US equities were set for a higher open on Monday, with technology stocks climbing in the pre-market after posting two-straight weekly falls.
Ahead of the opening bell, S&P 500 futures rose 0.33 per cent to 2,438.8, while Dow Jones Industrial Average futures gained 0.36 per cent to 21,409. Futures tracking the tech-heavy Nasdaq 100 index jumped 0.73 per cent to 5,725.8.
Several big-name technology companies posted gains in the pre-market. NVidia gained 1.1 per cent, Amazon climbed 0.94 per cent and Apple advanced 0.82 per cent.
The S&P 500 tech sector has shed 3.9 per cent since reaching a recent high on the Thursday before last as investor sentiment towards this year’s best-performing industry has dimmed to some extent. Analysts have grown more anxious that valuations have become stretched and that the trade itself has become “crowded”.
Meanwhile, the economic docket was light on Monday. However, it picks up pace later in the week with a handful of housing reports on the calendar. Quarterly earnings reports are also due this week from Adobe, FedEx and Oracle.
Investors will also be paying close attention to a decision from MSCI, the index provider, on whether to include mainland China shares in its main emerging market benchmark for the first time.