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CHIP COMEBACK: TECH LEADS MARKET REBOUND AFTER ROUT

U.S. stocks opened higher on Thursday, as investors sought bargains in beaten-down technology stocks and kept a close watch on developments around the Middle East conflict and its impact on economies and businesses.

The United States will hit Iran "very hard tonight" and soon take control of the Middle Eastern country's oil and gas infrastructure and markets, U.S. President Donald Trump said.

Chipmakers are bouncing back after Wednesday's selloff sent major Wall Street indexes down more than 1% and technology stocks .SPLRCT into correction territory, a 10% drop from their record close.

Most S&P 500 .SPX sectors are higher with tech .SPLRCT, materials .SPLRCM and industrials all rallying more than 1%. Communication services .SPLRCL is the weakest group.

Under the surface, the PHLX Semiconductor Index .SOX is surging around 5%. Small caps .RUT are also among the outperformers.

Software & services .SPLRCIS is on the weak side.

Meanwhile, traders are watching the Nasdaq Composite .IXIC, which is now around 25,450. With its 25,186.39 intraday low it neared its rising 50-day moving average, which is now just over 25,100, and is seen as support. The Composite last finished below this closely followed intermediate-term moving average on April 7.

Here is a snapshot of where markets stood shortly before 10 a.m. ET:

(Terence Gabriel)

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EARLIER ON LIVE MARKETS:

TECH BARGAIN HUNTING LIFTS FUTURES DESPITE MIXED PPI REPORT CLICK HERE

EUROPE AT HALF-TIME: COUNTDOWN TO ECB'S 'INSURANCE HIKE' CLICK HERE

A RECORD WEEK FOR VOLATILITY IN SEOUL CLICK HERE

FRIDAY'S TECH SELLOFF VS TUESDAY'S CLICK HERE

POSITIVE START CLICK HERE

EUROPE BEFORE THE BELL: NOT YOUR EVERYDAY CEASEFIRE CLICK HERE

TECH AND WAR JITTERS SAP CONFIDENCE CLICK HERE