NEW YORK (CBS.MW) -- Stock prices are set to rebound once trading commences on Thursday following two sessions of bruising losses in the tech sector.
March S&P 500 futures climbed 2.50 points, or 0.2 percent, and were trading about 3.00 points above fair value, according to HL Camp & Co. And Nasdaq futures gained 5.00 points, or 0.3 percent and were trading around 7.40 points above fair value.
But technology investors have another round of sullen analyst calls to sift through following a slew of glum remarks in the chip sector on Wednesday.
Analysts have come out in droves to warn investors that upside in the economy may not readily translate into healthy earnings growth in the tech sector with so much capacity sloshing around.
CS First Boston trimmed revenue and earnings estimates for PC makers, dubbing information technology spending a "no-show." The firms affected included Compaq Computer, Dell Computer (NYSE: CPQ - news) , Hewlett-Packard (NYSE: HWP - news) and Tech Data (NasdaqNM: TECD - news) . Among those stocks seeing early activity, Dell slipped 23 cents to $26.60.
Additionally, Lehman Brothers lowered its rating on Sprint (NYSE: FON - news) to a "market perform" from a "buy."
Treasurys falter
Treasury bond issues traded lower as investors prepared to absorb a massive amount of corporate paper.
GE Capital, General Electric's financing arm, is set to price an $11 billion offering that includes tranches in the 3-, 5- and 30-year sectors.
The 10-year Treasury note was off 7/32 to yield 5.305 percent while the 30-year government bond erased 1/4 to yield 5.76 percent.
Thursday's economic calendar is cluttered with a string of releases, mostly second-tier in nature: weekly initial claims, January business inventories -- seen declining 0.4 percent -- the fourth-quarter current account figures and the February import and export price indexes.
In the currency sector, the dollar dropped 0.6 percent to 128.63 yen while the euro jumped 0.6 percent to 88.03 cents.
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