Futures rebound after rout on Wall Street

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(Reuters) - Wall Street futures rose on Wednesday as technology stocks rebounded from sharp declines in the previous session on rate hike jitters, while investors waited for another set of inflation data for cues on path of monetary policy tightening.

All three major U.S. stock indexes notched their biggest one-day percentage declines since June 2020 on Tuesday after a hot consumer price index report cemented bets that the Federal Reserve could go ahead with the third straight 75 basis points increase in rates next week.

Markets are currently pricing in a 37% chance of a massive 100 bps increase by the central bank and expects rates to peak at 4.34% by March 2023.

Stocks had rallied ahead of the inflation data as easing commodity prices, especially oil, had raised hopes the Fed would scale back its aggressive policy tightening even as policymakers reiterated their determination to bring inflation to their 2% target through rate hikes.

Focus turns to producer price index data due at 08:30 a.m. ET, which is seen decelerating to 8.8% year-on-year in August, from a 9.8% rise in July. It will be followed by monthly retail sales data on Thursday.

At 6:23 a.m. ET, Dow e-minis were up 134 points, or 0.43%, S&P 500 e-minis were up 22.5 points, or 0.57%, and Nasdaq 100 e-minis were up 75.5 points, or 0.63%.

Rate-sensitive shares of technology and growth companies such as Tesla (NASDAQ:TSLA) Inc, Apple Inc (NASDAQ:AAPL), Amazon.com (NASDAQ:AMZN), Meta Platforms, Alphabet (NASDAQ:GOOGL) Inc and Microsoft Corp (NASDAQ:MSFT) advanced between 0.4% and 0.9% in premarket trading after leading declines on Tuesday.