Technology firms led equity gains on Monday, lifting stocks further from a year-end rut on renewed confidence in the sustained demand for artificial-intelligence infrastructure. The dollar fell by the most since November.
Nasdaq 100 futures advanced 1%, with chip heavyweights Nvidia Corp. and Advanced Micro Devices Inc. rising more than 2% in premarket trading. In Europe, the Stoxx 600 also rose, fueled by ASML Holding NV’s biggest daily gain since October. S&P 500 contracts were up 0.7%.
US stocks are set to for a second day of gains after ending the longest losing streak since April on Friday. Microsoft Corp.’s plans to spend $80 billion on data centers stoked fresh optimism about the endurance of AI, while Nvidia-partner Hon Hai Precision Industry Co. reported faster-than-expected revenue growth.
Tech’s rebound “is a technical move after the year-end correction,” said Fares Hendi, portfolio manager for global equities at SG Prevoir in Paris. …