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Most megacap growth stocks, including Meta Platforms, Microsoft
and Tesla, edged up between 0.4% and 1.1% in premarket trading.
The tech majors are scheduled to report their quarterly numbers
this week, with Tesla kicking off the cycle after markets close.
Apple was an outlier, down 0.4%, as market data showed its
smartphone shipments tumbled 19% in China.
Early gains in some chip stocks also offered support to
equities, with Nvidia, Micron Technology and Marvell Technology
up between 1.1% and 1.3%.
On the docket for the day are quarterly numbers before the bell
from PepsiCo, United Parcel Service and General Motors, among
others.
U.S. stocks had a sharp sell-off last week after heightened
tensions in the Middle East and as markets re-evaluated their
rate-cut expectations from the Federal Reserve.
"While further volatility can be expected, especially with
ongoing attacks in the Middle East, we think a gradually
improving risk-reward outlook for U.S. stocks continues to
support our focuses on finding opportunities within and beyond
technology," Mark Haefele, chief investment officer at UBS
Global Wealth Management said in a note.
The Personal Consumption Expenditures index reading for March,
the Fed's preferred inflation measure, is due on Friday and will
help ascertain the central bank's monetary policy trajectory.
Money markets are now pricing in just about 38 basis points of
interest-rate cuts, down from about 150 bps seen at the start of
the year.
On the data front, investors will await the S&P Global Composite
Flash PMI data for April, due after the opening bell.
At 5:34 a.m. ET, Dow e-minis were up 30 points, or 0.08%, S&P
500 e-minis were up 5.25 points, or 0.10%, and Nasdaq 100
e-minis were up 28.5 points, or 0.16%.
Among single stocks, Cadence Design Systems lost 6% in premarket
trading after the chip design software maker forecast
second-quarter revenue below analysts' estimates.
Roblox added 3.7% after J.P.Morgan upgraded the gaming platform
to "overweight" from "neutral" on significant monetization
opportunity.
(Reporting by Shristi Achar A in Bengaluru; Editing by Pooja
Desai)
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