US stock futures moved higher early Monday, October 19, as investors returned to beaten-down technology stocks after last week’s sharp sell-off in artificial intelligence-related names. Nasdaq 100 futures led gains, rising 1.1%, while S&P 500 futures advanced 0.5%. Dow Jones Industrial Average futures were little changed.
Chip stocks spearheaded the rebound. Intel surged more than 4% in premarket trading after JPMorgan upgraded the stock, boosting sentiment across the semiconductor sector. AMD and Micron Technology gained over 2% each, while cloud-computing firm CoreWeave recovered 3% after tumbling more than 25% last week amid concerns over its debt burden.
The bounce suggests investors are selectively buying AI-linked and semiconductor stocks following a broad technology rout that weighed heavily on Wall Street in recent sessions.
SpaceX founder and CEO Elon Musk said he plans to give one share of the space exploration company to every child in the US next year, potentially giving them a financial stake in the future of space technology. “Next year, I will give one of my SpaceX (SPCX) shares to every kid in America. This will be the first of many,” Musk said in a post on X on Monday. He did not specify an age range for the proposed gift. SpaceX shares rose 1% in premarket trading on Monday.
Oil prices ease after recent rally
Oil prices slipped on Monday as investors booked profits following a rally that pushed crude benchmarks to multi-month highs last week. Market participants continued to assess how conflicts in the West Asia and Ukraine could affect the global oil supply-demand balance.
Brent crude futures fell $1.34, or 1.22%, to $108.52 a barrel by 1002 GMT, after settling at their highest level since May 19 on Friday.
US West Texas Intermediate crude futures edged down 13 cents, or 0.13%, to $101.28 a barrel, after ending last week at their highest level since September 17.
European markets fall, Asian equities mixed
European stocks traded lower, with the Stoxx 600 declining 0.82%. France’s CAC 40 led losses, falling 1.35%, amid concerns following violent demonstrations over the cost of living during the weekend. The UK’s FTSE 100 slipped 0.94%, while Germany’s DAX lost 1.1%.
Asian markets were mixed. South Korea’s Kospi rose 1.76%, while Australia’s S&P/ASX 200 gained 0.44%. Japan’s Nikkei 225 closed 0.62% lower, while mainland China’s CSI 300 ended largely unchanged at 4,174.53.
US Treasury yields edge lower
US Treasury yields declined on Monday as investors weighed the domestic inflation and interest rate outlook against broader geopolitical risks.
The yield on the benchmark 10-year US Treasury note fell more than one basis point to 5.0854%. The 30-year Treasury yield also slipped one basis point to 5.4242%.
Meanwhile, the two-year Treasury yield, which is more sensitive to expectations for Federal Reserve interest rate decisions, was broadly unchanged at 4.7315%.
