IHS
Markit's flash reading on manufacturing and services PMI data,
due at 0945 am ET (1345 GMT), is expected to show a slight
easing in business activity this month, compared with May.
In a hearing before a U.S. House of Representatives panel, Fed
Chair Jerome Powell reiterated the central bank will not raise
interest rates too quickly on inflation fears alone and will
encourage a "broad and inclusive" recovery of the job market.
Powell's comments follow the Fed's projection of an increase in
interest rates as soon as 2023, sooner than anticipated which
sparked a sharp profit booking in the so called "reflation"
stocks and triggered a move into tech-heavy growth names.
However, market participants have swung between value and growth
stocks this week, with the Nasdaq notching a record close on
Tuesday, lifted by Amazon.com, Microsoft Corp and other
top-shelf tech companies.
The S&P growth index has risen 3.9% in June, closing the gap
between its value counterpart, which has fallen 2% this month
but is still up more than 14% on the year.
At 6:31 a.m. ET, Dow e-minis were up 61 points, or 0.18%, S&P
500 e-minis were up 4.25 points, or 0.1%, and Nasdaq 100 e-minis
were up 21.25 points, or 0.15%.
Rate-sensitive JPMorgan Chase & Co, Morgan Stanley and Bank of
America added between 0.4% and 0.7% in premarket trading as
yield on the benchmark U.S. 10-year Treasury note rose to 1.5%.
[US/]
Energy stocks Occidental Petroleum Corp, ConocoPhillips and
Exxon Mobil gained about 1% as oil prices jumped to a more than
two-year high. [O/R]
Among so-called meme stocks, software firm Alfi Inc dropped
10.1% after more than doubling in value in the prior session,
while Torchlight Energy Resources Inc slumped 8.6% for the
second day after announcing an upsized stock offering.
(Reporting by Devik Jain and Medha Singh in Bengaluru; Editing
by Maju Samuel)
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