U.S. stock futures held steady on Monday evening following a strong rebound in technology shares, which recovered from last week’s sharp declines.
The Dow Jones advanced 2.7%. The rebound came after a tough week for equities, driven by concerns over artificial intelligence spending and the impact of Democratic victories in the U.S. midterm elections.
Chipmakers led the recovery, with the PHLX Semiconductor Index jumping nearly 7%. Advanced Micro Devices (AMD) soared over 13%, and Broadcom (AVGO) gained 8.8%. However, Nvidia (NVDA) lagged, falling 4.2% to its lowest closing level since April 7, amid concerns over an investigation involving its CEO, Jensen Huang.
Investors are now focusing on Tuesday’s October Consumer Price Index report, followed by the Producer Price Index on Friday, for insights into inflation trends and potential Federal Reserve policy moves. Markets are pricing in an 84% probability of a quarter-point rate hike in December, according to CME Group.