By Bansari Mayur Camdar

(Reuters) – U.S. stocks futures rose Thursday after positive results from American Airlines and Travelers maintained the upward momentum for fourth-quarter earnings season. This comes a day following correction territory in tech-heavy markets.

Two months ago, the Nasdaq hit a low point. Investors began to dump tech stocks in anticipation that the Federal Reserve would raise inflation-control rates aggressively.

The megacap growth firms including Microsoft Corp (NASDAQ) – Alphabet (NASDAQ) – Inc, Amazon(NASDAQ:) Inc), Tesla (NASDAQ) – Inc, Meta Platforms Inc was up to 1.8% premarket trading

“We have done quite a bit of damage within a short time span and it tends cause a reflexive bounce. Art Hogan of National Securities, New York said that bargain hunters will not take long to turn the situation around.

Netflix (NASDAQ:) advanced 0.9%, as it is expected to launch the earnings season for large growth companies later in today.

Wall Street monitors Netflix’s data to assess whether new customers have been attracted enough to warrant big investments in online programming for 2022.

A decision by the U.S. Senate Judiciary Committee will be made whether or not to allow full Senate voting on two bills intended to curb tech giants. These bills will prevent tech giants like Amazon (NASDAQ:) and large app stores such as Apple (NASDAQ;) from giving preference for their businesses. They also prohibit app providers from having to use their payment systems.

Next week’s Fed policy meeting will be closely watched for clarification on central bank’s plans to manage inflation. This comes after earlier data showed that consumer prices in the United States rose to their highest point in over 40 years.

According to a Thursday report, the unexpected rise in Americans filing for unemployment benefits last week was likely due to a surge of COVID-19-related cases that disrupted business activity.

8.37 AM. ET were up 128 point, or 0.377%. They were also up 19.75 points or 0.44% and up 132.5 points or 0.88%.

The insurance industry bellwether Travelers Companies gained 4.3% following reporting a record quarterly profit. Higher returns on its investments helped to cushion the impact of a rising number of catastrophe-related claims.

We are coming in at such a significant discount to the all time highs, so earnings season should be a good catalyst. Hogan of National Securities stated that the setup for unexpected earnings is also likely to allow markets to do better.

American Airlines reported a 1.8% increase in fourth quarter losses, thanks to strong holiday demand. United Airlines saw a 0.9% decline after reducing its 2022 capacity forecast.

Baker Hughes Co gained 1.2% due to rising crude oil prices, which boosted the demand for its oilfield services equipment. This helped it achieve an adjusted quarterly profit of $1.