By Bansari Mayur Camdar

(Reuters] – U.S. stocks futures edged higher Wednesday. Investors are anxious for the December consumer price data. This is due to be released by the Federal Reserve. However, big tech stocks recovered from a painful selloff in the beginning of the year.

The Federal Reserve has been hawkish and Treasury yields have pushed down technology and growth stocks. Technology stocks are trying to bounce back, while investors look at a number of indicators to help them decide whether or not to purchase the rally.

Multi-billion dollar growth companies, including Apple Inc (NASDAQ) and Amazon.com Inc. Microsoft Corp (NASDAQ:), Meta Platforms Inc. and Tesla (NASDAQ.) Inc. extended their gains, and edged up at 0.8% in premarket trades.

Big Tech recovered from early losses, and led gains Tuesday following the testimony of Fed Chair Jerome Powell to Congress. He seemed less hawkish than he had been in his testimony. The congressional hearing was prompted by minutes of December’s central bank meeting minutes.

Consumer prices data at 8:30 a.m. ET is expected to report a headline figure of a 7.7% increase year-on-year for December. This will be its highest point since 1982. Core inflation stands at 5.4%.

Inflation readings like this could increase expectations for the Fed to raise interest rates from March.

6.54 AM ET ET was up 51 points or 0.14%. ET was up 7 points or 0.15%. ET was up 42.75 point or 0.27%.

Cantor Fitzgerald’s analysts warn of “significant selling” as a result of Fed policy that has become more aggressive.

These investors also noted that there are alarming signs such as a steep rise in bond yields worldwide that have lowered the attraction of equities and a 80% increase in margin borrowing among individual investors over two years.

The earnings season will kick off this week, with JPMorgan Chase & Co (NYSE:), Citigroup Inc (NYSE 🙂 Morgan Stanley (NYSE: ) reported their quarterly results Friday. Bank of America Corp (NYSE 🙂 followed on Jan.

The shares of U.S.-listed Chinese companies are expected to continue their gains last week. Many outperformed U.S. counterparts.

Didi Global ride-hailing firm led gains with 5.1%. It was based on a media report that Didi Global’s Hong Kong IPO could occur in the second half of the year, along its withdrawal from NYSE.

Biogen (NASDAQ) fell 10% on Tuesday after the U.S. government Medicare Program said that it will cover Alzheimer’s treatment but would require patients to enroll in clinical trials. This could limit access to the treatments more than most people expected.