(Reuters] – U.S. Stock Index Futures rose on Thursday. They were led by Tesla (NASDAQ;) and other growth share holders following a large selloff at Wall Street over concerns about surging inflation, and how interest rates will rise.

Shares of the electric-vehicle maker shot up 3.5% during premarket trading after it sold 32.165 vehicles made in China last month. That’s a significant increase over 1,152 units in April.

UBS upgraded Tesla stock to “buy”, and increased its profit forecasts for the following three years.

Other megacap stocks, such as Microsoft Corp (NASDAQ 🙂 and Apple Inc (NASDAQ :), both gained 0.4% & 0.7%, respectively.

After a Citi Research bearish brokerage report, Wednesday’s close saw the closing down of 1.1% Intel Corp (NASDAQ:) And higher U.S. Treasury yields

Investors are anxious about Friday’s U.S. Consumer Price Index report due because of a spike in oil prices that surpassed $123 per barrel.

Participants in the market fear that a high reading on inflation may keep the U.S. Federal Reserve from moving aggressively to increase interest rates against the background of volatile stocks, tight consumer spending and tight labor markets.

Gita Gopinath, International Monetary Fund’s First Deputy Managing director, stated Wednesday that U.S. inflation may remain higher than the Fed’s target of 2% for some time. Based on the current projections and the overall risk, there is a possibility that rates will need to rise even more.

The U.S. central banks has increased its short-term rate by 34 of a percent this year. They intend to continue at the same pace with 50 basis point increases next week, and once again in July.

At 6:58 AM. ET was up 158, or 0.4%. ET was up 22.25, or 1.54%. ET was up 76.5, or 0.1%.

Alibaba The stock fell 3.5% following a statement by China’s Securities regulator that it hadn’t done any assessments regarding Ant Group’s initial public offer (IPO) revival.

Bloomberg News earlier reported that Chinese financial regulators had begun early stage discussions about a possible revival of Ant Group’s IPO.

The 08:30 am reading for weekly data on jobless claims is expected. ET.