Bargain Hunting May Contribute To Initial Strength On Wall Street

(RTTNews) - Following the sell-off seen during last Friday's session, stocks may move back to the upside in early trading on Monday. The major index futures are currently pointing to a higher open for the markets, with the S&P 500 futures up by 0.8 percent.

Bargain hunting may contribute to initial strength on Wall Street following last Friday's plunge, which dragged the tech-heavy Nasdaq down to its lowest closing level in a month.

Technology stocks may help lead the rebound after plummeting in the previous session, as reflected by the 1.5 percent jump by the Nasdaq 100 futures.

Shares of Nvidia (NVDA) are surging by 2.6 percent in pre-market trading after the AI giant announced a multiyear technology partnership with SK hynix to advance next-generation memory for the global AI factory buildout and accelerate semiconductor design and manufacturing.

Buying interest may be somewhat subdued, however, as concerns about developments in the Middle East continue to hang over the markets.

Iran and Israel reportedly exchanged missile strikes on Sunday, leading to a spike in crude oil prices amid worries about a re-escalation of the conflict.

However, crude oil prices pulled back well off their highs after President Donald Trump claimed Israel and Iran are "looking to do an immediate ceasefire."

"Final negotiations on 'Peace' are proceeding, subject to ignorance or stupidity getting in its way," Trump said in a post on Truth Social. "The Blockade will remain in place, and in full force and effect, until a 'Final Deal' is reached. Things should move quickly."