Tech Lifts US Stock Futures After Holiday Break: Markets Wrap

(Bloomberg) — US futures signaled a bounce in technology stocks at the start of a week in which South Korea’s memory giants will put the artificial-intelligence trade to yet another test.

Nasdaq 100 contracts climbed 1.1% after the US holiday break, while those for the S&P 500 rose 0.4%. Europe’s Stoxx 600 fell 0.4% from a record high. Stocks in Asia fluctuated, with Samsung Electronics Co. to come under scrutiny when the chipmaker releases earnings on Tuesday after a 165% year-to-date rally. The report will be followed days later by SK Hynix Inc.’s $28 billion US listing.

The events will take on added significance in a week that features a thin data calendar, while the US earnings season is yet to kick into gear. Global stocks have gone through a stretch of uneven trading as investors question whether the past quarter’s AI-driven rally has run too far and whether vast capital outlays are guaranteed to produce strong returns.

Separately, SpaceX is due to join the Nasdaq 100 on Tuesday, an inclusion that may trigger some index-related repositioning.

“Speculative positioning in semiconductors and other hot technology themes is likely to continue being reduced,” said Roberto Scholtes, head of strategy at Singular Bank. “The key question will be whether this triggers a rotation into lagging sectors or a broader correction.”

Oil prices fell as flows through the Strait of Hormuz persisted and OPEC+ signaled higher supplies, with Brent trading about 0.6% lower at $71.67 a barrel. In a sign of surging global supplies, Saudi Arabia cut the price of its main crude grade for customers in Asia in August by the most in at least 26 years.

Treasuries rose across the curve, sending the 10-year yield down two basis points to 4.46%. In a week with few major data releases, the key variable for Treasuries would be oil prices, said Francisco Simon, European head of strategy at Santander Asset Management.

“Specifically, whether the recent downward trend remains in place and whether the newsflow around energy markets continues to stabilize,” Simon said. “Central bank communication could also move markets, although in the absence of significant new developments we would not expect a major shift in tone.”

The yen lost ground against all major currencies as traders tested the resolve of Japanese authorities to intervene. Goldman Sachs Group Inc. joined the growing ranks of investors and strategists who are increasingly bearish on the yen, which is already trading around its lowest levels since 1986.

The Wall Street bank revised its 12-month forecast to 165 from 155, reflecting fiscal pressures in Japan, higher-for-longer Treasury yields and only gradual rate hikes from the Bank of Japan, strategist Karen Reichgott Fishman noted.

US stocks will struggle to reach new highs as investors rotate out of some of this year’s biggest tech trades, according to Morgan Stanley strategists. The team led by Michael Wilson says momentum is fading in semiconductor stocks as investors shift toward laggards, including AI hyperscalers.

For Kokou Agbo-Bloua, global head of research at Societe Generale Corporate and Investment Banking, the market is increasingly learning to live with short-term volatility.

“I wonder whether the market is becoming a bit more anti-fragile, in the sense of adapting the news flow and seeing through the noise and focusing on the fundamentals, especially with the whole AI boom and the ecosystem around it,” he said.

Corporate News:

Chip supplier Broadcom Inc. is expanding its work with Apple Inc. through 2031 and plans develop and supply products for multiple generations of the iPhone maker’s devices. Honeywell International Inc. spinoff Solstice Advanced Materials Inc. will acquire Element Solutions Inc. in a cash-and-stock deal valued at about $14.5 billion, creating a market leader in the specialty chemicals sector. Michael Saylor’s Strategy Inc. sold $216 million of Bitcoin last week, marking the first major step in the financing overhaul the company unveiled in recent days. Rogers Communications Inc. agreed to buy the remaining 25% stake in Maple Leaf Sports & Entertainment Ltd. for C$4.35 billion ($3.1 billion) from billionaire Larry Tanenbaum’s Kilmer Group. SK Hynix Inc. kicked off its formal marketing process for its US listing on Monday, as the South Korean chipmaker looks to capitalize on surging investor demand for the high-flying memory-chip sector. Some of the main moves in markets:

Stocks

S&P 500 futures rose 0.4% as of 8:32 a.m. New York time Nasdaq 100 futures rose 1.1% Futures on the Dow Jones Industrial Average fell 0.1% The Stoxx Europe 600 fell 0.4% The MSCI World Index was little changed Currencies

The Bloomberg Dollar Spot Index rose 0.2% The euro fell 0.2% to $1.1418 The British pound was little changed at $1.3349 The Japanese yen fell 0.6% to 162.34 per dollar Cryptocurrencies

Bitcoin fell 1% to $62,032.5 Ether fell 1.5% to $1,748.7 Bonds

The yield on 10-year Treasuries declined two basis points to 4.46% Germany’s 10-year yield was little changed at 2.93% Britain’s 10-year yield was little changed at 4.77% Commodities

West Texas Intermediate crude fell 0.6% to $68.27 a barrel Spot gold fell 0.8% to $4,144.03 an ounce This story was produced with the assistance of Bloomberg Automation.

–With assistance from Sangmi Cha, Sagarika Jaisinghani and Levin Stamm.

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