Futures rise ahead of March business surveys; Intel shines

REUTERS: U.S. stock index futures rose on Wednesday as Intel's shares surged on plans to expand advanced chip making capacity, while investors looked to business surveys for March and another day of testimonies from the top two U.S. economic officials.

Wall Street's main indexes stumbled on Tuesday, weighed down by concerns about the cost of infrastructure spending and potential tax hikes to pay for President Joe Biden's US$1.9 trillion relief bill. Economy-linked energy and banks stocks have come under pressure recently as investors booked profits after a sharp rally on recovery hopes and moved into beaten-down technology and growth names that were hit by elevated bond yields.Facebook Inc, Alphabet Inc, Apple Inc, Microsoft Corp and Amazon.com Inc rose between 0.6per cent and 0.7per cent.

Bitcoin gained about 4per cent as Tesla Inc chief Elon Musk said the company's electric vehicles can now be bought using bitcoin and the option will be available outside the United States later this year.GameStop Corp dropped 13per cent after the video game retailer said it may sell new shares as the company that led the Reddit rally of"meme stocks" looks to take advantage of a more than 800per cent surge in its stock price since January.

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