Stock futures pointed sharply higher and gold neared its all-time record to begin the last full trading week of the year.
Futures associated with the blue-chip Dow Jones Industrial Average, benchmark S&P 500, and tech-heavy Nasdaq all were up roughly 0.5%.
On Friday, the three major stock indexes fell as technology shares remained under pressure on AI bubble fears. The Nasdaq sank 1.7%; the S&P 500, which like the Dow set an all-time closing high Thursday, fell 1.1%; and the Dow set an intraday record high for a second straight session soon after markets opened but reversed course and ended down 0.5%.
Shares of Oracle (ORCL), which lost about 15% of their value over the final two trading days last week after the cloud computing giant reported disappointing earnings, slipped a further 0.7% in premarket trading. Those of chip designer Broadcom (AVGO), which traded at a record high as recently as Wednesday, rebounded modestly after plunging 11% Friday following its own quarterly report.
Chip stocks Nvidia (NVDA), Micron Technology (MU), and Advanced Micro Devices (AMD) rebounded a respective 1%, 2%, and 0.7% before the bell after posting sharp losses to end last week.
Gold futures were up more than 1% to $4,375 an ounce in recent trading. They had hit nearly $4,385 earlier in the session to approach their all-time high of $4,398 set on Oct. 20.
The 10-year Treasury yield, which influences interest rates on a variety of commercial and consumer loans, slipped to 4.16% from 4.19% at Friday’s close. The yield hit a three-month high of 4.21% on Wednesday before the Federal Reserve cut its key interest rate for a third consecutive meeting.
Bitcoin traded around $89,800, up from the day’s low of $87,600. The U.S. dollar index, which tracks the value of the greenback against a basket of foreign currencies, ticked down to 98.31, slightly below its lowest closing level since mid-October, 98.35, set last Thursday.
West Texas Intermediate futures, the U.S. crude oil benchmark, slipped 0.5% to $57.15 a barrel.