Investing.com– U.S. stock futures were little changed on Monday evening after Wall Street closed sharply higher, with technology shares rebounding from last week’s steep selloff, as investors awaited a key consumer inflation report due on Tuesday.
S&P 500 Futures inched 0.2% higher to 7,590.75 points, while Nasdaq 100 Futures traded flat at 28,013.75 points by 01:19 ET (06:19 GMT). Dow Jones Futures traded 0.4% higher at 52,725.0 points.
In the regular session, the Dow Jones Industrial Average jumped 2.2%, while the S&P 500 climbed 2.4%, marking its strongest daily gain since April 8. The NASDAQ Composite advanced 2.7%.
The rebound followed a bruising week for equities, when concerns over the sustainability of artificial intelligence spending and the potential impact of Democratic victories in the U.S. midterm elections triggered heavy selling in technology and semiconductor shares.
Chipmakers led Monday’s recovery, with the Philadelphia Semiconductor Index surging nearly 7%. Advanced Micro Devices (NASDAQ:AMD) jumped over 13%, while Broadcom (NASDAQ:AVGO) gained 8.8%.
However, Nvidia (NASDAQ:NVDA) bucked the broader rally, falling 4.2% to its lowest closing level since April 7, amid concerns surrounding an investigation into whether Chief Executive Jensen Huang had been targeted by a foreign intelligence effort.
Investors will now turn their attention to Tuesday’s October Consumer Price Index report, followed by the Producer Price Index on Friday, for clues on the trajectory of inflation and the Fed’s next policy moves.
The inflation data comes after a stronger-than-expected U.S. employment report reinforced expectations that the central bank could raise interest rates again in December.
Markets were pricing in an 84% probability of a quarter-point rate increase at the Fed’s December meeting, according to CME FedWatch data.
Lower oil prices provided some support to equities on Monday, easing concerns about energy-driven inflation after U.S. President Donald Trump signalled that further strikes against Iran were unlikely as diplomatic efforts to end the conflict continued.
Beyond inflation, investors will monitor upcoming earnings from artificial intelligence-related companies, including CoreWeave (NASDAQ:CRWV), Cisco Systems (NASDAQ:CSCO) and Applied Materials (NASDAQ:AMAT), for indications of whether spending on data centres and computing infrastructure remains robust.
Original Article
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