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The
world's most valuable automaker jumped 7.7% in premarket trading
as higher prices helped it overcome supply-chain chaos and
rising costs.
In the previous session, heavy losses in Netflix Inc's shares
following its dismal results had triggered a selloff in
technology and growth stocks and pushed the tech-heavy Nasdaq
down more than 1%.
Another bright spot was United Airlines Holdings Inc. Shares
rose 7.5% as it forecast profit for the second quarter and said
booming travel demand could generate the highest quarterly
revenue in its history.
Shares of peers American Airlines Group Inc, Southwest Airlines
Co and Delta Air Lines Inc gained between 2.5% and 4.8%.
Overall, analysts expect S&P 500 earnings growth of 6.5% in the
first quarter as of Wednesday, compared to the 32.1% growth in
the previous quarter, according to Refinitiv data.
Investors will focus on Federal Reserve Chair Jerome Powell's
speech later in the day for clues on monetary policy tightening
plans, with many expecting a 50 basis points rate hike next
month.
U.S. stocks have come under pressure this month, with
high-growth stocks taking a hit from a surge in Treasury yields
due to galloping inflation and hawkish remarks from Fed
policymakers.
Initial claims for state unemployment benefits will be released
at 08:30 am ET. Claims are expected to have fallen 5,000 to a
seasonally adjusted 180,000 for the week ended April 16.
At 06:42 a.m. ET, Dow e-minis were up 211 points, or 0.6%, S&P
500 e-minis were up 34.75 points, or 0.78%, and Nasdaq 100
e-minis were up 155.75 points, or 1.11%.
AT&T Inc rose 1.5% after posting a rise in core wireless revenue
for the first quarter, as the telecom giant benefited from the
aggressive expansion of its fiber internet and 5G services.
(Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by Arun
Koyyur)
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