U.S. stock futures rise as oil pulls back

• U.S. stock futures rose as oil prices pulled back after Iran indicated negotiations could continue.
• S&P 500 futures gained 0.36%, Nasdaq-100 futures rose 0.78%, and Dow futures added 121 points.
• Chip stocks led gains as investors moved past last week’s technology sector sell-off.

U.S. stock futures climbed Monday as oil prices declined after Iran signaled it remained open to negotiations following nine days of U.S. strikes.

Brent crude futures briefly exceeded $90 a barrel before falling to around $88.25, while U.S. crude futures traded near $82.25.

“Back-channel communications with Iran had persisted throughout the U.S. strikes,” said Iranian Foreign Ministry spokesman Esmail Baghaei.

The S&P 500 futures rose 0.36%, Nasdaq-100 futures gained 0.78%, and Dow futures advanced about 121 points, while chipmakers supported the broader market recovery.

Following the session move the Cboe Volatility Index was down about 2.93% at 18.22.

The VanEck Semiconductor ETF (NASDAQ:SMH) gained more than 1%, while Micron Technology (NASDAQ:MU) rose more than 3% and NXP Semiconductors (NASDAQ:NXPI), Teradyne (NASDAQ:TER) and Advanced Micro Devices (NASDAQ:AMD) each gained more than 2%.