Markets today: U.S. futures gain as chipmakers set to extend rally

U.S. futures pointed to further gains on Wall Street Friday after a tech-led rally that pushed the Nasdaq 100 to a record high.

Contracts on the Nasdaq 100 climbed about 0.7 per cent while S&P 500 futures were up 0.4 per cent. Chipmakers were among the biggest gainers in pre-market trading, with Advanced Micro Devices Inc. climbing two per cent and Intel Corp. up 1.2 per cent. Texas Instruments Inc. rose more than two per cent after maintaining its quarterly dividend. 

The Stoxx Europe 600 index climbed 0.1 per cent, trimming its loss this week to 1.2 per cent. The technology sub-sector advanced further as Taiwan Semiconductor Manufacturing Co.’s outlook fueled hopes for a global recovery in chip sales. Swiss electrical-equipment maker ABB dragged the industrials subsector lower after saying U.S. lawmakers are reviewing its operations in China.

Treasuries were little changed and the U.S. dollar slipped after frenetic repricing earlier in the week of the policy outlook. Investors will pay close attention to U.S. Federal Reserve speakers today for further cues on the timing and extent of rate cuts. Traders now see the prospect of easing in March at little more than a coin toss, down from almost 80 per cent at the end of last week.