Tech Rebound Lifts Wall Street Sentiment

Stock futures look ready to bounce back today, as investors buy back into a beaten-down tech sector ahead of Micron Technology (MU) earnings after the close today. Futures tied to the Dow Jones Industrial Average (DJIA) and S&P 500 (SPX) are modestly higher, while Nasdaq-100 (NDX) futures are enjoying a triple-digit boost. Elsewhere, oil prices are on the move lower again, as investors bet on a resumption of inflows through the Strait of Hormuz. 

Continue reading for more on today's market, including:

• Unpacking rare S&P 500 signals with Senior Quantitative Analyst Rocky White.
• Casino stock riding on long-term technical support. 
• Plus, QCOM's custom chip order; unpacking CBRS' earnings; and another rebounding tech name. 

5 Things You Need to Know Today

1. The Cboe Options Exchange saw roughly 2.3 million call contracts and 1.3 million put contracts traded on Monday. The single-session equity put/call ratio fell to 0.56, while the 21-day moving average remained at 0.58. 
2. Reuters reported that Qualcomm (NASDAQ:QCOM) may be working to provide custom chips for TikTok owner ByteDance. QCOM added 2.3% before the open, and already boasts a 33% year-over-year lead.
3. Cerebras Systems Inc (NASDAQ:CBRS) is off 11% before the bell, the semiconductor supplier brushing off an earnings beat. The company has already shed 41% since it first went public on May 14, opening at $350, far past its IPO price of $185.
4. Joining the broader tech rebound, Advanced Micro Devices (NASDAQ:AMD) is up 1.3% in premarket. Shares have already quadrupled year-over-year, and today's rebound will push the stock back closer towards record territory. 

5. This week will bring several key economic indicators. 

Nikkei Extended Losses

Asian markets closed mostly higher as the tech rout eased, though Japan’s Nikkei extended last session’s losses with a 0.9% drop. The South Korean Kospi rose 3.3%, with help from a sharp rebound from Samsung Electronics, while Hong Kong’s Hang Seng and China’s Shanghai Composite inched up 0.3% and 0.1%, respectively.

European markets are mixed. London’s FTSE 100 is flat, up just 0.06%, though real estate stocks got a boost after Sagro rejected U.S-based Prologis' $16 billion bid. The French CAC 40 is also quietly higher, up 0.3% at last glance, while the German DAX slides 1%.