IXIC: Nasdaq Composite Futures Turn Up After Tech Index Logs 2% Gain amid Big Tech Run

Inflation worries took a back seat as Magnificent Seven pulled in $654 billion over the past week.

• Futures on the Nasdaq Composite IXIC rose 0.4% as investors felt optimistic to bet on tech companies ahead of the new week. The fresh wave of buy orders is poised to extend the Nasdaq’s stellar performance on Friday when the tech-index took off by more than 2%. Magnificent Seven — the elite group of tech giants — was leading the rally.
• Prior to last week’s gains, the Magnificent Seven had lost roughly $1 trillion in a selloff that lasted for just a few days. Blockbuster reports from Microsoft MSFT and Google parent Alphabet GOOGL rekindled Wall Street’s high expectations, capping a week of $654 billion in market cap added to the group of seven. The S&P 500 and the Dow Jones Industrial Average also logged weekly advances.
• Inflation worries and some concerning GDP data took a back seat. Last week’s reports showed that the Federal Reserve’s preferred inflation measure — core PCE — rose 2.8% from a year ago in March, more than what analysts had hoped for. Meanwhile, gross domestic product pulled back from last year’s hurried pace and expanded 1.6% in the first quarter, indicating a slight contraction.