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Investors will also be watching jobless claims data at 0830 ET
for cues on the Federal Reserve's policy meeting next week after
data earlier this month showed U.S. consumer prices reached the
highest in four decades.
Bets of a more hawkish Fed have weighed on Wall Street this
month, with the Nasdaq confirming it was in a correction on
Wednesday as investors continued to dump technology stocks.
Recovering somewhat from the selloff, megacap growth companies
including Microsoft Corp, Alphabet Inc, Amazon, Tesla Inc, Meta
Platforms Inc rose 1.6% in premarket trading.
Several heavyweight growth stocks have underperformed the Nasdaq
since its last record close on Nov. 19, with Amazon, Tesla and
Nvidia down 15%, 12% and 24%, respectively.
Netflix, the streaming service pioneer that is set to kick off
earnings season for big growth companies later in the day,
advanced 1%.
Wall Street is watching Netflix's results to see whether
companies have started to pull in enough new customers to
justify big spending on online programming in 2022.
The U.S. Senate Judiciary Committee is also set to decide on
whether the full Senate should vote on two bills aimed at
reining in tech giants. The bills would bar tech platforms like
Amazon from giving preference to their own businesses on their
websites and big app stores like Apple from requiring app
providers to use their payment system.
At 7:09 a.m. ET, Dow e-minis were up 157 points, or 0.45%, S&P
500 e-minis were up 22.5 points, or 0.5%, and Nasdaq 100 e-minis
were up 122.5 points, or 0.81%
American Airlines gained 1.4% after reporting a smaller
fourth-quarter loss, boosted by strong travel demand during the
holiday season.
Peer United Airlines declined 1.2% after cutting its capacity
forecast for 2022 on Wednesday and warning of higher costs due
to Omicron coronavirus variant.
Bellwether insurer Travelers Companies gained 3.3% after
reporting a record quarterly profit as higher returns from its
investments cushioned the hit from a rise in catastrophe-related
claims.
U.S. railroad operator Union Pacific Corp and trust bank
Northern Trust Corp will also be reporting results later in the
day for the final quarter of 2022.
(Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by
Aditya Soni)
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