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Stock futures surged early on Monday, boosted by a decline in oil prices, as traders keeping a close eye on technology shares after last week’s volatility. Investors also awaited the release of key inflation data and earnings from major artificial intelligence companies this week.
Futures for the Dow Jones Industrials spiked 490 points, or 1%, early Monday, to 51,875.
Futures for the S&P 500 grabbed 44.75 points, or 0.6%, to 7,446.75.
Futures for the NASDAQ Composite moved skyward 132.75 points, or 0.5%, at 27,218.
The tech sector will also be focused on the bombshell announcement Sunday that Nvidia’s board of directors is opening an investigation into co-founder and CEO Jensen Huang’s relationship with a businesswoman who U.S. intelligence agencies say is a Chinese spy. Nvidia shares were down 5% in U.S. premarket trading.
This week, investors are looking ahead to key AI-related earnings — CoreWeave, Cisco and Applied Materials are all on deck — as they assess the outlook for tech and whether the recent selloff has further to run.
They’ll also watch for the releases of both the consumer price index on Tuesday and the producer price index on Friday, looking for clues on the Fed’s next move.
On Monday, traders will get September wholesale inventories data at 10 a.m. ET. Take-Two Interactive Software, Occidental Petroleum, KKR, Constellation Energy and Skydance are scheduled to report quarterly earnings.
In Japan, the Nikkei 225 roared upward 2.3% Monday, while in Hong Kong, the Hang Seng fell back 0.1%.
Oil prices docked $2.57 to $88.26 U.S. a barrel.
Gold prices hiked $54.90 to $4,129.80 U.S an ounce.
