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Apple Inc and other technology and internet giants, which lost a
combined $1 trillion of their market value on Tuesday, posted
modest gains in premarket trading ahead of the Thanksgiving
holiday.
Oil prices also steadied after slumping about 6 percent.
Worries about slowing global growth and peaking corporate
earnings have sapped risk appetite in recent months, throwing
into doubt the longevity of the decade-old bull run for stocks.
The Nasdaq closed at its lowest in over seven months on Tuesday,
while the S&P 500 and the blue-chip Dow lost more than 1 percent
for the year after technology stocks continued to tumble and a
bunch of disappointing retail earnings and forecasts soured the
mood.
The pressure on technology stocks appeared to have eased on
Wednesday, with shares in Apple, Amazon.com Inc, Netflix Inc and
Alphabet Inc gaining between 0.64 percent and 1.87 percent.
Foot Locker Inc shares surged 14.8 percent after the footwear
retailer's third-quarter comparable sales trumped expectations.
The company said its footwear unit posted its first comparable
gain in six quarters.
Shares of Nike Inc rose 1.2 percent in response.
At 7:34 a.m. ET, Dow e-minis were up 130 points, or 0.53
percent. S&P 500 e-minis were up 17 points, or 0.64 percent and
Nasdaq 100 e-minis were up 57.5 points, or 0.88 percent.
Shares of Apple Inc rose 0.6 percent. The iPhone maker's shares
have lost more than 20 percent from their record closing high on
Oct. 3 due to concerns over waning iPhone demand.
The Philadelphia SE semiconductor index, which has
underperformed the S&P 500 for the year, was poised to gain,
with Advanced Micro Devices Inc up 2.7 percent, Nvidia Corp
gaining 4.0 percent and Micron Technology Inc rising 1.2
percent.
Among other early movers, Deere & Co fell 4.0 percent, after
reporting quarterly earnings below Wall Street's expectations,
hurt by a slowdown in demand.
(Reporting by Medha Singh in Bengaluru)
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