Nasdaq futures rise as chip stocks recover ahead of tech earnings

US stock futures trended higher on Tuesday, 21 July 2026, as investor sentiment found support in a semiconductor sector revival despite lingering geopolitical tensions and shifting international trade policies. Contracts for the Nasdaq-100 jumped 1.3%, while Dow Jones Industrial Average futures saw a 0.2% increase. S&P 500 futures also gained 0.4%, recovering from losses recorded during the previous session.

The upward momentum in the technology sector comes as markets prepare for a concentrated series of earnings disclosures. Investors are keeping a close watch on capital expenditure plans from major technology firms, with attention particularly fixed on Alphabet’s performance due on Wednesday. Adding to the sector's focus, Nvidia shares moved upward before the opening bell, following the company's announcement of a new equity stake in the neocloud provider Nebius.

Geopolitics and Trade Policy

On Monday, President Trump introduced a series of 50% tariffs on a range of Canadian goods, specifically citing discrimination in trading practices. The list of affected products includes chemicals, milk, beer, and hockey sticks. While these measures are scheduled to take effect in 30 days, the White House has notably excluded Canadian oil imports from the levy.

Brent crude, the international benchmark, has recently hovered near $90 per barrel following military exchanges between the US and Iran. While prices eased slightly on Tuesday morning, they remain high compared to mid-June levels. According to reporting from The Economic Times, oil prices are currently reacting to conflicting signals: while some market participants are optimistic about potential mediation efforts between the US and Iran, others are cautious due to threats from Houthi rebels regarding naval blockades in the region.

Regional Market Performance

The appetite for semiconductor stocks appears to be a global trend this week. In Asia, the KOSPI Composite index rose by over 3%, bolstered by strength in its domestic chip manufacturing sector. Similarly, the Nikkei 225 advanced 3.26% to 66,232.19, providing a partial recovery from losses observed in the prior week. The broader Topix climbed 2.44% to 4,014.95. Conversely, the Indian markets experienced a different trajectory on Tuesday, with the Sensex closing 238 points lower and the Nifty falling below 24,200 as shares of firms like RIL and Infy declined.

The largest IPO of 2026, SBI Funds Management, is scheduled to debut on Tuesday. Analysts anticipate a listing premium between 10% and 15% over the initial offer price of ₹574, following a high level of subscription demand during the bidding phase that concluded last Thursday. The ₹9,813-crore offering had been subscribed 41.66 times.

Elsewhere in corporate news, UltraTech Cement reported its June 2026 quarter performance. According to The Economic Times, the company delivered what it described as its strongest-ever first-quarter results in terms of sales volume, revenue, and EBITDA.

What to Watch Next

• Earnings Reports: Today's schedule features disclosures from 3M Company, Halliburton Company, and General Motors.
• Big Tech Scrutiny: Investors will continue to monitor the tech landscape ahead of the Alphabet results on Wednesday, specifically scrutinizing artificial intelligence spending plans.
• Trade Policy: Markets will track the implementation of the new 50% tariff regime on Canadian goods, which is currently set to begin in 30 days.
• Diplomatic Developments: Future price movements in crude oil remain tethered to the effectiveness of reported mediation efforts regarding the US-Iran conflict and potential Houthi-led naval blockades.