(Reuters) -Futures tied to the S&P 500 and the Nasdaq rebounded on Wednesday with Alphabet leading gains in some megacap stocks, while Dow futures edged lower ahead of labor market data due to be released later in the day.
Google-parent Alphabet jumped 5.8% in premarket trading after a Washington judge ruled late on Tuesday that Google will not have to sell its Chrome browser, but will have to share data with rivals.
The judgment also allowed Google to continue lucrative payments to iPhone-maker Apple,
which gained 2.8%.
"This outcome removes a significant legal overhang and signals that the court is willing to pursue pragmatic remedies rather than scorched-earth tactics," said Matt Britzman, senior equity analyst, Hargreaves Lansdown.
"That's a message the rest of Big Tech, many of whom face their own antitrust battles, will be watching closely."
Markets will focus on the Job Openings and Labor Turnover Survey report, scheduled for release at 10 a.m. ET and the first of many labor market datasets expected this week, with the most important being the nonfarm payrolls on Friday.
Investors have turned dovish, pricing in a 91.2% chance of a September interest-rate cut, according to data compiled by LSEG, after July's weak payrolls and massive revisions to previous reports pointed to a slowing labor market.
At 05:13 a.m. ET, Dow E-minis were down 38 points, or 0.08%, S&P 500 E-minis were up 23 points, or 0.36%, and Nasdaq 100 E-minis were up 129.25 points, or 0.56%.
Wall Street closed sharply lower in the first trading session of September, as yields on longer-dated Treasury notes spiked, pressuring equities.
The one on the 30-year note hit a more than one-month high on Tuesday after a court ruling last week deemed most of U.S. President Donald Trump's tariffs illegal, reviving some fiscal concerns. The yield was last up about 35 basis points at 4.988%.
September has been historically dour for U.S. equities, with the index losing an average of 1.5% in the month - its worst - since the turn of the century, according to data compiled by LSEG.
Retailers including Macy's and Dollar Tree are set to report their quarterly results before markets open as the second-quarter earnings season winds down.
Investors will be looking for commentary on the holiday season shopping outlook to gauge the health of the U.S. consumer. A survey by PwC showed U.S. holiday spending this year was set for its steepest drop since the pandemic.
Fed policymakers Alberto Musalem and Neel Kashkari are scheduled to deliver speeches on the day.
Among others, Zscaler inched 3.2% higher after the cloud security firm forecast annual revenue above analysts' estimates.
(Reporting by Purvi Agarwal in Bengaluru; Editing by Pooja Desai)
