Stock futures indicated a predominantly upward trajectory on Monday, driven by a surge in technology shares, following a decline in the Nasdaq Composite and S&P 500 in the previous week. In recent trading, futures for the Nasdaq 100 and S&P 500 experienced increases of 1% and 0.5%, respectively, whereas futures for the Dow Jones Industrial Average showed a slight decline. On Friday, the Nasdaq Composite and S&P 500 concluded the trading session with declines of 2.1% and 1.2%, respectively, whereas the Dow Jones Industrial Average experienced a decrease of 0.3%. The Nasdaq experienced a cessation of its four-week winning streak, declining by 4.5% over the course of the week’s five trading sessions. Meanwhile, the S&P 500 concluded the week with a decrease of 2%, marking its fourth negative performance in a span of six weeks. The Dow recorded a consecutive weekly increase, advancing by 0.7%.
Stocks associated with AI were among the most significant gainers prior to the market opening on Monday. Roundhill’s Memory ETF rebounded 4% following a nearly 6% decline on Friday, with components Western Digital, Sandisk, Micron Technology, and Seagate Technology advancing up to 4.5%. The broader iShares Semiconductor ETF was up about 3% following a 4% decline to conclude the previous week. CoreWeave shares pointed up 2% after plunging 25% last week amid concerns about the Nvidia-backed firm’s debt. Nvidia, the world’s most valuable public company, ended down 1.5% Friday but was up by a similar percentage before the bell. Its fellow Magnificent Seven mega-cap tech stock Apple ticked lower after ending Friday’s session as the only member of the septet in the green. The Roundhill Magnificent Seven ETF was 1% higher after declining 2% in the previous session.
Elon Musk wrote on X overnight that “next year, I will give one of my SpaceX shares to every kid in America. This will be the first of many.” Shares of SpaceX, officially Space Exploration Technologies, rose 1%. Cryptocurrency-related stocks such as MicroStrategy, Marathon Holdings, Coinbase Global, Circle Internet Group, Robinhood Markets, and Riot Platforms experienced gains of up to 3.5% as the price of bitcoin increased to approximately $83,000 from overnight lows near $80,600. The 10-year Treasury yield was below 5.09% in recent trading, showing minimal variation from Friday’s close. The yield reached 5.33% last Wednesday following unexpectedly high Consumer Price Index data, subsequently declining as a tech-driven stock selloff prompted investors to seek safer assets.
Oil prices declined as traders expected a rise in supply entering the market following the easing of U.S. sanctions on Russian energy. U.S. benchmark West Texas Intermediate crude futures experienced a slight decrease of 0.1%, settling at $101.35 per barrel. In contrast, front-month Brent crude futures, recognised as the international benchmark, saw a decline of 1%, reaching $108.75. The U.S. dollar index, which monitors the value of the greenback relative to a selection of foreign currencies, increased by 0.1% to 101.94, supported by a 0.3% rise against the euro in the context of widespread protests in France concerning the cost of living. Gold futures increased by 0.2%, reaching a price of $4,185 per ounce.
