Futures jump as megacaps recover; inflation data awaited for policy cues
For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.
Russell 2000 futures jump
Deckers, Baker Hughes climb after results
Dexcom slips after cutting revenue forecast
PCE inflation data due at 8:30 a.m. ET
Futures up: Dow 0.62%, S&P 500 0.75%, Nasdaq 0.98%
Updated at 7:09 a.m. ET/1109 GMT
By Ankika Biswas and Lisa Pauline Mattackal
July 26 (Reuters) - Wall Street futures rose on Friday, with Nasdaqfutures up nearly 1% as megacap tech and chip stocks rebounded after the week's walloping, while investors awaited U.S. inflation figures to justify bets on early rate cuts by the Federal Reserve.
All the so-called Magnificent Seven stocks - Apple AAPL.O, Nvidia NVDA.O, Alphabet GOOGL.O, Microsoft MSFT.O, Meta Platforms META.O, Amazon.com AMZN.O and Tesla TSLA.O - were up between 0.7% and 2.2% in premarket trading.
Chip stocks also rebounded, with Intel INTC.O, Broadcom AVGO.O, Qualcomm QCOM.O, Micron Technology MU.O and Arm Holdings ARM.O up between 1% and 2%.
At 7:09 a.m. ET, Dow e-minis 1YMcv1 were up 248 points, or 0.62%, S&P 500 e-minis EScv1 were up 41 points, or 0.75%, and Nasdaq 100 e-minis NQcv1 were up 186 points, or 0.98%.
Investors have dumped tech stocks over thepast few weeks, with disappointing earnings from Alphabet and Tesla sparking a sharp sell-offin megacap and artificial-intelligence-linked stockson Wednesday. The S&P 500 and the Nasdaq were on track for asecond straight weekly decline, if losses hold.
Concerns about WallStreet's growing dependence on a set of high-momentum stocks, whose valuations now appear inflated, have made underperformingsectors like mid- and small-cap stocks seem morealluring as the prospectof early rate cuts rises.
Futures tracking the small-cap Russell 2000 RTYcv1 jumped1.4% on Friday, with the index set for its third straight week of gains if trends hold.
"A brutal rotation from U.S. information technology leaders to U.S. small caps has encouraged the narrative of a healthy rotation and a Goldilocks scenario for equities," Yves Bonzon, chief investment officer at Julius Bar said in a note.
However, Bonzon said he remained wary, noting that "the odds of a correction are higher than those of a sustainable rotation".
The much-awaited Personal Consumption Expenditures Price Index data - the Fed's preferred inflation gauge - will be watched to see if inflation cools further. Recent signs of easing inflation and a weakening labor market have boosted bets on an early start to the Fed's interest-rate cuts.
Traders have priced in around two rate cuts by December, according to LSEGdata, while bets of a 25-basis-point cut by the Fed's September meeting stood at 88%, according to CME's FedWatch.
The Commerce Department's report, due at 8:30 a.m. ET, is expected to show the PCE print rose0.1% on a monthly basis in June after last month's flat reading. Excluding volatile items such asfood and energy, the core figure is expected to increase0.1%, after a similar rise in May.
Earlier this week, data showing faster-than-expected second-quarter economic growth and subsiding inflation pressures kept hopes of a September rate cut intact, boosting the blue-chip Dow and the small-cap Russell 2000 .RUT.
On the earnings front, Deckers Outdoor DECK.N jumped 11% after raising its annual profit forecast following a first-quarter results beat, while Oilfield services firm Baker Hughes BKR.O climbed 2% after beating estimates for second-quarter profit.
Medical device maker Dexcom DXCM.O slumped 35.3% after cutting its annual revenue forecast, while drugmaker Bristol Myers Squibb BMY.N rose4.7% after better-than-expected second-quarterresults.
Investors also kept an eye out for developments in the U.S. presidential race, with new opinion polls showing Vice President Kamala Harris narrowing the gap with Republican rival Donald Trump.
Reporting by Ankika Biswas and Lisa Mattackal in Bengaluru; Editing by Saumyadeb Chakrabarty and Pooja Desai
면책조항: XM Group 회사는 체결 전용 서비스와 온라인 거래 플랫폼에 대한 접근을 제공하여, 개인이 웹사이트에서 또는 웹사이트를 통해 이용 가능한 콘텐츠를 보거나 사용할 수 있도록 허용합니다. 이에 대해 변경하거나 확장할 의도는 없습니다. 이러한 접근 및 사용에는 다음 사항이 항상 적용됩니다: (i) 이용 약관, (ii) 위험 경고, (iii) 완전 면책조항. 따라서, 이러한 콘텐츠는 일반적인 정보에 불과합니다. 특히, 온라인 거래 플랫폼의 콘텐츠는 금융 시장에서의 거래에 대한 권유나 제안이 아닙니다. 금융 시장에서의 거래는 자본에 상당한 위험을 수반합니다.
온라인 거래 플랫폼에 공개된 모든 자료는 교육/정보 목적으로만 제공되며, 금융, 투자세 또는 거래 조언 및 권고, 거래 가격 기록, 금융 상품 또는 원치 않는 금융 프로모션의 거래 제안 또는 권유를 포함하지 않으며, 포함해서도 안됩니다.
이 웹사이트에 포함된 모든 의견, 뉴스, 리서치, 분석, 가격, 기타 정보 또는 제3자 사이트에 대한 링크와 같이 XM이 준비하는 콘텐츠 뿐만 아니라, 제3자 콘텐츠는 일반 시장 논평으로서 "현재" 기준으로 제공되며, 투자 조언으로 여겨지지 않습니다. 모든 콘텐츠가 투자 리서치로 해석되는 경우, 투자 리서치의 독립성을 촉진하기 위해 고안된 법적 요건에 따라 콘텐츠가 의도되지 않았으며, 준비되지 않았다는 점을 인지하고 동의해야 합니다. 따라서, 관련 법률 및 규정에 따른 마케팅 커뮤니케이션이라고 간주됩니다. 여기에서 접근할 수 있는 앞서 언급한 정보에 대한 비독립 투자 리서치 및 위험 경고 알림을 읽고, 이해하시기 바랍니다.
