Tech Leads Nasdaq Futures Higher on Nvidia Chip Buzz

Stock futures are moving higher across the board this morning. The tech-heavy Nasdaq-100 Index (NDX) leads the charge, after Nvidia (NVDA) CEO Jensen Huang debuted the company's N1X processor chip for personal computers at the Computex conference in Taiwan. Nvidia partners are enjoying a halo lift in response, including Microsoft (MSFT), Dell Technologies (DELL), and HP (HPQ).

Futures on the Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) are poised to build on a record-breaking end to May on Friday. Rising crude prices could stall the strong start to June though, with West Texas Intermediate (WTI) crude testing $90. Iran updates are also in focus, as Israel moves deeper into Lebanon and the U.S. intercepted overnight ballistic missiles targeting American troops in Kuwait.

Continue reading for more on today's market, including:

• A quick recap of the market's record week. 
• Do government stakes always equal big gains? 
• Plus, analyst backs IBM; Berkshire's latest purchase; and ARM's next leg up.

5 Things You Need to Know Today

1. The Cboe Options Exchange saw more than 4.2 million call contracts and 1.7 million put contracts traded on Friday. The single-session equity put/call ratio rose to 0.42, while the 21-day moving average fell at 0.58.
2. IBM Corp (NYSE:IBM) stock is up 10.1% premarket, after Barclays initiated coverage with an "overweight" rating, citing the Big Blue's major compute paradigm and compelling tech strategy.  Barclays responded by initiating coverage with an "overweight" rating and $350 price target. IBM is flat on the year and up 15% in the last 12 months.
3. Taylor Morrison Home Corp (NYSE:TMHC) stock is up 22.5% in electronic trading, after Berkshire Hathaway (BRK.A) agreed to purchase the homebuilder for $6.8 billion. The company will also pay Warren Buffett's Berkshire a termination fee of $221.6 million in disclosed scenarios. TMHC is trading just below is year-to-date breakeven mark.
4. Shares of Adobe Inc (NASDAQ:ADBE) are 5.7% higher thanks to the software sector tailwinds. Despite a 26% deficit in 2026, ADBE is set to open at its highest level since a March bear gap. 
5. Investors will be eyeing key jobs data later this week. 

Asian Markets Higher on Economic Updates

Asian markets closed mostly higher on Monday as investors continued to monitor U.S.-Iran negotiations, with factory activity expanding in most countries. South ⁠Korea's purchasing managers’ index (PMI) rose to 54.8 in May, its highest since March 2021. The South Korean Kospi surged to record highs with help from the tech sector, finishing up 3.7%, while Hong Kong’s Hang Seng and Japan’s Nikkei both tacked on 0.9%. China’s Shanghai Composite lagged behind, starting the week down 0.3%. Notably, Japan’s SoftBank Group rose 14% after the company announced plans to invest 45 billion euros ($53 billion) into AI infrastructure in France.

At last glance, the French CAC 40 and German DAX were up 0.4% and 0.6%, respectively, while London’s FTSE 100 slips 0.1%. S&P Global's Eurozone Manufacturing purchasing managers’ index (PMI) fell to 51.6 in May from April's near four-year high of 52.2, but above estimates of 51.4.