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Pre-Market Update — Thursday, June 25, 2026

By · Independent market intelligence from Sunday Night Futures LLC

Pre-Market Pulse: Risk-on rip into the cash open, with Nasdaq futures screaming +2.3% as semis lead and crude bleeds.

Overnight Action

A broad melt-up across global risk. Nikkei ripped +4.61% to 72,366, leading Asia, while Hang Seng lagged at -1.11%. Europe is firm: DAX +0.13%, FTSE +1.05%, Euro Stoxx 50 +0.73%, with M&A flow in focus after Merck's reported $11B Bio-Techne life-sciences tie-up. US futures gapping hard: $ES +0.78% at 7,486, $NQ +2.31% at 30,195, $YM +0.25%, $RTY +0.66%. Crude is the standout offset — $CL -1.24% to $69.47, $BZ -1.03%. Gold +0.31% at $4,021. Crypto soft: BTC -2.4% near $61.3K, ETH -2.4%.

Movers Before the Bell

Pre-market quotes are thin — treat prints with caution.

  • ▸$AMD +3.9% to $540 — chip leadership continues; sell-side framing it as the cleaner AI play versus Intel into the open.
  • ▸$QQQ +2.06% vs $SPY +0.61% — the entire tape is a semis/mega-cap-tech story this morning, with the spread between the two telegraphing where the bid is.
  • ▸$NVDA +0.95% to $200.87 — riding the AMD halo; headlines pushing the name back onto buy lists.
  • ▸$GOOGL -1.26% to $340.73 — bucking the tech tape lower with no clean catalyst in the flow; watch for follow-through.
  • ▸$COIN +1.37% despite BTC -2.4% — equity disconnect from spot is notable; fade risk if crypto can't stabilize.
  • ▸$AAPL -0.65%, $MSFT -0.51%, $META -0.34% — mega-cap dispersion is wide; this is not a uniform tech bid.

Game Plan

$SPY reference: pre-market $737.69 vs prev close $733.24.

  • ▸Resistance: $738 (gap-fill ceiling) → $740 psychological.
  • ▸Pivot: $733.24 (prior close) — losing this kills the gap.
  • ▸Support: $730 (gap base).

Trade idea: Let the open print. With $NQ +2.3% but $SPY only +0.6%, this is a narrow-leadership tape — fade $QQQ strength on any failure below $726, or play $AMD/$NVDA momentum continuation only if semis hold first 15-minute highs. Crude weakness gives the bond-proxy long side a tailwind; energy longs stay sidelined.

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