AI computing capacity by launching a cloud business. 

Trump Media & Technology Group Corp. (DJT): The stock slipped 2% in premarket trading after the company suffered a legal setback when a federal judge dismissed its $3.8 billion defamation lawsuit against The Washington Post.

The United States Oil Fund (USO): The ETF gained as crude prices rose following the resumption of skirmishes between the U.S. and Iran after Iran struck three commercial ships in the Strait of Hormuz. Trump said the ceasefire was over. Brent prices jumped more than 6% to $79 a barrel.

Other tickers trending on Stocktwits at the time of writing included SoundHound AI (SOUN), AST SpaceMobile (ASTS), SoFi Technologies (SOFI), and Energy Fuels (UUUU).

Other Catalysts To Watch

On the economic front, investors will watch the Federal Reserve’s June 16–17 meeting minutes, due Wednesday afternoon, after policymakers kept interest rates unchanged for a fourth straight meeting and signaled that half of the FOMC officials still expect at least one rate hike in 2026.

On the earnings front, Levi Strauss reports Wednesday, followed by PepsiCo on Thursday and Delta Air Lines on Friday, before major U.S. banks unofficially kick off earnings season next week. 

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