US stocks rebound as sell-off in tech stocks stalls

Major US equity indices edged higher during opening hour of trade on Wednesday, albeit cautiousness was still visible in wake of the recent selling pressure around technology stocks.

At the time of reporting, the Dow Jones Industrial Average was up nearly 100-points to 21,407, while the broader S&P 500 Index added 10-points to 2,430. Meanwhile, tech-heavy Nasdaq Composite Index continued with its underperformance and was nearly unchanged at yesterday's closing level, around 6,150.

It, however, remains to be seen if the up-move is backed by any genuine buying or is solely driven by short-covering amid renewed worries over the US President Donald Trump's ability to deliver on his promises of tax reform and pro-growth fiscal policies, especially after Tuesday's delay of the highly-anticipated US healthcare bill vote.

The oil market action would regain focus on Wednesday as investors now look forward to the EIA weekly report on crude supplies, which would drive investors' appetite for riskier assets - like equities.