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The
bounce follows five straight days of declines in the Nasdaq and
the benchmark S&P 500 as recent economic data nearly sealed a
case for a fourth consecutive 75-basis-point hike by the Fed.
The Labor Department's producer prices index data due at 8:30
a.m. ET is expected to have risen 8.4% in the 12 months through
September, after advancing 8.7% in August.
Stubborn inflation has sparked worries about the Fed's
aggressive monetary action tipping the world's largest economy
into a recession.
Battered megacap companies Microsoft Corp, Tesla Inc, Alphabet
Inc, Apple Inc and Meta Platforms Inc rose between 0.6% and 0.7%
in premarket trading.
Beaten-down chip shares including Nvidia Corp, Qualcomm Inc
Micron Technology Inc, Advanced Micro Devices and Intel Corp
also rose between 0.9% and 1%.
A Reuters report showed the United States is scrambling to
tackle unintended consequences of its new export curbs on
China's chip industry that could inadvertently harm the
semiconductor supply chain.
The Biden administration has allowed at least two non-Chinese
chipmakers operating in China to receive restricted goods and
services without their suppliers seeking licenses, the report
said.
At 6:57 a.m. ET, Dow e-minis were up 118 points, or 0.4%, S&P
500 e-minis were up 20.5 points, or 0.57%, and Nasdaq 100
e-minis were up 85.25 points, or 0.79%.
PepsiCo Inc inched 1.5% up after the soft-drinks maker raised
its annual revenue and profit forecasts on firm demand for its
sodas and snacks despite multiple price increases amid rising
costs.
Investors will also monitor comments from Fed's Minneapolis
President Neel Kashkari, Washington's Vice Chair for Supervision
Michael Barr, and New York's Governor Michelle Bowman.
(Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by Anil
D'Silva and Arun Koyyur)
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