Good morning and welcome to Markets Desk, your Monday open on the floor.
Nasdaq futures are pushing higher to start the week as technology stocks attempt to recover from a bruising sell-off that knocked the sector down more than three percent by Friday's close. Intel is leading the early bounce, climbing four percent in premarket after JPMorgan lifted its rating from Underweight to Neutral, giving traders a headline to rally around heading into the open.
That sell-off was the story of last week, and Nvidia found itself in a rare position — largely insulated from the damage. Jensen Huang spent the week in Europe making the case for artificial intelligence investment while Wall Street was busy unwinding AI positions at home. Huang's read is that Nvidia's demand story remains structurally intact even as sentiment around the broader semiconductor trade turned defensive, with energy stocks actually outperforming tech through Friday's session.
Meanwhile, Indian equities are adding a note of caution to the global picture this morning. Shares in Mumbai fell sharply, with private banks and financials leading the decline as persistent foreign investor outflows combine with elevated crude oil prices to pressure sentiment across emerging markets.
That's the tape. Markets Desk, signing off the floor.
