US STOCKS-Wall Street set to open higher after two-day selloff
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* Applied Materials (AMAT) falls as supply chain snarls cloud outlook
* Ross Stores (ROST) plunges after cutting 2022 forecast
* Futures up: Dow 0.87%, S&P 1.12%, Nasdaq 1.50% (Adds comment, details; updates prices)
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Google owner-Alphabet Inc (GOOG), Apple Inc (AAPL), Meta Platforms (FB), Microsoft Corp (MSFT), Amazon.com (AMZN) and Tesla Inc (TSLA) gained between 1.3% and 1.7% in premarket trading.
Citigroup (C) added 1% to lead gains among the big banks.
Asian and European shares rebounded on Friday after
"It seems as if the rebound was triggered by
"It's definitely going to be a traders' battle today. The market is trying to orchestrate at least a near-term relief rally which is normal within bear market trends."
All the major indexes ended lower on Thursday, posting their second consecutive session of losses, dragged down by shares of Apple (AAPL) and network gear maker Cisco Systems (CSCO).
Disappointing forecasts from retailers including Walmart Inc (WMT) and Target Inc have rattled market sentiment this week, adding to evidence that rising prices have started hurting the purchasing power of U.S. consumers.
The S&P 500 and the Nasdaq are tracking their seventh straight week of losses, their longest losing streak since 2001, while the Dow is set for its eight consecutive weekly decline, its longest since 1932.
The indexes are down between 14.0% and 27.2% so far this
year as investors adjust to prolonged supply chain snarls,
COVID-19 lockdowns in
Traders are pricing in 50 basis point interest rate hikes by the U.S. central bank in June and July.
The benchmark index is down about 18.7% from its record
close on
At
Among other stocks, Ross Stores (ROST) plunged 23.7% after the discount apparel retailer cut its 2022 forecasts for sales and profit.
Applied Materials Inc (AMAT) slipped 0.6% after the
semiconductor equipment maker gave a downbeat third-quarter
outlook, signaling a hit from supply chain challenges.
(Reporting by