On Sunday evening, US stock index futures traded higher as Wall Street attempted to rebound from a two-week downturn triggered by a tech stock crash and diminishing rate cut expectations.

As the first-quarter earnings season accelerated this week, market sentiment remained fragile, especially with the upcoming releases of earnings from top Wall Street tech giants. The tech sector's collapse, driven by declines in chip manufacturing company stocks, led to significant losses in Wall Street indices over the past two weeks. However, this also provided buying opportunities for some bargain hunters in the industry.

As of 19:19 Eastern Time (23:19 Greenwich Mean Time), S&P 500 futures rose by 0.3% to 5,107.75 points, Nasdaq 100 futures increased by 0.4% to 17,254.50 points, and Dow Jones futures gained 0.2% to 38,295.0 points.

Attention is now shifting to the quarterly performances of some of Wall Street's biggest tech heavyweights set to be announced later this week. With significant losses suffered by Wall Street firms, tech performance is eagerly anticipated.

Among the seven tech giants scheduled to announce quarterly earnings this week are: Tesla Inc (NASDAQ: TSLA) on Tuesday, Meta Platforms Inc (NASDAQ: META) on Wednesday, Microsoft Corporation (NASDAQ: MSFT), and Alphabet Inc (NASDAQ: GOOGL) on Thursday.

The tech sector experienced substantial losses over the past week, particularly due to disappointing performances from chip manufacturing giants ASML Holding (NASDAQ: ASML) and TSMC (NYSE: TSM), raising concerns about the limited boost from artificial intelligence to the industry. NVIDIA Corporation (NASDAQ: NVDA) took the hardest hit among its peers, falling 10% on Friday to a near two-month low.

This also led to declines in US stock indices. Last Friday, the S&P 500 index fell by 0.9% to 4,967.23 points, while the Nasdaq Composite index dropped by 2.1% to 15,282.01 points. The Dow Jones Industrial Average rose by 0.6% to 37,986.40 points, driven by purchases in non-tech sectors such as finance, consumer, and industrial companies. American Express (NYSE: AXP) provided significant support to the Dow after achieving strong first-quarter earnings.

Last week, the S&P 500 and Nasdaq indices fell by 3.5% and 6.1% respectively, while the Dow remained unchanged. Expectations for June Fed rate cuts weakened, with purchasing manager indices and personal consumption expenditure price indices expected to be released this week.