Futures rebound as tech stocks rise; Oracle delivers strong quarter

[September 11, 2020]  (Reuters) - U.S. stock index futures climbed on Friday, with tech shares gaining after a pullback in the previous session, as Oracle's solid quarter restored faith that tech-related companies are emerging stronger from the coronavirus crisis.

The Wall Street sign is pictured at the New York Stock exchange (NYSE) in the Manhattan borough of New York City, New York, U.S., March 9, 2020. REUTERS/Carlo Allegri/File Photo

The cloud services company <ORCL.N> added 3.4% in premarket trading after its quarterly results beat estimates and it signaled a recovery in client spending due to higher remote working-led demand.

Peloton Interactive Inc <PTON.O> surged 11.2% after it beat quarterly revenue estimates as the exercise bike maker recorded a surge in subscribers and increased demand for its fitness products during the pandemic.

The so-called "stay-at-home winners", Apple Inc <AAPL.O>, Amazon.com Inc <AMZN.O>, Microsoft Corp <MSFT.O> and Netflix Inc <NFLX.O> advanced between 1.4% and 2% after selling in some of these mega-cap stocks brought Wall Street's rally to a screeching halt last week.

The three main U.S. stock indexes were headed for a second straight weekly decline, with the Nasdaq eyeing its steepest weekly fall since March after concerns over the massive build-up in call options tied to tech names exacerbated the selloff.

Still, many investors view the slump as a healthy consolidation after a stunning five-month rally in the S&P 500 that was powered by a narrow group of heavyweight tech names.

The Nasdaq is about 9% below its record closing high, while the S&P 500 is about 7% below its peak, both logged last week.

Recent economic indicators suggest a long and difficult recovery from the pandemic, especially in the labor market. Data at 8:30 a.m. ET (1230 GMT) is expected to show U.S. consumer prices dipped in August from the prior month.

At 6:23 a.m. ET, Dow e-minis <1YMcv1> were up 177 points, or 0.64%. S&P 500 e-minis <EScv1> were up 26.75 points, or 0.8% and Nasdaq 100 e-minis <NQcv1> were up 101.25 points, or 0.91%.

Tesla <TSLA.O> gained 3.1% as two sources said the electric-car maker is planning to export Model 3 vehicles made in China to Asian and European markets.

(Reporting by Medha Singh in Bengaluru; editing by Uttaresh.V)

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