Market Pulse: Futures Extend Rebound as Oil Slides and Fed Week Begins

Equity futures are starting Tuesday with a constructive tone. The overnight message is simple: risk appetite is improving, technology leadership is still doing the heavy lifting, and the sharp pullback in crude is taking pressure off the inflation narrative. The setup is not risk-free — it is still Fed week, Friday is a market holiday for Juneteenth, and positioning can get noisy around short-week options flows — but buyers have the early advantage as long as futures hold above the overnight balance.

What You Need To Know

S&P 500 futures are trading near 7,625, extending Monday’s rebound and holding above the prior futures close near 7,561.

Nasdaq 100 futures are leading near 30,850, with tech still acting as the market’s main risk-on engine.

Dow and Russell futures are also firmer, confirming broader participation instead of a narrow overnight tape.

Crude oil is the biggest macro mover: WTI is near $76 and Brent near $80, sharply below last week’s stress levels.

Volatility is cooling: VIX is near 16.1, down from last week’s spike above 22.

Rates are a little softer with the 10-year near 4.45% and the 5-year near 4.17%.

The dollar is steady near 99.6 on DXY, while USD/JPY is still elevated around 160.3.

The calendar is centered on housing/import-price data today and the FOMC decision window into Wednesday.

Prior Session

Monday’s session repaired a large part of last week’s risk damage. Futures pushed higher through the U.S. session and continued to build above the prior week’s rebound zone. The cleanest anchors for today’s prep are the liquid ETF closes and index futures settlements.

| Market | Prior Close / Settlement | Prior High | Prior Low | Read |
| ES Futures | 7,561.25 | 7,584.50 | 7,480.00 | Strong