Futures tick up after Wall St selloff on jobs data

Published: 2022-08-08 07:33:07 ET TSLA

The main focus this week will be on consumer prices data on Wednesday.

U.S. rate futures have priced in a 68.5% chance of a 75-basis-point hike at the Fed's September meeting, up from about 41% before the payrolls data on Friday beat market expectations. [IRPR]

Megacap growth and technology stocks edged higher in trading before the bell, with Tesla up 1.9%. The U.S. electric-car maker signed contracts worth about $5 billion to buy materials for their batteries from nickel processing companies in Indonesia, according to a CNBC report.

Other high-growth stocks such as Apple Inc and Amazon.com Inc gained as U.S. Treasury yields pulled back from sharp highs in the previous session. The benchmark 10-year yield declined 1.6% in early trading.

Meanwhile, the U.S. Senate on Sunday passed a sweeping $430 billion bill intended to fight climate change, lower drug prices and raise some corporate taxes.

Signify Health Inc jumped 15.8% on a media report that CVS Health Corp was looking to buy the health technology company.

At 07:09 a.m. ET, Dow e-minis were up 125 points, or 0.38%, S&P 500 e-minis were up 19.5 points, or 0.47%, and Nasdaq 100 e-minis were up 84.75 points, or 0.64%.

Palantir Technologies Inc dropped 14.3% after the data analytics software company lowered its annual revenue forecast as the timing of some large government contracts remained uncertain.

Investors awaited a slew of earnings reports later in the day from the likes of insurer American International Group Inc and Dominion Energy Inc.

(Reporting by Bansari Mayur Kamdar and Aniruddha Ghosh in Bengaluru; Editing by Shounak Dasgupta)