Stock futures were rallying Monday after a lull in fighting in the Middle East over the weekend sparked a drop in oil prices and eased fears about higher inflation. Investor focus this week will be on interest rates as the Federal Reserve meets Wednesday, and on earnings from Big Tech.

Chinese memory chip maker ChangXin Memory Technologies (CXMT) surged 466% on its trading debut in Shanghai on Monday, giving it a market capitalization of $484 billion. It's already the most valuable company listed in mainland China.

While CXMT soared overseas, memory giants Micron and SK Hynix were rising 1.9% and 4.4% in the U.S.

Memory-card maker Sandisk advanced 2.9% and chips and networking company Marvell added 3%. Advanced Micro Devices rose 2.2%, Intel gained 1.4%, and Super Micro Computer moved 3.1% higher.

Nvidia gained 0.7% following a report the chip maker was in talks to guarantee $250 billion in financing for OpenAI for potentially the largest data-center project to date.

Broadcom added 2.1% after the chip maker signed a memorandum of understanding to expand its relationship with Samsung Electronics. The companies expect the collaboration to be worth more than $200 billion over the next five years through 2030.

D-Wave Quantum gained 8.6% to $17.60. The Florida-based company unveiled an expanded partnership with AT&T to use its signature annealing quantum computers. Fellow quantum stocks IonQ, Rigetti Computing, and Quantinuum also rose.

SpaceX declined 1.6% to $113.10. Elon Musk's AI and space company completed a successful Starship test flight on Friday evening. Investors, however, seem to be getting frustrated with SpaceX stock trading.

Rocket Lab rose 3.7%. The mini-SpaceX was awarded a $266 million launch services contract with the U.S. Space Force for missile defense. The contract includes 12 suborbital launches, with up to six additional launches. The first launch is expected in 2026.

Tesla advanced 1.2% to $316.60. Shares dropped 18% last week, including a near-15% drop on Thursday after the company reported weaker-than-expected second-quarter results. Coming into Monday, Tesla stock has declined 30% this year and 5% over the past 12 months.

Lower oil prices dragged down energy stocks. Chevron dropped 2.8% and ExxonMobil declined 3%. APA, Diamondback Energy, Devon Energy, EOG Resources, Occidental Petroleum, and Valero Energy were all falling.

Delta Air Lines gained 2.9% and United Airlines advanced 4% as investors bet that lower oil prices would lead to cheaper fuel costs. United approached Delta about a merger last year, The Wall Street Journal reported. Delta didn't immediately respond to requests for comment from Barron's. United declined to comment.

Forte Biosciences surged 40% to $76.46 after Argenx agreed to buy the biopharmaceutical company for $77 a share in cash, representing a total equity value of approximately $2.2 billion.

(END) Dow Jones Newswires