Futures rebound on gains from Tesla and other growth stocks.

Shares of the electric vehicle maker jumped 3.5% in pre-market trading as it sold 32,165 Chinese-made vehicles last month, up sharply from 1,152 vehicles sold in April.

UBS also upgraded Tesla’s “buy” title and raised its earnings estimates for the next three years.

Shares of other megacaps, including Microsoft Corp and Apple Inc, gained 0.4% and 0.7% respectively.

The S&P 500 closed down 1.1% on Wednesday, dragged down by chipmakers after a bearish brokerage report from Citi Research on Intel Corp and strong U.S. Treasury yields.

The surge in the price of Brent crude, which rose above $123 a barrel, had investors worried ahead of the release of the US Consumer Price Index report on Friday.

Market participants are concerned that a hot reading of inflation will keep the US Federal Reserve on track to aggressively raise interest rates amid a volatile stock market, strong consumer and economic spending. tight labor market.

On Wednesday, the First Deputy Managing Director of the International Monetary Fund, Gita Gopinath, said that US inflation could stay above the Fed’s 2% target for a long time based on current projections, and that in the Overall, the risks point to the possibility that this will require much larger rate increases.

The US central bank has raised its short-term interest rate by three-quarters of a percentage point this year and intends to continue this trend with increases of 50 basis points at its meeting next week and new in July.

As of 6:58 a.m. ET, Dow e-minis were up 158 points, or 0.48%, S&P 500 e-minis were up 22.25 points, or 0.54%, and Nasdaq 100 minis were up 76.5 points, or 0.61%.

Alibaba fell 3.5% after China’s securities regulator said it had not made any assessments regarding a relaunch of Ant Group’s initial public offering (IPO).

Bloomberg News previously reported that Chinese financial regulators have entered preliminary discussions about a potential relaunch of Ant Group’s IPO.

A reading of the weekly jobless claims data is expected at 8:30 a.m. ET.

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