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Microsoft Corp and Apple Inc edged 0.4% lower in premarket
trading after gaining more than 1% each on Tuesday.
The rate-sensitive growth stocks also came under pressure from
elevated Treasury yields, with the benchmark 10-year back above
3%.
Against the backdrop of rising borrowing costs, investor will
this week squarely focus on the consumer price index data due on
Friday.
A hot reading would likely spook markets already worried about
how the U.S. Federal Reserve will balance growth and inflation
as it withdraws its pandemic-era policy support to the economy.
Volatility has gripped Wall Street in recent sessions as market
participants debated whether the market has hit a bottom in the
wake of a sharp selloff this year.
The benchmark S&P 500 index has climbed 9.2% since May 20 after
falling as much 20.05% so far this year. It was last down 12.7%
for the year, the blue-chip Dow declined 8.7% and the tech-heavy
Nasdaq has shed 22.2%.
At 6:44 a.m. ET, Dow e-minis were down 162 points, or 0.49%, S&P
500 e-minis were down 18.5 points, or 0.44%, and Nasdaq 100
e-minis were down 44.5 points, or 0.35%.
Carnival Corp slid 3.4% after Morgan Stanley cut its price
target on the cruise operator's stock.
Energy shares gained, with Conocophillips adding 1.5% as Brent
Crude hit $122 a barrel. [O/R]
Western Digital Corp rose 3.5% after the memory storage devices
maker said it was reviewing options, including splitting its
flash-memory and HDD businesses.
(Reporting by Devik Jain in Bengaluru; Editing by Arun Koyyur)
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