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The
three main U.S. indexes on Monday rebounded from early losses
that was sparked by a rush to safe-haven assets following the
killing of a top Iranian general last week by the United States.
"Without fresh escalation, investors cannot maintain a
heightened sense of geopolitical anxiety. The recovery of U.S.
shares yesterday set the tone for today's rebound in Asia and
Europe," Marc Chandler, chief market strategist at Bannockburn
Global Forex, wrote in a note.
Helping the tech-heavy Nasdaq futures outperform on Tuesday,
Micron Technology Inc <MU.O> rose 3.1% in premarket trading
after Cowen & Co upgraded the chipmaker to "outperform" on
earlier-than-expected recovery in memory market.
The brokerage also raised its rating on hard disk maker Western
Digital Corp <WDC.O> to "outperform". Its shares rose 2.8%.
Tesla Inc <TSLA.O> gained 1.9% after the company launched its
Model Y electric sports utility vehicle program at its new
Shanghai factory.
At 07:27 a.m. ET, Dow e-minis <1YMc1> were up 13 points, or
0.05%. S&P 500 e-minis <ESc1> were up 1.75 points, or 0.05%, and
Nasdaq 100 e-minis <NQc1> were up 25 points, or 0.28%.
Investors will be closely tracking a slew of economic data later
in the day, including U.S. trade and factory goods orders for
November and the Institute for Supply Management's services
sector activity index for December. After the index slowed to
53.9 points in November, economists expect it to stabilize at
54.5 points in the last month.
Market participants are also awaiting the fourth-quarter
reporting season, which begins in earnest next week. Earnings
for S&P 500 companies are expected to dip 0.5%, the second
consecutive quarter of decline, according to Refinitiv IBES
data.
(Reporting by Sruthi Shankar and Medha Singh in Bengaluru;
Editing by Sriraj Kalluvila)
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