Wall Street futures rise on bounce back from last week

After the benchmark S&P 500 hovered near a grim market milestone at the end of last week, Wall Street futures rose on Monday, helped by a bounce in growth stocks and banks.

Investors will be watching the slew of economic data expected this week, which could shed new light on the health of the U.S. economy after a steep selloff in stocks since January.

The U.S stock index fell further last week as dismal forecasts from Walmart Inc. and other retailers added to worries about rising inflation and its impact on consumers and economic growth.

The benchmark S&P 500 fell more than 20% from its Jan. 3 record closing high on Friday, pushing it to the brink of confirming a bear market. The index is now down 18.7% from its all-time high.

Cloud service provider VMWare surged 21.2% in premarket trading after reports over the weekend said chipmaker Broadcom Inc is in talks to acquire the company. Broadcom fell 5.2%.

Apple Inc, Microsoft Corp, Tesla Inc, Alphabet Inc, Meta Platforms and Amazon.com all gained value between 0.7% and 1.3%, according to the beaten-down megacap growth stocks.

JPMorgan Chase Co rose 1.6% after the biggest U.S. bank lifted its outlook for net interest income, relieving some worries that the lender might be starting to lose its edge.

Readings on the second estimate of the first quarter U.S. GDP, PCE price index and durable goods data for April are likely to give clues on how the world's largest economy is doing well amid decades-high inflation.

The Federal Reserve'sFederal Reserve's May meeting minutes, due on Wednesday, will be closely parsed for signs of how aggressively the U.S. central bank is planning to raise interest rates. Money markets are pricing in 50 basis point rate hikes by the Fed in June and July. The Dow e-minis were up 347 points, or 1.11%, S&P 500 e-minis were up 47 points, or 1.21%, and Nasdaq 100 e-minis were up 124.5 points, or 1.05%.

The U.S. President Joe Biden said on Monday he was considering cutting tariffs on Chinese goods, while increasing calls for OPEC to raise oil production as he grappled with a politically damaging wave of inflation.