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Market participants were focusing on the European Central Bank
Forum in Sintra, Portugal where several key policymakers
including Fed Chair Jerome Powell will speak this week.
Hawkish comments from Powell last week halted a winning run on
Wall Street, with market-leading growth and technology stocks
among the biggest drags.
Amazon, Tesla, Nvidia and Meta Platforms rose about 1% each in
premarket trading on Tuesday.
Despite the recent weakness, the main U.S. stock indexes are set
to record second-quarter gains, powered by a rally in growth
stocks, upbeat earnings reports and hopes that the Fed will soon
end its monetary tightening campaign.
Monthly durable goods, new home sales and consumer confidence
data are due later in the day, which would show if the economy
is stressed following the U.S. central bank's aggressive rate
hikes.
Traders have baked in a 76.9% chance the Fed will raise interest
rates by 25 bps to 5.25%-5.50% range at its July meeting,
according to CME Group's Fedwatch tool.
At 5:53 a.m. ET, Dow e-minis were up 15 points, or 0.04%, S&P
500 e-minis were up 7.75 points, or 0.18%, and Nasdaq 100
e-minis were up 58.75 points, or 0.4%.
Lordstown Motors slumped 56.6% as the U.S. electric truck
manufacturer filed for bankruptcy protection and put itself up
for sale after it failed to resolve a dispute over a promised
investment from Foxconn.
Snowflake climbed 3.1% after the cloud data analytics company
announced partnership with Nvidia to allow customers to build AI
models using their own data.
U.S.-listed shares of Chinese firms such as Alibaba Group and
JD.com rose nearly 2% after Chinese Premier Li Qiang announced
stimulus plans and said economic growth in the second quarter
will be higher than the first.
Google-parent Alphabet slipped 0.9% after Bernstein downgraded
the stock to "market perform."
(Reporting by Sruthi Shankar in Bengaluru; Editing by Shinjini
Ganguli)
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