(RTTNews) - Following the sell-off seen during last Friday's session, stocks may move back to the upside in early trading on Monday. The major index futures are currently pointing to a higher open for the markets, with the S&P 500 futures up by 0.8 percent.
Bargain hunting may contribute to initial strength on Wall Street following last Friday's plunge, which dragged the tech-heavy Nasdaq down to its lowest closing level in a month.
Technology stocks may help lead the rebound after plummeting in the previous session, as reflected by the 1.5 percent jump by the Nasdaq 100 futures.
Shares of Nvidia (NVDA) are surging by 2.6 percent in pre-market trading after the AI giant announced a multiyear technology partnership with SK hynix to advance next-generation memory for the global AI factory buildout and accelerate semiconductor design and manufacturing.
Buying interest may be somewhat subdued, however, as concerns about developments in the Middle East continue to hang over the markets.
Iran and Israel reportedly exchanged missile strikes on Sunday, leading to a spike in crude oil prices amid worries about a re-escalation of the conflict.
However, crude oil prices pulled back well off their highs after President Donald Trump claimed Israel and Iran are "looking to do an immediate ceasefire."
"Final negotiations on 'Peace' are proceeding, subject to ignorance or stupidity getting in its way," Trump said in a post on Truth Social. "The Blockade will remain in place, and in full force and effect, until a 'Final Deal' is reached. Things should move quickly."
After coming under considerable pressure early in the session, stocks showed an even more substantial move to the downside over the course of trading day on Friday. The major averages all moved sharply lower, with the tech-heavy Nasdaq posting a particularly steep loss.
The major averages ended the day just off their lows of the session. The Nasdaq plunged 1,121.53 points or 4.2 percent to 25,709.43, the S&P 500 tumbled 200.57 points or 2.6 percent to 7,383.74 and the Dow slumped 695.15 points or 1.4 percent to 50,886.78.
With the steep losses on the day, the major averages all moved lower for the week. The Nasdaq plummeted by 4.7 percent, the S&P 500 dove by 2.9 percent and the Dow dipped by 0.3 percent.
In overseas trading, stock markets across the Asia-Pacific region moved sharply lower on Monday. China's Shanghai Composite Index slumped by 1.7 percent, Japan's Nikkei 225 Index plunged by 3.9 percent and South Korea's Kospi plummeted by 8.3 percent.
Most European stocks have also moved to the downside on the day. The German DAX Index is down by 0.4 percent and the French CAC 40 Index is down by 0.2 percent, although the U.K.'s FTSE 100 Index has bucked the downtrend and inched up by 0.1 percent.
In commodities trading, crude oil futures are jumping $1.09 to $91.63 a barrel after plunging $2.50 to $90.54 a barrel last Friday. Meanwhile, after plummeting $139.70 to $4,365.30 an ounce in the previous session, gold futures are falling $12.60 to $4,352.70 an ounce.
On the currency front, the U.S. dollar is trading at 159.92 yen versus the 160.29 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is trading at $1.1541 compared to last Friday's $1.1519.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
