Stock futures rise ahead of economic data.
(Reuters) – U.S. stock index futures are on the rise today, bouncing back from recent losses on Wall Street. Investors are eagerly awaiting economic data to gauge the Federal Reserve’s future interest rate hikes.
The European Central Bank Forum in Sintra, Portugal is currently in focus, where influential policymakers, including Fed Chair Jerome Powell, will be speaking this week.
Last week, Powell’s hawkish comments put a halt to the winning streak on Wall Street, with growth and technology stocks taking a hit.
In premarket trading today, Amazon, Tesla, Nvidia, and Meta Platforms are all up about 1%.
Despite the recent weakness, the main U.S. stock indexes are expected to record gains for the second quarter, thanks to a rally in growth stocks, positive earnings reports, and hopes that the Fed will soon end its monetary tightening campaign.
Later today, we’ll see monthly durable goods, new home sales, and consumer confidence data, which will provide insights into the state of the economy following the central bank’s aggressive rate hikes.
According to CME Group’s Fedwatch tool, traders have priced in a 76.9% chance of a 25 bps interest rate hike to the 5.25%-5.50% range at the Fed’s July meeting.
As of 5:53 a.m. ET, Dow e-minis are up 15 points, or 0.04%, S&P 500 e-minis are up 7.75 points, or 0.18%, and Nasdaq 100 e-minis are up 58.75 points, or 0.4%.
Lordstown Motors is facing a major setback, with a 56.6% slump as the U.S. electric truck manufacturer files for bankruptcy protection and puts itself up for sale after failing to resolve a dispute over a promised investment from Foxconn.
Snowflake, on the other hand, is climbing 3.1% after announcing a partnership with Nvidia that allows customers to build AI models using their own data.
U.S.-listed shares of Chinese firms like Alibaba Group and JD.com are up nearly 2% following Chinese Premier Li Qiang’s announcement of stimulus plans and higher economic growth in the second quarter compared to the first.
Google-parent Alphabet, however, 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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