Sep 14, 2020 (MENAFN via COMTEX) —
(MENAFN – FxPro) U.S. stock futures rose early Monday morning after a sell-off in tech shares led to the market’s first back-to-back weekly declines in months. Dow Jones Industrial Average futures traded 306 points higher. The S & P 500 and Nasdaq 100 futures were also in positive territory. Sentiment was lifted in part by news of Nvidia buying chip maker Arm Holdings from SoftBank for $40 billion. Nvidia will finance the deal through a combination of cash and common stock.
The S & P 500 fell by 2.5% last week. It was the broader-market index’s worst one-week drop since June 26. That decline also marked the first time since May that the S & P 500 closed lower in two straight weeks. Those losses were driven in large part by a steep drop in tech, the best-performing market sector year to date. The S & P 500 tech sector plunged more than 4% for its biggest weekly loss since March. Apple, the biggest U.S. company by market cap, dropped more than 7% last week.
Meanwhile, the number of U.S. coronavirus cases are growing by 5% or more in 11 states, according to a CNBC analysis of Johns Hopkins University data. Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, said last week that recent coronavirus data was ‘disturbing.’
Dow futures jump more than 300 points as Wall Street tries to recover after tech struggles, CNBC, Sep 14