By Callum Keown
Tech stocks were bouncing back at the start of the week after a sharp selloff on Friday.
Futures on the Nasdaq 100 rose 0.5% ahead of the start of trading Monday after the technology-heavy Nasdaq Composite Index tumbled 2.1% in the previous session. It was the index's worst week, down 5.5%, since November 2022 as tensions mounted in the Middle East and expectations for interest rate cuts were dialed back.
The Magnificent 7 stocks lost $950 billion in market cap last week, their largest weekly loss on record, according to Dow Jones Market Data.
It's a bumper week for tech earnings with three of the Magnificent 7 -- Microsoft, Alphabet, and Meta Platforms -- set to report results. All three stocks pointed higher in premarket trading after falling Friday. Nvidia stock, which tumbled 10% Friday, rose 1.3%, while Amazon was up 0.6%.
Salesforce rose 3.2% after the company backed away from talks to buy data-management software provider Informatica, according to The Wall Street Journal. The stock tumbled 7.3% on the first trading day after reports of the talks emerged earlier this month.
Coinbase Global stock rose 3.1%, helped by a jump in the price of Bitcoin after the so-called halving event Friday. The world's largest cryptocurrency was trading at $66,105 early Monday, up 1.5% over the past 24 hours. Robinhood Markets, which also tends to move in tandem with Bitcoin, was up 1.1%.
Chip stocks also were mounting a tentative comeback early Monday. Advanced Micro Devices, Intel and Micron Technology were all higher.
Palantir Technologies -- which is on a six-day losing streak -- was up 0.8% and SoFI Technologies rose 0.6%.
Write to Callum Keown at callum.keown@barrons.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
April 22, 2024 04:56 ET (08:56 GMT)
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