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Chipmakers such as Advanced Micro Devices, Nvidia and Applied
Materials gained between 0.3% and 0.7% in premarket trading.
Micron Technology advanced 1.7% after a report that the
memory-chip maker is set to get more than $6 billion in grants
from the U.S. Commerce Department to help pay for domestic chip
factory projects.
The Philadelphia Semiconductor Index, which dropped over 3% on
Wednesday, was down nearly 13% from the record high levels seen
last month.
Also easing some pressure off equities, Treasury yields fell
slightly from the elevated levels seen earlier in the week, with
the yield on the 10-year note last at 4.5772%.
All three major indexes closed lower in the last session, with
the S&P 500 and the Nasdaq logging their fourth straight day of
losses as investors remained jittery about the Fed's
interest-rate outlook.
Cleveland Fed President Loretta Mester said she expects price
pressures to ease further this year, allowing the central bank
to reduce borrowing costs, but only when it is "pretty
confident" about inflation heading sustainably to its 2% goal.
Fed Governor Michelle Bowman, on the other hand, said progress
on lowering U.S. inflation may have stalled. He said it remained
an open question whether interest rates were high enough to
ensure a return to the 2% inflation target.
Investors will look for remarks from New York Fed President John
Williams and his Atlanta counterpart Raphael Bostic later in the
day.
Money market participants see an over-46% chance of the Fed
kicking off its easing cycle in July, according to the CME
FedWatch Tool.
At 5:29 a.m. ET, Dow e-minis were up 4 points, or 0.01%, S&P 500
e-minis were up 3.5 points, or 0.07%, and Nasdaq 100 e-minis
were up 26.5 points, or 0.15%.
With the first-quarter reporting season hitting its stride,
investors will watch for earnings from lenders KeyCorp, Comerica
and homebuilder D.R. Horton before the opening bell.
Weekly jobless claims and March existing home sales data due
later in the day will also be on the radar in an otherwise light
data calendar.
(Reporting by Shashwat Chauhan in Bengaluru; Editing by Pooja
Desai)
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