Now that the markets have factored in a half-percentage point rise in interest rates, techs may see a relief rally Tuesday when the Fed announces latest move. Asian and European markets moved up, and the Dow is set to open slightly higher.
The day of interest-rate reckoning has finally arrived; the Federal Reserve's decision is due out at 2:15 PM EST Tuesday.
But before the Fed meets, there's one last piece of economic news to digest. April's consumer price report, due out before Wall Street opens, is expected to have risen 0.1 percent in April, down from the 0.7 percent rise in March.
Quarterly results should inspire some movement; Hewlett-Packard Company (NYSE: HWP), Agilent Technologies (NYSE: A), BEA Systems (Nasdaq: BEAS) and NVIDIA Corporation (Nasdaq: NVDA) are just some of the techs slated to report Tuesday.
Market buzz about a potential Internet merger could also move stocks. Brocade, Computer Associates, Credence Systems, Lycos, Terra and Quantum Effect Devices should be among Tuesday's most actively traded issues.
Tech stocks rebounded Monday afternoon as the market shed worries about interest rates. The tech-heavy Nasdaq Composite Index climbed 78.62 to 3,607.68. The Dow Jones Industrial Average gained 198.41 to 10,807.78.
At the Bell
The Dow Jones industrial average may open about 9 points higher. The Standard & Poor's 500 index for June futures contracts was up 1.2 to 1458 at 7:21 a.m. EST in 24-hour electronic trading.
The Inter@ctive Week @Net Index was up 16 to 474.51.
Trading in Asia was on an upswing. The Nikkei 225 rose 0.37 to 17,551, Singapore's Strait Times index gained 2.15 percent to 2,054 and Hong Kong's Hang Seng was up 1.87 percent to 15,160.
European markets were moving down. London's FTSE 100 climbed 0.99 percent to 6,309. The CAC 40 in Paris gained 1.67 percent to 6,498 and the DAX in Frankfurt was up 1.54 percent to 7,305 at 6:45 a.m. EST.
Reuters contributed to this report.