(Bloomberg) — Stock futures pointed to gains at the Wall Street open as shares of technology bellwether Nvidia Corp. bounced back in premarket trading.

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Contracts on the S&P 500 and the tech-heavy Nasdaq were up 0.2% and 0.4%, respectively, amid speculation a three-day selloff that wiped more than $400 billion from Nvidia’s market capitalization was overdone. The chipmaker rose as much as 3.5% in premarket trading on Tuesday.

The retreat in technology shares was “purely an investor/sentiment story,” Danske Bank analysts wrote in a note. “The fundamentals remain unchanged from a week ago.”

Later, the US Treasury kicks off this week’s trio of bond sales with an offering of $69 billion in two-year notes. Demand for the shorter, rates-sensitive debt is expected to be stronger than at last month’s offering, coming ahead of statistics on Friday that are forecast to show a slowdown in the Fed’s favored inflation gauge.

Tech shares have been the focus of US markets this week with traders rebalancing their portfolios as the quarter draws to a close. They’ve been taking profits from the AI-driven frenzy for tech stocks and switched into value shares and other laggards.

Stocks in Europe retreated 0.3%, weighed by a drop of more than 10% for planemaker Airbus SE, which lowered its guidance amid persistent supply-chain issues. Germany’s Merck KGaA also tumbled, following a second surprise failure of a promising medicine.

There are signs that calm is returning to French markets, with yield spreads over Germany retreating from the highest level in over a decade. Jordan Bardella, the leader of the National Rally party which is leading the polls, sought to reassure investors on Monday with assurances that he will not upend the country’s finances if his party wins an absolute majority.

French Bonds Hint Investor Nerves Are Calming Ahead of Election

Corporate Highlights:

• Airbus now expects to hand over 770 aircraft rather than 800 units in 2024, it said Monday after European markets closed. Adjusted earnings before interest and tax will reach €5.5 billion ($5.9 billion) this year, down from a previous goal of as much as €7 billion.

• Merck KGaA fell 11% on Tuesday, the most since December, after the company said late Monday that it will discontinue development of the drug, xevinapant, for the treatment of head and neck cancer.

• Eurofins Scientific SE rose more than 5% in Paris after Monday’s 16% decline. The firm rejected allegations made by Carson Block’s Muddy Waters Research that caused its stock to plunge the most in two decades, saying it’s confident in the integrity of its accounts.

Story continues

Key events this week:

• US Conference Board consumer confidence, Tuesday

• Fed’s Lisa Cook, Michelle Bowman speak, Tuesday

• US new home sales, Wednesday

• China industrial profits, Thursday

• Eurozone economic confidence, consumer confidence, Thursday

• US durable goods, initial jobless claims, GDP, Thursday

• Nike releases earnings, Thursday

• Japan Tokyo CPI, unemployment, industrial production, Friday

• US PCE inflation, spending and income, University of Michigan consumer sentiment, Friday

• Fed’s Thomas Barkin speaks, Friday

Some of the main moves in markets:

Stocks

• S&P 500 futures rose 0.2% as of 6:42 a.m. New York time

• Nasdaq 100 futures rose 0.4%

• Futures on the Dow Jones Industrial Average were little changed

• The Stoxx Europe 600 fell 0.3%

• The MSCI World Index was little changed

Currencies

• The Bloomberg Dollar Spot Index was little changed

• The euro was little changed at $1.0723

• The British pound was little changed at $1.2687

• The Japanese yen rose 0.1% to 159.41 per dollar

Cryptocurrencies

• Bitcoin rose 3% to $61,277.15

• Ether rose 1.9% to $3,371.41

Bonds

• The yield on 10-year Treasuries was little changed at 4.22%

• Germany’s 10-year yield declined three basis points to 2.39%

• Britain’s 10-year yield declined four basis points to 4.04%

Commodities

This story was produced with the assistance of Bloomberg Automation.

–With assistance from Toshiro Hasegawa, Aya Wagatsuma and Sujata Rao.

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