Wall St. set to open higher as beaten down tech stocks rebound

US stock indexes follow global markets higher, led by tech

US stock indexes follow global markets higher, led by tech

The Dow industrials and the S&P 500 index on Monday closed at all-time highs, powered by a rebound in shares of technology companies, which had experienced a recent bout of weakness.

The S&P technology sector.SPLRCT was up 1.4 percent after its second straight weekly decline, which was triggered by fears of stretched valuations. Microsoft MSFT.O and Alphabet GOOGL.O were also up.

Apple rose 2.9 percent to $146.34, providing the biggest boost to the S&P followed by JPMorgan Chase, which rose 2.2 percent to $88.07.

Nasdaq 100 futures were up 0.6%, while S&P 500 and Dow Jones industrial average futures added 0.3%.

Nasdaq's biotechnology index rose 2.5 per cent and was on track for its biggest one-day gain since February helped by stocks including Biogen Inc and Clovis Oncology while the S&P's healthcare index hit a record high.

This story has not been edited by Firstpost staff and is generated by auto-feed.

At the New York Mercantile Exchange, U.S. crude oil added 0.6% to $45.03 a barrel.

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"There has been no change in the fundamentals for the tech sector".

Wal-Mart WMT.N , Target TGT.N and Costco COST.O reversed premarket gains to trade lower.

The market is awaiting comments by New York Fed President William Dudley, a close ally of Fed Chair Janet Yellen, when he speaks at a business roundtable at 7:45 a.m. ET (1145 GMT).

The Fed commentary last week had surprised investors who expected more caution after some weak US economic data.

Dow component Boeing (BA) rose 1% after saying at the Paris Air Show that it expects to get over 240 orders worth a total of more than $30 billion for its new 737 Max 10.

The S&P 500 posted 49 new 52-week highs and 10 new lows; the Nasdaq Composite recorded 99 new highs and 87 new lows.

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