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Evergrande's main unit said it had negotiated a
deal with bondholders to settle interest payments on a domestic
bond, which helped calm fears of an imminent default that could
unleash global financial chaos.
The S&P 500 has fallen for 10 of the past 12 sessions since
hitting a record high, as fears of an Evergrande default
exacerbated seasonally weak trends and saw investors pull out of
stocks trading at lofty valuations.
Focus now turns to the Fed's decision, due at 2 p.m. ET (1800
GMT) where the bank could possibly unveil plans to begin scaling
back its massive coronavirus-related stimulus measures.
A raft of positive economic data in recent weeks has
strengthened expectations for a taper announcement from the
central bank by as soon as September.
Commodity-linked oil and metal stocks led gains in premarket
trade, while a slight rise in Treasury yields supported major
banks. However, most sectors were nursing steep losses in recent
sessions.
U.S. S&P 500 E-minis were up 25.5 points, or 0.59%, at 06:26
a.m. ET. Dow E-minis were up 222 points, or 0.66%, with 50,454
contracts changing hands. Nasdaq 100 E-minis were up 57.75
points, or 0.38%.
The Nasdaq fell the least among its peers in recent sessions, as
investors pivoted back into big technology names that had proven
resilient through the pandemic.
Among individual stocks, Fedex Corp fell 5.8% on posting a lower
quarterly profit and the delivery firm also cut its full-year
earnings forecast.
(Reporting by Ambar Warrick in Bengaluru; Editing by Shounak
Dasgupta)
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