U.S. technology futures declined in early European trading, mirroring a broader weakening in global artificial intelligence stocks. The downturn was partly triggered by Samsung Electronics' earnings report, which, despite a significant profit jump, saw its shares fall. Investors are now questioning if the memory chip market is nearing a peak, impacting companies like Micron and Intel, which saw premarket declines of 4.6% and 3.4%, respectively. U.S. suppliers Lam Research and Applied Materials also faced downward pressure.

Conversely, oil prices surged following reports of Iran's Islamic Revolutionary Guard Corps firing missiles at two commercial vessels near the strategically vital Strait of Hormuz. Brent crude rose 1.6% to $73.10 a barrel, with WTI futures up 1.5% to $69.60. However, analysts suggest the price gains may be capped due to factors like Saudi Arabia's official selling price cuts and ongoing OPEC+ production unwind.

The dollar and U.S. Treasury yields also climbed ahead of the Federal Reserve's policy meeting minutes. Attention now shifts to the NATO summit in Ankara, Turkey, where defense sector investors will be watching for announcements on government military spending, potentially impacting defense contractors.