(Reuters) – U.S. stock index futures moved higher on Monday, building on a late rally last week as investors bought technology stocks on continued optimism around AI and awaited crucial economic data that could set the tone for U.S. monetary policy.
At 6:16 a.m. ET (1116 GMT), the S&P 500 e-minis were up 0.51%, the Nasdaq 100 e-minis were up 0.82% and the Dow e-minis were up 0.10%.
Technology stocks led the gains again, with chipmakers getting a boost from Microsoft’s plan to invest $80 billion in developing AI-enabled data centers, as well as Foxconn’s forecast fourth-quarter revenue.
Shares of Nvidia rose 2% in premarket trading, while those of Advanced Micro Devices, Micron Technology and Broadcom rose between 1.3% and 3.4%.
U.S. stocks rebounded sharply on Friday after a string of losses in December and the first few sessions of the new year, as traders retreated after a strong run in 2024 on concerns about high valuations, rising Treasury yields and tight liquidity.
In a week full of economic data and speeches from Federal Reserve officials, investors will be looking for clues about the pace of monetary policy easing this year.
The focus will be on Friday’s monthly payrolls data, which is expected to show that US job growth slowed in December compared to the previous month, while the unemployment rate held steady at 4.2%.
Newly-elected US President Donald Trump is expected to take the oath of office on January 20. While Trump’s proposals — which include cutting corporate taxes, relaxing regulations and imposing tariffs — could boost corporate profits and boost the economy, they also risk putting upward pressure on inflation.
Among other stocks, Lyft rose about 5% after Benchmark upgraded the ride-hailing company’s stock from “hold” to “buy.”
(Reporting by Sruthi Shankar in Bengaluru; Editing by Maju Samuel)
