Stock futures higher as beaten down tech stocks rebound

Traders work on the floor of the New York Stock Exchange

Traders work on the floor of the New York Stock Exchange

US stocks were higher in early afternoon trading on Monday, with the S&P 500 and the Dow Jones Industrial Average hitting record highs as technology stocks rebounded after recent losses.

Clovis Oncology soared 47 percent to $87.90 after the biotechnology company's ovarian cancer drug was set for a label expansion.

Nasdaq's biotechnology index.NBI rose 2.5 percent in its biggest one-day gain since February while the S&P's healthcare index.SPXHC had a record-high close.

Elsewhere, banks also found a bid after New York Fed chief William Dudley was quoted as having said at a roundtable discussion that the U.S. central bank should continue hiking rates.

The S&P 500 Index (SPX - 2,453.46) ended with a gain of 20.3 points, or 0.8%, after an all-time peak of its own.

The Dow Jones 30-share index closed 24 points higher at a record closing level of 21,384 but the Nasdaq Composite gave up 14 points at 6,152; the benchmark S&P 500 added just over half a point at 2,433.

The weakness among treasuries came amid some strength on Wall Street, which lifted the Dow and the S&P 500 to new record highs.

In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Monday.

The gains Monday put major USA indexes further into record territory.

Leading the rebound, Apple, Microsoft and Alphabet were all up between 0.8 percent and 1 percent in premarket trading.

The Standard & Poor's 500 index rose 16 points, or 0.7 percent, to 2,450. Japan's Nikkei 225 Index climbed by 0.6 percent, while Hong Kong's Hang Seng Index jumped by 1.2 percent. Nasdaq 100 e-minis were up 43.5 points, or 0.77 percent, on volume of 38,221 contracts.

"It looks like a bet that interest rates, such as the 10-year yield, are bottoming out", said Evans. Bank of America gained 1.4 percent. "Tech stocks have led the S&P 500's 9.4 percent rally this year."(Technology) valuations are not cheap but it doesn't seem to be a deterrent for buyers", said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia.

The Russell 2000 is up 60.95 points, or 4.5 percent.

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