Tech Stocks Rebound Boosts Nasdaq, While Nike Stumbles on Weak China Sales

Technology stocks extended their rebound, lifting Nasdaq futures. However, Nike shares fell drastically due to weak China sales. Positive chipmaker forecasts bolstered tech optimism, while U.S. inflation data impacted Fed rate cut projections. Investors anticipate volatility amid triple witching and the ongoing tech stock focus.

In a day of mixed fortunes for the market, futures tied to the S&P 500 and Nasdaq edged higher on Friday amid a resurgence of technology stocks. The tech sector's upward trajectory came as major companies like Nvidia and Tesla gained momentum following a challenging week.

Meanwhile, sportswear giant Nike faced a steep drop after reporting weak China sales, dragging its stock down by 10.3% in premarket trading. This contributed significantly to a decline in Dow futures, reflecting investor concerns about Nike's international performance.

Adding to the market dynamics, upbeat forecasts from chipmaker Micron Technology revived investor optimism around AI-related shares. However, analysts continue to caution about potential volatility, with economic indicators and the Federal Reserve's rate decisions playing crucial roles in shaping future market movements.

(With inputs from agencies.)