Shares of heavyweights Amazon.com Inc, Facebook Inc, Microsoft
Corp, Apple and Google-parent Alphabet Inc rose between 1% and
1.3% in premarket trading.
Oil firms including Exxon Mobil and Chevron Corp dipped as a
rally in crude prices petered out. The S&P energy sector has
gained 3.9% so far this week and is on track for its best
monthly performance since February.
U.S. stocks ended sharply lower on Tuesday in a broad sell-off,
with the benchmark S&P 500 index logging its biggest one-day
percentage drop since May and the Nasdaq posting its worst daily
selloff since March.
The S&P 500 index is also set to break its seven-month winning
streak as fears about China Evergrande's default, potential
higher corporate taxes and a sooner-than expected tapering of
monetary support by the Federal Reserve clouded investor
sentiment in what is usually a seasonally weak month.
The Fed last week signaled it could tighten its monetary policy
in the months ahead amid signs of a choppy recovery in the
world's largest economy, triggering a rally in bond yields that
hit interest rate-sensitive tech stocks.
At 6:34 a.m. ET, Dow e-minis were up 203 points, or 0.59%, S&P
500 e-minis were up 32 points, or 0.74%, and Nasdaq 100 e-minis
were up 147.25 points, or 1%.
Meanwhile, U.S. Senate Republicans for a second day in a row
blocked a bid by President Joe Biden's Democrats to head off a
potentially crippling U.S. credit default, as partisan tensions
rattled an economy recovering from the COVID-19 pandemic.
JPMorgan Chase & Co Chief Executive Jamie Dimon also cautioned a
U.S. default would be "potentially catastrophic" event.
Among stocks, Boeing Co rose 2.5% after it said 737 MAX test
flight for China's aviation regulator last month was successful
and the planemaker hopes a two-year grounding will be lifted
this year.
(Reporting by Devik Jain in Bengaluru; Editing by Saumyadeb
Chakrabarty)
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