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Google owner-Alphabet Inc, Apple Inc, Meta Platforms, Microsoft
Corp, Amazon.com and Tesla Inc gained between 1.1% and 1.8% in
premarket trading.
Citigroup added 1.2% to lead gains among the big banks.
All the major indexes ended lower on Thursday, posting their
second consecutive session of losses, dragged down by shares of
Apple and network gear maker Cisco Systems.
Disappointing forecasts from retailers including Walmart Inc and
Target Inc have rattled market sentiment this week, adding to
evidence that rising prices have started hurting the purchasing
power of U.S. consumers.
The S&P 500 and the Nasdaq are tracking their seventh straight
week of losses, their longest losing streak since 2001, while
the Dow is set for its eight consecutive weekly decline, its
longest since 1932.
The indexes are down between 14.0% and 27.2% so far this year as
investors adjust to prolonged supply chain snarls, COVID-19
lockdowns in China, geopolitical uncertainty stemming from the
Ukraine conflict and the U.S. Federal Reserve raising rates.
Traders are pricing in 50 basis point interest rate hikes by the
U.S. central bank in June and July.
The benchmark index is down about 18.7% from its record close on
Jan. 3. A close of 20% or more below that level will confirm the
S&P 500 has been in a bear market since hitting that peak.
At 7:07 a.m. ET, Dow e-minis were up 240 points, or 0.77%, S&P
500 e-minis were up 37.5 points, or 0.96%, and Nasdaq 100
e-minis were up 155.5 points, or 1.31%.
Asian and European shares rebounded on Friday after China cut a
key lending benchmark to support its economy.
Among other stocks, Ross Stores plunged 26.4% after the discount
apparel retailer cut its 2022 forecasts for sales and profit.
(Reporting by Amruta Khandekar in Bengaluru; Editing by Shounak
Dasgupta)
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