Stock Market Today: Tech leads market rebound; Trump social media debuts

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U.S. equity futures moved higher Tuesday, powered in part by upside moves in megacap tech stocks, as investors looked to reverse Monday's modest declines while eyeing a key inflation reading later in the week.

Stocks ended lower yesterday following a relatively uninspiring session that included a solid $66 billion auction in new 2-year Treasury bonds and a firming of bets on a June interest rate cut from the Federal Reserve. 

However, a light calendar of economic releases is slated for the holiday-shortened week and the key PCE Price Index reading is due when markets are closed on Good Friday, and investors appeared reluctant to extend risk in the relatively thin trading volumes that typically characterize pre-Easter trading and the end of the fiscal quarter.

A muted interest-rate backdrop could provide some upside potential for markets Tuesday as Magnificent 7 names such as Tesla  (TSLA) , and Nvidia  (NVDA)  lead the early advancers and chipmakers Intel  (INTC)  and Advanced Micro Devices  (AMD)  notch solid gains.

Another stock on the move in the premarket is Trump Media & Technology Group, which will make its debut on the New York Stock Exchange after completing its merger with Digital World Acquisition Corp.

TMTG, which owns former President Donald Trump's Truth Social social-media network, was marked 29% higher at $64.15, pegging the value of Trump's shares at more than $6 billion. The stock will trade under the ticker DJT.

Bond markets are back on auction watch, following yesterday's successful sale of 2-year notes. The sale saw dealers take on the smallest amount of extra paper since last June as foreign and domestic buyers stepped up.

The Treasury will sell $67 billion in 5-year notes later today and $43 billion in 7-year notes on Wednesday.

Benchmark 10-year Treasury note yields were marked modestly higher from yesterday's levels at 4.234% while 2-year notes were 2 basis points lower at 4.593%.

On Wall Street, futures contracts tied to the S&P 500 are indicating a 20 point opening-bell gain, while those linked to the Dow Jones Industrial Average are priced for an 80 point advance.

The tech-focused Nasdaq, meanwhile, is set for a 102 point move to the upside thanks in part to a 3.2% premarket gain for Tesla. 

In overseas markets, the regionwide Stoxx 600 was marked 0.11% higher early Frankfurt trading, and just a few tenths percent shy of an all-time high, while Britain's FTSE 100 edged 0.04% lower in London.

Overnight in Asia Japan's Nikkei 225 slipped 0.04% in Tokyo, although much of the market's focus remains pinned to the chances of government intervention in the currency markets to support the weakening yen. 

Solid gains for stocks in China, meanwhile, helped the regional MSCI Asia ex-Japan index rise 0.36% into the close of trading.

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