September S&P 500 E-Mini futures (ESU26) are up +0.30%, and September Nasdaq 100 E-Mini futures (NQU26) are up +0.59% this morning, buoyed by a mild rebound in chip stocks at the start of an earnings-packed week.
Chip stocks advanced in pre-market trading as investors stepped in to buy the dip following a rout that pushed the high-profile group into a bear market. Micron Technology (MU) was up over +4%, Advanced Micro Devices (AMD) was up more than +2%, and Marvell Technology (MRVL) was up about +2%.
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Also aiding sentiment, the price of WTI crude erased earlier gains and fell on Monday after Iran said it was still pursuing a diplomatic solution and that it had received proposals from mediators. Oil prices initially jumped after the U.S. and Iran intensified hostilities, including attacks on vessels attempting to transit the Strait of Hormuz and a strike on an oil facility in Kuwait over the weekend.
Treasuries fell across the curve on Monday, with the benchmark 10-year yield rising two basis points to 4.57%. The risk of inflationary pressures stemming from the conflict nonetheless came into focus as U.S. gasoline prices climbed back above the $4-a-gallon mark.
In Friday's trading session, Wall Street's major equity averages closed lower. Most members of the Magnificent Seven slid, with Meta Platforms (META) and Alphabet (GOOGL) falling over -2%. Also, chip stocks sank after Chinese startup Moonshot unveiled its Kimi K3 AI model, with Applied Materials (AMAT) sliding over -5% and KLA Corp. (KLAC) dropping more than -3%. In addition, Intuitive Surgical (ISRG) tumbled over -14% and was the top percentage loser on the S&P 500 and Nasdaq 100 after the company left its full-year da Vinci procedure growth guidance unchanged, disappointing investors. On the bullish side, Travelers Cos. (TRV) climbed more than +9% and was the top percentage gainer on the S&P 500 and Dow after the property and casualty insurer posted better-than-expected Q2 net premiums written.
"As we enter earnings season, a market defined by modest selloffs and rapid recoveries suggests bulls remain in control, but they're waiting for an all-clear signal from earnings before pushing stocks to new highs," said Mark Hackett at Nationwide.
Source: Yahoo Finance Top News — This article was automatically imported from the source. Read full article at original source →
