U.S. stock futures increased on Monday morning after a sell-off in tech shares caused the market’s first back-to-back weekly fall in months.
The DJIA (Dow Jones Industrial Average) futures increased by 306 points. The S&P 500 and Nasdaq 100 futures also traded in positive territory.
The sentiment was lifted by news of Nvidia buying chipmaker Arm Holdings from Softbank for $40 billion.
If we look through the old data, last week, the S&P 500 dropped by 2.5%. Since 26, it was the broader-market index’s worst one-day decline. That fall also marked the first time since May that the S&P 500 closed lower in two weeks.
Those declines were driven by a steep fall in tech, the best performing market sector year to date. The S&P 500 tech sector fell more than 4% for its most significant weekly decline since March. Also, Apple, the giant U.S. company by market capitalization, dipped more than 7% last week.
On Friday, European equities witnessed their biggest weekly gain since early last month. The STOXX Europe 600 index increased by 0.13% and settled at 367.96. FTSE boosted 0.5%, CAC gained 0.2% while DAX eased 0.1%.
India VIX dropped 2.58% from 21.26 to 20.71. The VIX has witnessed the lowest closing level of the week but needs to cool down further under 20-19 levels, in order to help the bulls get a gip and kick off the next leg of the rally. Options data suggested a wider trading range between 11,200 and 11,700 levels.
Bandhan Bank shares
Shares of Bandhan Bank, an Indian banking and financial services company, increased by 0.61% in Monday’s trade. Around 281,118 shares changed hands on the counter. The stock opened at Rs 312.0 and reached an intraday high of Rs 318.0 and an intraday low of Rs 312.9.
The stock quoted a 52-week high of Rs 650 and a 52-week low of Rs 152.2.