Investing.com — U.S. stock index futures rose in Sunday night trading as Wall Street attempted to recover after two weeks of deep losses on a rout in technology stocks and waning expectations for interest rate cuts.
Sentiment remained fragile this week as first-quarter earnings season is set to pick up steam, especially with announcements from Wall Street's biggest tech stocks scheduled for later this week.
Wall Street indexes have fallen sharply over the past two weeks due to a sell-off in the sector, sparked by a decline in semiconductor manufacturing stocks. However, this has also made the sector susceptible to buy-on-the-moment activity.
By 19:19 ET (23:19 GMT), it rose 0.3% to 5,107.75 points and rose 0.4% to 17,254.50 points. It rose by 0.2% to 38,295.0 points.
Tech companies' profits are in the spotlight as Wall Street suffers huge losses
The focus now shifts to the quarterly results of some of Wall Street's biggest tech giants, which will be released later this week.
Four of the so-called Magnificent Seven stocks are scheduled to report earnings this week, followed by Tesla Inc. (NASDAQ:) on Tuesday and Facebook owner Meta Platforms Inc. (NASDAQ:) on Wednesday. followed by the owners of Microsoft Corporation (NASDAQ:) and Google. Alphabet Inc. (NASDAQ:) on Thursday.
The tech sector has suffered heavy losses over the past week, particularly with modest gains from semiconductor manufacturing powerhouses ASML (AS:) Holdings (NASDAQ:) and TSMC (NYSE:). Concerns were raised that the impact of the 2019 economy on the economy would be limited in boosting the sector.
NVIDIA Corporation (NASDAQ:) in particular was hit the hardest among its peers, plummeting 10% on Friday to its lowest point in nearly two months.
This spurred a decline in U.S. stock benchmarks. It fell 0.9% to 4,967.23 points on Friday and 2.1% to 15,282.01 points. 0.0, supported by buying in non-tech sectors such as financial stocks, discretionary stocks, and industrial stocks. It rose 6% to 37,986.40 points. american express (NYSE:) boosted the Dow after strong first-quarter profits.
The S&P 500 and Nasdaq have fallen 3.5% and 6.1%, respectively, over the past week. The Dow was flat.
As expectations for interest rate cuts fade, PMI and PCE inflation will have to wait.
Markets continued to await a series of indicators this week looking for further clues about the U.S. economy, especially as hopes for a June interest rate cut by the Federal Reserve faded.
April figures are expected to be released later this week and will provide further clues about U.S. business activity.
Even more interesting will be data on the Fed's recommended inflation measure, which will be released later this week. The data is also expected to show that inflation remains sticky in March.
