The S&P 500 and the tech-heavy Nasdaq 100 indinces will most likely recover from their recent AI-linked rout, as futures indicate a green start for the benchmarks.
Nasdaq futures spiked up to 1.19% to 29,717 ahead of market opening while S&P 500 was up 0.8% to 7,463.50. Dow Jones Industrial Average, which had been majorly insulated from the tech selloff due to low exposure, rose 211 points, or 0.4% in pre-market trade to 52,446.
The tech arena was split as futures tied to Micron Technology Inc. slipped 0.56%, while Nvidia Corp. indicated a recovery from its week long slump and rose 1.04% to $194.54, dispelling some topout fears.
Elon Musk's newly listed rocket company is slated to open higher and was up 2% in pre-market, after Nasdaq announced last week that Elon Musk's satellite company will be fast-tracked onto the Nasdaq 100 index.
The recovery in indices comes in the aftermath of America and Iran agreeing to suspend hostilities and allow commercial vessels to transit the Strait of Hormuz freely. During the weekend, escalation in military exchanges threatened to derail negotiations aimed at ending their conflict.
Besides these, futures tied to Marvell Technology Inc. surged 1.5% to $269.9 and Intel Corp rose 0.6% to $129.10.
ALSO READ: Topping Out? What's Behind Nvidia Stock Cracking 7% In Last Five Days
Tech Selloff Recap
A global tech selloff last had rattled wall street indices. While Micron Technology Inc.'s strong Q3 financial fine print and a stronger revenue forecast helped lift sentiment on Thursday, decline in major names like AMD and Nvidia had dragged Nasdaq lower.
Jitters regarding high valuations of semiconductor giants have been a prominent theme on the Wall Street in the last week, triggering mass offloads.
Nvidia declined for five days straight, sparking fears of a potential topout in the stock. The scrip fell nearly 8% in the last week due to a combination of tech sector rotation and broad AI market concerns.
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