June 11 (Reuters) - U.S. stock index futures rose on Thursday, as investors sought bargains in beaten-down technology stocks and were optimistic about signs of progress in peace talks between the U.S. and Iran.
Chipmakers bounced back after Wednesday's selloff sent major Wall Street indexes down more than 1% and technology stocks into correction territory, a 10% drop from their record close.
Nvidia (NVDA.O), Intel (INTC.O), and Micron Technology (MU.O), were up between 0.75% and 4.4% in premarket trading.
The United States and Iran traded air attacks on Thursday, but three Iranian sources and a European official said the two countries were exchanging messages on details of a memorandum after reaching a political understanding, even as some issues still had to be discussed in detail.
"Markets staged a rebound after the latest U.S.–Iran military exchanges, but investors remain focused on inflation data, central bank decisions, and the durability of global growth amid elevated geopolitical and energy-market risks," said Bob Savage, head of markets macro strategy at BNY.
Expectations that talks to reopen the Strait of Hormuz were on track helped push oil prices , lower. At 07:24 a.m. ET, Dow E-minis were up 322 points, or 0.64%, S&P 500 E-minis were up 41 points, or 0.56%, and Nasdaq 100 E-minis were up 278.75 points, or 0.98%.
The S&P 500 has dropped about 4% since hitting a record closing high in early June as investors grapple with stretched valuations in the technology sector and concerns about tighter monetary policy, as the Middle East conflict sends energy prices soaring and stokes inflation.
The highly anticipated Friday market debut of Elon Musk's SpaceX, set to be valued at $1.75 trillion, could also test the rally this year that has repeatedly lifted stocks to record levels.
Investors will also be watching the monthly U.S. producer prices report and weekly jobless claims, due at 8:30 a.m. ET, for more clues on the Federal Reserve's policy path ahead of next week's meeting.
U.S. consumer inflation increased at its fastest pace in three years in May, data showed on Wednesday, boosted by surging prices for energy products amid the Middle East conflict.
Among movers, Oracle (ORCL.N), shares plunged 8.7% after it projected capital spending plans for fiscal 2027 above Wall Street estimates, underscoring the heavy cash outlays required to expand its AI infrastructure.
Shares of Navan (NAVN.O), jumped 18.3% after the corporate travel booking agency raised its full-year forecasts for revenue and operating income on Wednesday, citing strong business travel demand and growth in its enterprise customer base.
Reporting by Joel Jose and Twesha Dikshit in Bengaluru; Editing by Devika Syamnath
