Tech Stocks Rebound Amid Wall Street Turbulence

Tech and oil stocks fluctuated on Wall Street, with investors eyeing Morgan Stanley's earnings. Nvidia saw a premarket rebound after a prior slump, while semiconductor and oil stocks dragged the market. Despite prior losses, optimism over economic growth and Federal Reserve rate cuts buoyed investor sentiment.

Dow and S&P 500 futures showed little movement on Wednesday, as Nasdaq 100 futures experienced a slight uptick. This followed a significant selloff in tech and oil stocks in the previous session, with investors eagerly awaiting quarterly results from Morgan Stanley and other banking giants.

Nvidia, a prominent name in the chip industry, saw a 0.9% increase in premarket trading. This was a recovery from a nearly 5% drop earlier, spurred by news that the Biden administration may cap AI chip exports by U.S. companies. Meanwhile, semiconductor stocks displayed a mixed performance, highlighted by ASML Holding's 4% loss following a reduced annual sales forecast.

The day's focus remained on corporate earnings, notably from banks, with continued anticipation of solid economic growth bolstered by potential interest rate cuts by the Federal Reserve. Investors are set to scrutinize retail sales and industrial production data, which could reveal insights into consumer health and overall business conditions.

(With inputs from agencies.)