US STOCKS-Wall Street set to rebound after three-day decline fueled by fears of a rate hike

US STOCKS-Wall Street set to rebound after three-day decline fueled by fears of a rate hike

Data on Wednesday is expected to show consumer prices increased at a slower pace in April, with investors looking for signs of peaking inflation. New York Fed President John Williams said on Tuesday the Fed’s aim of bringing inflation down to its goal without derailing the economy is challenging but doable amid heightened uncertainty on the path of price pressures caused by the war in Ukraine and the COVID pandemic. At 8:17 a.m. ET, Dow e-minis were up 243 points, or 0.76%, S&P 500 e-minis were up 37 points, or 0.93%, and Nasdaq 100 e-minis were up 188.75 points, or 1.55%. Among other stocks, AMC Entertainment rose 3.4% after it posted better-than-expected quarterly revenue and a narrower loss, as the release of big-ticket films such as “The Batman” drew crowds to movie halls of the world’s largest theater chain. Novavax Inc plunged 22% after the vaccine maker revealed a sharp drop in first-quarter COVID-19 research funding and said it shipped less than a fourth of the total vaccine deliveries slated for 2022. Peloton Interactive Inc tumbled 24.2% as the fitness equipment maker said the business was thinly capitalized after it posted a 23.6% slide in quarterly revenue.

After a three-day selloff on concerns about aggressive monetary tightening and slowing economic growth, Wall Street’s main indexes were set to open higher on Tuesday, with investors buying into beaten-down banks and mega-cap growth businesses. In premarket trade, Amazon.com, Facebook parent Meta Platforms, Apple Inc, Microsoft Corp, Google owner Alphabet Inc, and Tesla Inc all rose between 1.4 and 2.1 percent. Morgan Stanley led the way with a 1% rise among the large banks. The benchmark S&P 500 index fell below 4,000 for the first time since late March 2021 on Monday, while the tech-heavy Nasdaq fell more than 4%. Due to the war in Ukraine, China’s COVID-19 lockdowns upsetting global supply chains, and rising bond yields, both indices have declined approximately 16 percent and 26 percent this year, respectively. “The market has really been in a down spin,” said Sam Stovall, chief investment strategist at CFRA. “Today is really just sort of a short-term bounce from being close to oversold levels and maybe it’s in anticipation of a less onerous CPI reading tomorrow and PPI reading on Thursday,” “So investors, in a sense, are searching for a catalyst right now to indicate that either the worst is behind us or there’s more pain ahead.”

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