Stock Futures Climb as Oil Dips Below $100 and Tech Stocks Rally

U.S. stock futures rose in early European trading as oil prices dipped below $100 a barrel, with investors largely ignoring elevated Treasury yields. The Dow Jones Industrial Average and S&P 500 futures gained 0.3% and 0.1%, respectively, while Nasdaq futures inched up 0.1% after the index hit a record high the previous session, led by the Magnificent Seven stocks. Nvidia extended its gains with a 0.5% rise after hours.

European stocks followed the positive trend, with the Stoxx 600 climbing 0.7%. Asian markets also saw gains, with Japan's Nikkei 225 up 1.05%, though Korea's Kospi slipped 0.9% due to a pullback in memory-chip stocks. Swissquote's Ipek Ozkardeskaya noted that the rapid expansion of AI is helping related companies weather rising yields.

Brent crude fell 0.8% to around $99.50 a barrel, while WTI crude dropped below $89, as Middle East exports eased supply concerns. Despite this, Treasury yields remained near multidecade highs, with the 10-year yield hovering around 5.290%. Traders are watching for a $58 billion Treasury auction of three-year notes scheduled for Tuesday.

The dollar strengthened against a basket of currencies, while gold prices held steady at around $4,160 a troy ounce. Bitcoin pulled back slightly to trade around $85,400. Investors are awaiting the U.S. trade balance for August and remarks from Federal Reserve policymakers for further insights.