U.S. stock futures rise on Sunday night ahead of a shortened holiday week, as traders deliberate whether tech can regain its footing before the year’s end.
Dow Jones Industrial Average futures rose by 83 points, or 0.2%. S&P 500 futures and Nasdaq 100 futures climbed 0.2% and 0.3%, respectively.
Wall Street is coming off a mixed week for the major averages. A late-week surge in tech stocks helped lift the S&P 500 and Nasdaq Composite to their third winning week in four, up 0.1% and 0.5%, respectively. The 30-stock Dow, which has outperformed this month, fell 0.7%, snapping a three-week winning streak.
Artificial intelligence stocks enjoyed a resurgence last week after their recent underperformance. Shares of Oracle, a major laggard, jumped after TikTok agreed to sell its U.S. operations to a new joint venture that includes the software giant and private-equity firm Silver Lake. Nvidia also made a comeback.
However, investors are watching to see whether AI stocks can retain their leadership heading into the year-end, especially as investors rotate into cheaper parts of the market amid concerns about lofty tech valuations. There’s also doubt about whether a “Santa Claus rally” will materialize, as the S&P 500 struggles to hold a key technical level.
