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Bargain Hunting Lifts Wall Street Pre-Bell; Asia, Europe Off

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Wall Street futures pointed moderately higher pre-bell Monday, as traders sought values after last week's tech-sector rout and shrugged off media reports of fresh hostilities in the Persian Gulf.

In the futures, the S&P 500 rose 0.4%, the Nasdaq inclined 0.7%, although the Dow Jones was off 0.1%.

The VanEck Semiconductor Exchange Traded Fund (SMH) was up 2.3% in pre-bell trades.

Asian exchanges traded solidly lower overnight, with Seoul's tech-heavy KOSPI Index declining by 8.3%, while Tokyo's Nikkei 225 fell 3.8%.

European bourses tracked moderately south midday on the continent.

Investors this week are looking forward to the May consumer price index (CPI) bulletin on Wednesday for clues to the direction of Federal Reserve monetary policy.

Campbell's (CPB) plans to report earnings pre-bell, among others.

Oracle (ORCL), Adobe (ADBE), and Lennar (LEN) are scheduled to release quarterly results later this week.

On the economic calendar is the NY Federal Reserve's June consumer inflation expectations index, at 11 am ET.

In pre-market action, bitcoin traded at $63,089, West Texas Intermediate crude oil traded up 3.5% at $93.69, and 10-year US Treasuries offered 4.55%. Spot gold commanded $4,302 an ounce.

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