(Reuters] – U.S. Stock Index Futures jumped Tuesday after strong earnings Home Depot United Airlines was a part of the positive mood that grew from hopes for a loosening in China’s tech industry crackdown and COVID-19.

The rebound in premarket trade was led by growth and technology firms. Microsoft Corp Nvidia (NASDAQ) Corp, Apple Inc (NASDAQ) Inc and Tesla (NASDAQ) Inc are up between 1.8% and 2.4%

Home Depot Inc. (NYSE 🙂 gained 3.7% as it increased its full year sales forecast because of strong demand for tools and materials.

United Airlines Holdings Inc (NASDAQ:) Inc rose 4.7% following an increase in its quarterly revenue forecast. This reflects a surge in travel demand.

However, Dow component Walmart Inc (NYSE:) Inc dropped 4% following a reduction in its annual profit forecast by the retailer giant, which signaled a greater impact on margins due to rising costs.

U.S. Retail Sales Data for April are due at 08.30 AM. ET.

Europe and Asia saw shares rise as Shanghai made the long-awaited achievement of three consecutive days without new COVID-19 case outside of quarantine areas. Shares were up in anticipation that this would lead to easing restrictions. [MKTS/GLOB]

While U.S. listed shares of Chinese businesses rose, a meeting between Liu He (Chinese Vice-Premier) and techno executives raised hopes that Beijing’s crackdown on the tech sector might be eased.

Positive earnings results for the first quarter were overshadowed in part by concerns about Ukraine, rising inflation, COVID-19 lockdown China, and tighter central bank policy.

Due to the losses in growth stock, the Nasdaq has fallen 3% so far and 5.5% in May.

A number of Federal Reserve policymakers will speak in the afternoon, including the Chair Jerome Powell. The comments could be used to provide clues as to the direction of future interest rates hikes.

Traders see an almost 84% chance of a June 50-basis rate increase.

At 06:50 AM. ET were up 469 point, or 1.46%. They were up 68 point, or 1.7%. And they were up 251points, or 2.05%.

Advanced Micro Devices (NASDAQ) gained 4.4% following Piper Sandler’s upgrade of the stock of the semiconductor manufacturer to “overweight”.

Citigroup (NYSE: ) rose 5.3% upon Warren Buffett’s Berkshire Hathaway’s (NYSE: ) announcement of nearly $3B in U.S. bank lending.

Interactive Software gained 7.4% in Take-Two after Grand Theft Auto publisher reported a bright fourth-quarter profit.