US STOCKS-Futures rebound after Wall St selloff, Apple dips on AI spending plan

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Updates with results from Domino's Pizza

By Johann M Cherian and Sukriti Gupta

Feb 24 (Reuters) - U.S. stock index futures rose on Monday after a sharp selloff in the previous week, while Apple dipped as the iPhone maker's $500 billion investment plan fanned concerns of Big Tech overspending on artificial intelligence.

Chip stocks such as Nvidia NVDA.O and Micron MU.O rose more than 1.2% each. Nvidia's quarterly results are expected on Wednesday, putting semiconductor stocks in the spotlight for the week.

The artificial intelligence bellwether's forecast is likely to set the tone on Wall Street, after the launch of low-cost AI models from China's DeepSeek in January raised questions around hefty AI spending by Western companies.

"Despite the emergence of large language models which are cheaper to run, other signs, including huge infrastructure investment plans from tech giants like Meta, indicate that Nvidia's high-end chips will remain in demand," said Susannah Streeter, head of money and markets at Hargreaves Lansdown.

Apple AAPL.O slipped 0.8% after the iPhone maker unveiled planned investments to help bring online a factory in Texas by 2026 to build AI servers and add about 20,000 research and development jobs across the U.S.

At 06:57 a.m. ET, Dow E-minis 1YMcv1 were up 319 points, or 0.73%, S&P 500 E-minis EScv1 were up 30.25 points, or 0.5%, and Nasdaq 100 E-minis NQcv1 were up 84.25 points, or 0.39%.

Wall Street's major gauges registered weekly losses on Friday, after a batch of weak economic data and a disappointing forecast from Walmart WMT.N sparked concerns that the world's largest economy was stalling. The benchmark S&P 500 .SPX and a smallcaps index .RUT marked their worst daily declines of 2025.

On Monday, however, most megacaps ticked higher in premarket trading, with Amazon.com AMZN.O and Microsoft MSFT.O adding over 0.4% each. Financial stocks listed on the Dow, such as Goldman Sachs GS.O and American Express, AXP.O gained more than 1.2% each.

On the data front, the Personal Consumption Expenditure index - the Federal Reserve's preferred inflation gauge - is expected on Friday and could help markets gauge the timing of the central bank's first rate cut this year.

Interest rate futures indicate the Fed will leave borrowing costs unchanged for the first half of the year, according to data compiled by LSEG.

Following Friday's soft data, markets will also be keen on the Conference Board's report on consumer sentiment and the second estimate on quarterly gross domestic product, due later in the week. Remarks from at least nine Fed policymakers will also be parsed.

Among other movers, Berkshire Hathaway's Class B shares BRKb.N rose 1.4% after the Warren Buffett-owned conglomerate reported a record annual profit over the weekend.

Nike NKE.N added 2.5% after Jefferies raised its rating on the athletic apparel maker to "buy" from "hold", while Domino's Pizza DPZ.O fell 3.6% after the pizza chain missed expectations for fourth-quarter same-store sales.

Markets are also on edge for any tariff comments from U.S. President Donald Trump, with his one-month reprieve on Mexican and Canadian tariffs nearing its end.