This post was originally published on this site
https://i-invdn-com.investing.com/trkd-images/LYNXMPEI9B0J3_L.jpg
The tech-heavy Nasdaq and the S&P 500 have ended in the red for five straight sessions as a recent set of economic data pointed to more policy tightening by the U.S. Federal Reserve, fanning worries of a recession and triggering a spike in yields.
The producer price index, an important inflation gauge, is expected to have risen 8.4% in the 12 months through September, after advancing 8.7% in August, according a Reuters poll. The data is due at 8:30 am ET.
Minutes from the Federal Open Market Committee meeting, which was held last month, will be released later in the day.
Megacap companies Tesla (NASDAQ:TSLA) Inc and Apple Inc (NASDAQ:AAPL) added 0.8% each in premarket trading.
At 04:28 a.m. ET, Dow e-minis were up 165 points, or 0.56%, S&P 500 e-minis were up 23.75 points, or 0.66%, and Nasdaq 100 e-minis were up 89.25 points, or 0.82%.
The U.S. is scrambling to tackle unintended consequences of its new export curbs on China’s chip industry that could inadvertently harm the semiconductor supply chain, according to a Reuters report.
The Biden administration has allowed at least two non-Chinese chipmakers operating in China to receive restricted goods and services without their suppliers seeking licenses, the report said.
Battered chip shares such as Nvidia (NASDAQ:NVDA) Corp, Qualcomm (NASDAQ:QCOM) Inc Micron Technology Inc (NASDAQ:MU), Advanced Micro Devices (NASDAQ:AMD) and Intel Corp (NASDAQ:INTC) rose between 0.8% and 1.1%.
