U.S. equity futures gained on Thursday, boosted by a rebound in chip stocks after recent pressure, but those gains were capped as oil prices rose as U.S.-Iran tensions ramped up. S&P 500 futures gained 0.3%, and Nasdaq 100 futures added 0.6%. Futures tied to the Dow Jones Industrial Average rose 184 points, or 0.4%. This comes after U.S. Central Command forces launched more “self-defense strikes” against Iran late Wednesday, according to Centcom’s post on social media platform X. The attacks came at the direction of Trump, according to the post. Micron Technology, Advanced Micro Devices, and Intel rebounded in premarket trading, and the iShares Semiconductor ETF gained 3%. The chip ETF was under pressure again this week following a 10% drubbing on Friday that’s called many investors to question whether the parabolic move in the sector is over. Intel was upgraded by Bank of America from underperform to buy on Thursday, and the shares responded with a 5% premarket gain. The chip rebound came as enthusiasm builds ahead of SpaceX’s debut on Friday, which could highlight the expected growth in the AI buildout ahead. Although some traders believe the recent chip weakness is due to investors selling the stocks in their portfolios to make room for the IPO, which will be the largest debut ever at a roughly $1.8 trillion valuation. The tech gains Thursday came even as shares of Oracle dropped 9% as the software giant announced plans to raise an additional $20 billion in equity and debt to pay for its artificial intelligence buildout. Elsewhere, the producer price index increased 1.1% in May, more than the 0.7% that economists polled by Dow Jones expected. Core inflation—which excludes volatile food and energy prices—stood at 0.4%, below the Dow Jones forecast for 0.5%. Stocks fell during Wednesday’s regular trading session, thanks to another rout in the chip sector and a ramp-up in tensions with Iran. The Dow tumbled 953.33 points, or 1.87%, while the S&P 500 fell 1.62%. The tech-heavy Nasdaq Composite lost 1.98%. Victoria Fernandez, chief market strategist at Crossmark Global Investments, said that many investors are now buying into what they believe to be the opposite of the artificial intelligence trade that drove stocks for much of this year. “I think what people are saying is, where can we go that kind of hedges that tech trade? What would be the antithesis of the momentum and the beta?” she said on CNBC’s “Closing Bell” on Wednesday afternoon. “We’re seeing that rotation out of tech into some things that have been beaten down a little bit over the past months.” Fernandez added that she’s seen her clients increasingly put money into other areas such as pharmaceuticals and biotech within healthcare, as well as the financials and energy sectors. Treasury yields were steady Thursday after the latest wholesale inflation data came in hotter than expected, and oil prices spiked following President Trump’s threat to seize Iran’s oil infrastructure. The yield on the 10-year Treasury note—the main benchmark for mortgages, auto loans, and credit card debt—was flat at 4.548%. The yield on the 2-year Treasury note, more sensitive to short-term Federal Reserve interest rate decisions, gained 3 basis points at 4.158%. The 30-year Treasury yield, which typically moves the most on geopolitical events, was little changed at 5.02%. Asia-Pacific markets closed mixed Thursday, as Middle East tensions keep investors on tenterhooks. Japan’s Nikkei 225 ended the day flat at 64,217.27, while South Korea’s Kospi rebounded from early losses to rise 0.43% to 7,763.95. Hong Kong’s Hang Seng Index fell 0.77% in its last hour of trade, while mainland China’s CSI 300 dropped 0.55% to 4,722.41. Australia’s benchmark S&P/ASX 200 slipped 0.23% to 8,633.20. Oil prices rose slightly Thursday after President Donald Trump threatened to take Iran’s Kharg Island and assume total control of the country’s oil and gas markets. U.S. crude oil futures rose 0.72% to $90.68 per barrel by 8:32 a.m. ET. Brent futures, the international benchmark, were up 0.48% to $93.56. Gold prices rose on ​Thursday, rebounding from a six-month ​low, as investors covered ​their short positions, though concerns around higher inflation and U.S. interest rates capped gains. Spot gold rose 0.6% to $4,097.01 an ounce after hitting its lowest point since November ⁠21 ‌earlier in the session. U.S. gold futures for August delivery ⁠were down 0.4% at $4,118. “Gold is clearly significantly oversold just now and it remains to be seen whether this is a recovery as such or simply short positions taking profit,” independent analyst Ross Norman said. On the ‌geopolitical front, the U.S. and Iran traded attacks for a second day, with President Trump vowing further strikes if Tehran does not ​immediately agree to a peace deal. Spot gold has dropped more than 22% since the U.S.-Israeli war on Iran began in late February, which was followed by a jump in oil prices.