(Reuters) – U.S. stock futures edged up ahead of the quarterly results of JPMorgan (NYSE) on Wednesday. These will start the corporate earnings season. Investors are awaiting inflation data to get clues about the direction of monetary policies.

Names of mega-caps growth companies include Facebook Inc (NASDAQ.), Amazon.com Inc. Microsoft Corp (NASDAQ) and Tesla (NASDAQ), rose over 0.5% and led premarket trading gains.

JPMorgan is expected to release its third quarter results. Analysts expect a solid profit after the U.S. recovers from the shock caused by the pandemic.

Wall Street closed lower on Tuesday in chaotic trading, due to investors growing jittery as they waited for earnings. Investors were worried about the impact of higher prices and supply chain issues that could affect businesses impacted by the pandemic.

The inflation data due at 0830 am is the main focus. ET could test central bankers in the United States as they debate how high a risk high inflation presents and what actions to take.

Later in the day, the minutes from the Federal Reserve’s September policy gathering will be reviewed for signs that crisis-era policies are over.

According to Ipek Ozkardeskaya (senior analyst, Swissquote Bank), “a strong inflation will only strengthen the expectation that Fed would begin tapering its bond buying by next month that has already been priced in.” 

“A strong number could increase the expectations of a Fed earlier rate hike, but that’s not always fully priced in.”  

At 6:23 AM. ET was up 35 points or 0.1%. ET was up 8.5 points or 0.2% and up 72.5 point or 0.49%.

Meanwhile, the Democratic-controlled U.S. House of Representatives gave final approval to legislation temporarily raising the government’s borrowing limit to $28.9 trillion, averting a debt default later this month.

Apple Inc (NASDAQ) dropped 0.7% among stocks after reports that the iPhone maker was planning to reduce production by 10 million units because of a global shortage.

Monster Beverage (NASDAQ) dropped 1.6% after Jefferies(NYSE:) reduced the price of the beverage producer’s stock from “buy” to “hold”.

Qualcomm, a chipmaker (NASDAQ:) Inc gained 2.1% due to a $10 billion stock buyback program.