Australia

Australian shares are set to open higher, after US investors continued to spread their bets beyond the big tech firms.

ASX futures were up 0.76% or 60 points as of 8:00am on Monday, suggesting a higher open.

Stocks rallied on Friday, and in something of a break from recent market patterns, the gains were broad-based.

The Dow industrials advanced 1.6%, or 654 points, while the Nasdaq gained 1% and the S&P 500 rose 1.1%.

In commodity markets, Brent crude oil was down 1.5% to US$81.13 a barrel, while gold was up 1.0% at US$2,387.19.

The Australian dollar was at 65.46 US cents.

Asia

Chinese shares ended higher after four straight sessions of losses. Investor sentiment was lifted by the country's trade-in subsidy program for home appliances and cars to boost consumption. Consumer durables and auto stocks led the gains. Midea Group jumped 5.8% and Haier Smart Home put up 8.3%. BYD rose 1.8% and Great Wall Motor added 2.6%. Telecom stocks weighed on the market, with China Mobile down 4.5% and China Telecom off by 4.3%. The benchmark Shanghai Composite Index ended 0.1% higher at 2,890.90, the Shenzhen Composite Index closed 1.4% higher, and the ChiNext Price Index gained 0.9%.

Hong Kong shares ended higher in a possible technical correction after three straight days of losses. The Hang Seng Index edged 0.1% higher to 17,021.31 and the Hang Seng Tech Index rose 0.7%. Investors are digesting the latest U.S. quarterly GDP print, which showed that economic growth accelerated in 2Q. Among major stocks, technology companies led the gains. JD.com was 3.0% higher and Xiaomi added 1.0%. Decliners included China Mobile, which was 2.7% lower, and China Unicom, which dropped 4.2%.

Japan's Nikkei Stock Average fell 0.5% to close at 37,667.41, tracking overnight losses across most U.S. equity markets including the tech heavy Nasdaq Composite. Concerns over tech companies' artificial-intelligence spending and the realization that time may be needed for benefits of this spending to emerge have spurred investors to take some profits, says Ipek Ozkardeskaya, senior analyst at Swissquote Bank, in an email. Tech-related companies led losses on the Nikkei, with Renesas Electronics slipping 5.5%, Tokyo Electron dropping 4.8%, and Ibiden down 4.4%. The 10-year JGB yield was down 1bp at 1.055%.

Indian shares closed higher amid bargain-hunting after the index dropped for the past five sessions. The benchmark Sensex rose 1.6% to 81,332.72. Almost all sectors ended the day in the green. Steel and tech stocks led gains. Tata Steel added 3.3% and JSW Steel advanced 3.0%. HCL Technologies rose 2.9%. Among the few decliners, Nestle India dropped 0.1%. Investors are watching for more corporate earnings in the coming weeks.

Europe

Stocks in the U.K. gained Friday, as the FTSE 100 Index increased 1.2% to 8,285.71.

Among large companies, Drax Group PLC was the biggest gainer during the session, surging 14%, and Babcock International Group PLC surged 8.7%. NatWest Group PLC rounded out the top three movers on Friday, as shares surged 7.0%.

Oxford Nanopore Technologies PLC posted the largest decline, falling 2.9%, followed by shares of Spirent Communications PLC, which fell 1.8%. Shares of SEGRO PLC fell 1.7%.

In other parts of Europe markets closed higher, with the STOXX Europe 600 Index up 0.8% to 512.83, Germany's DAX rose 0.7% to 18,417.55 and France's CAC 40 gained 1.2% to 7,517.68.

North America

Stocks rallied on Friday, and in something of a break from recent market patterns, the gains were broad-based. The Dow industrials advanced 1.6%, or 654 points, while the Nasdaq gained 1% and the S&P 500 rose 1.1%. Benchmark 10-year Treasury yields slipped 0.057 percentage point to settle just below 4.2%. The Federal Reserve is widely expected to keep rates at current high levels next Wednesday, while opening the door wider for a cut in September.

Not everyone was celebrating. For well over a year now, DexCom, which makes monitoring devices for diabetes patients, has been trading under a dark Ozempic cloud. Investors have worried that a drug that can bring obesity and type 2 diabetes under control would eventually take a bite out of its earnings.

On Friday, DexCom had its biggest one-day decline ever, plummeting 41%. DexCom cut its full-year revenue outlook to $4 billion to $4.05 billion, from $4.2 billion to $4.35 billion. DexCom's chief executive partially attributed the revenue shortfall to being "short a large number of new patients," compared to what the company had expected. But what was still unclear is whether the Ozempic effect had finally arrived, as the company avoided directly answering an analyst who asked if DexCom was seeing "GLP-1 fears pop up" and whether Type 2 diabetes patients were "not starting on therapy as much."

Bristol Myers Squibb meanwhile seemed to benefit from a mini-rotation into big pharma laggards. The company has underperformed versus other pharma companies as it has struggled to grow past patent expirations. But the drugmaker's quarterly earnings topped expectations amid strong sales of major drugs such as its Opdivo cancer medication. Its stock leaped 11%.

Four influential technology companies are set to report their results during a busy week for earnings next week, after a selloff among the "Magnificent Seven" hit the Nasdaq. Amazon and Apple, two of the so-called "Magnificent Seven," will report results Thursday after the market closes. They will follow Microsoft, which is scheduled to report Tuesday, and Meta, slated for Wednesday.