U.S. stock index futures edged higher on Tuesday following a recent bout of losses on Wall Street, as growth stocks recovered and investors looked ahead to economic data for signs on how much longer the Federal Reserve will hike interest rates.
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)
