June 19, 2017 / 11:28 AM / a year ago

US STOCKS-Futures higher as beaten down tech stocks rebound

* Futures up: Dow 71 pts, S&P 7 pts, Nasdaq 38 pts

By Tanya Agrawal

June 19 (Reuters) - U.S. stock index futures were higher on Monday with investors snapping up beaten down technology and retail stocks.

* The S&P technology sector is coming off its second straight week of declines, triggered mainly due to stretched valuations and investors moving money to other sectors. Tech stocks have led the S&P 500’s 8.7 percent rally this year.

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

* Retail stocks were battered on Friday after Amazon.com’s $13.7 billion deal to buy upscale grocer Whole Foods .

* The deal by Amazon, a proven retail disruptor, marked a major step by the internet retailer into the brick-and-mortar retail sector.

* Amazon was up 0.94 percent, while Wal-Mart, Target and Kroger gained between 0.4 percent and 1.1 percent on Monday.

* The market is awaiting comments by New York Fed President William Dudley, a close ally of Fed Chair Janet Yellen, when he speaks at a business roundtable at 7:45 a.m. ET (1145 GMT).

* Yellen’s confidence as her team raised interest rates for the third time in six months last week surprised investors who had expected more caution about the economy following a batch of weak U.S. economic data.

* Last month, the U.S. economy added 138,000 jobs, well below the expected gain of 185,000, while other data showed a fall in retail sales and inflation below the Fed’s target of 2 percent.

* European stocks were headed for their biggest rise in two months, helped by a meaty parliamentary majority for pro-business French President Emmanuel Macron.

* Oil prices edged higher, after coming under pressure over the past month from rising production.

* Clovis Oncology soared 41.8 percent to $85 after the biotechnology company’s ovarian cancer drug was set for a label expansion.

Futures snapshot at 7:09 a.m. ET (1109 GMT):

* Dow e-minis were up 71 points, or 0.33 percent, with 22,159 contracts changing hands.

* S&P 500 e-minis were up 7 points, or 0.29 percent, with 111,788 contracts traded.

* Nasdaq 100 e-minis were up 38 points, or 0.67 percent, on volume of 25,178 contracts. (Reporting by Tanya Agrawal; Editing by Saumyadeb Chakrabarty)

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