Asian chip stocks are poised for gains as investor interest in artificial intelligence continues. This sentiment is reflected in South Korean equity-index futures, which pointed higher after the Philadelphia Semiconductor Index (SOX) rose 1.3% in New York. However, broader markets are anticipated to face pressure due to escalating hostilities in the Middle East, which have driven Brent crude oil prices close to $100 a barrel.
US stock futures showed little change after the S&P 500 and Nasdaq 100 declined when trading resumed following a public holiday. The rise in oil prices contributed to a second consecutive session of decline for the S&P 500, fueling concerns about higher interest rates. Money markets are currently pricing in an over 50% chance of a Federal Reserve rate increase this month.
Brent crude briefly neared $100 a barrel but pared some gains after Saudi Arabia reported that attacks halted operations at several energy facilities in the kingdom's south. Despite the broader market decline, the high-profile group of chipmakers rallied.
