Stock futures were rising on Monday as investors hoped that other countries would help escort ships through the Strait of Hormuz.

These stocks were making moves in premarket trading:

Meta Platforms jumped 3%. The Facebook parent is planning layoffs that could affect 20% of its 80,000 employees, Reuters reported on Saturday. When approached for comment by Barron's, a Meta spokesperson dismissed the report as "speculative reporting about theoretical approaches."

Micron Technology was the S&P 500's best performer ahead of the opening bell, rising 4.1%. The memory-chip maker said it plans to build a second manufacturing facility at its site in Taiwan by the end of 2026. Other memory stocks were also getting a boost from the announcement: flash-memory product supplier Sandisk added 3.3%, while disk-drive makers Seagate Technology and Western Digital were up 2% and 2.8%, respectively.

Gold miner Newmont was the S&P 500's worst performer, dropping 2% as the price of bullion continued to fall. Gold tends to serve as a haven in times of geopolitical uncertainty but it has struggled since the war in Iran started, due to fears that surging oil prices could trigger a flare-up in inflation that would strengthen the case for higher interest rates.

Nvidia climbed 0.8% ahead of the chip maker's GPU Technology Conference. Investors want to hear about the supply outlook for critical components such as wafers, memory, and optics, as well as more details on future products.

Tesla ticked up 0.8%. CEO Elon Musk said on Saturday that the electric-vehicle manufacturer's Terafab project to make artificial-intelligence chips would launch in seven days.

Dollar Tree, Forgent Power Solutions, Science Applications International, and Semtech are expected to report earnings on Monday.