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A
slew of earnings in the coming weeks will also test the recent
bounce in certain technology and growth stocks that took a large
hit last year.
Concerns of a possible recession amid a high interest rate
environment have hit growth-related sectors, driving major tech
companies such as Microsoft Corp, Amazon.com Inc and Alphabet
Inc to lay off thousands of employees.
Companies which make up more than half the S&P 500 index's
market value will report earnings in the next two weeks, with
Microsoft, the second-largest U.S. firm by market value, posting
results on Tuesday, Tesla Inc and IBM on Wednesday and Intel on
Thursday.
Shares of cloud-based software firm Salesforce Inc rose 4.0% in
premarket trading to lead gains among Dow components after
activist investor Elliott Management Corp made a
multi-billion-dollar investment in the company, according to
people familiar with the matter.
At 6:17 a.m. ET, Dow e-minis were down 5 points, or 0.01%, S&P
500 e-minis were down 3.25 points, or 0.08%, and Nasdaq 100
e-minis were down 5.75 points, or 0.05%.
Data recently has pointed to some signs of inflation cooling but
has also highlighted a tight labor market, which is key for the
Federal Reserve to continue its aggressive rate-hiking cycle.
Qualcomm Inc and Advanced Micro Devices Inc climbed around 2%
each, after brokerage Barclays upgraded the chipmakers to
"overweight" from "equal-weight".
Payments firm PayPal Holdings Inc fell 2.1% after Germany's
cartel office regulator said it had initiated proceedings
against PayPal Europe over possible hindrance against
competitors.
(Reporting by Shreyashi Sanyal in Bengaluru; Editing by Vinay
Dwivedi)
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