Visits: 8
Stock futures rose slightly on Wednesday as tech shares tried to recover some of the ground they have lost this week.
At around 8:33 a.m. ET, Dow Jones Industrial Average futures rose 43 points, indicating gain of 21 points at the open. S&P 500 and Nasdaq 100 also pointed to a higher open.
The Technology Select Sector SPDR fund (XLK) traded 0.3% higher in the premarket. Semiconductor stocks such as Micron and Advanced Micro Devices rose 1.7% and 0.6%, respectively. Facebook traded 0.3% higher.
Tech stocks came into Wednesday’s session down 1.3% for the week amid a massive rotation away from growth-oriented shares into underappreciated value companies.
Investors also digested key inflation data.
The U.S. producer price index rose 0.1% in August, while economists polled by Reuters expected the index to remain unchanged. Wall Street pored through the data as they look for clues on the Federal Reserve’s next move on monetary policy.
The U.S. central bank is largely expected to lower rates in a meeting next week. Market expectations for a September rate cut are at 91.2%, according to the CME Group’s FedWatch tool.
U.S. stocks ended Tuesday little changed amid a fall in tech shares. Ahead of Wednesday’s session, the focus is on trade relations between China and the U.S. Beijing released a tariff exemptions list for products from the U.S. on Wednesday morning.
Meanwhile, according to the American Chamber of Commerce in Shanghai, some American companies are speeding up their move away from China amid the imposition of U.S. tariffs.