Stock Market Update

The S&P 500 futures trade 22 points above fair value as mega-cap tech names look to pick up where they left off last week. 

Five of the "magnificent seven" names trade higher in the premarket, with NVIDIA (NVDA 206.44, +3.95, +2.0%) pacing the gains after the U.S. approved the sale of NVIDIA chips to the UAE. 

onsemi (ON 51.90, +1.82, +3.8%) adds to the positive sentiment across semiconductor names after beating EPS expectations by $0.04, beating revenue expectations, and guiding Q4 revenues and EPS in-line. 

Mixed strength across the broader market, however, has the DJIA on track for a slightly lower open this morning.