Nasdaq Futures Soar 170 Points as Tech Sector Leads Charge

US stock futures pointed to a tech-led start on Monday as investors returned from a third straight week of S&P 500 gains with another record in sight.

Nasdaq 100 futures rose about 170 points or 0.6%, S&P 500 futures added 0.1% and Dow futures slipped around 0.1% in early trading.

The immediate backdrop looks supportive: weaker retail spending and softer inflation have sharply reduced the probability of a September Federal Reserve rate increase, according to CME FedWatch, which now implies only about a 31% chance of a hike, down from roughly 50% a month ago.

However, Brent crude pushed back towards $90, leaving one obvious threat to that optimism, while Micron led another premarket push in memory stocks, climbing about 3.5% to above $1,000 after closing Friday at $971.66.