Nasdaq 100 futures climbed 0.76% to 28,991.25 early Monday, outpacing gains in the S&P 500 and Dow, as semiconductor shares staged a sharp recovery from last week's rout. The move lifted S&P 500 futures 0.35% to 7,523.75 and Dow futures 0.23% to 52,495.00, setting a firmer tone after the broad market's worst weekly loss in months.
The bounce was concentrated in the chip sector, where the PHLX Semiconductor Index had plunged more than 9% in the prior week and sat roughly 20% below its late-June record. On Monday, AMD surged 4% after Rosenblatt named it a top pick and raised its price target to $665, while UBS lifted its target to $700. Micron Technology and SK Hynix each gained 5%, and Nvidia added more than 2%. The VanEck Semiconductor ETF, which fell nearly 9% last week, also recovered.
The rebound came despite a ninth consecutive day of U.S. strikes on Iran. An Iranian foreign ministry spokesman said intermediaries were still exchanging messages and that negotiations could move forward if they served Iran's national interests. That sliver of diplomatic hope helped West Texas Intermediate crude slip back below $83 a barrel, easing one of the pressures that had weighed on risk appetite.