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U.S. equity futures bounced higher Wednesday, while Treasury bond yields eased from multi-month peaks, as investors looked to claw back some of yesterday’s declines while closely tracking negotiations tied to the debt ceiling and the ongoing impact of the rolling global power crisis.

Benchmark 10-year note yields slipped to 1.508% in overnight trading as growth concerns, linked to both power cuts in China and surging energy costs in Europe, overtook worries about faster near-term inflation. That move, alongside a bullish outlook from ASML Holding  (ASML) – Get ASML Holding NV ADR Report, the a crucial supplier to the global semiconductor sector, is helping tech stocks stage a solid pre-market comeback.

ASML, which makes extreme ultraviolet lithography systems (EUV) systems which design complex chips used by, sector titans such as Samsung Electronics, Intel Corp.  (INTC) – Get Intel Corporation (INTC) Report and Taiwan Semiconductor  (TSM) – Get Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR Report that cost as much as €160 million each, said Wednesday that “global megatrends in the electronics industry will produce revenue growth of around 11% a year over the next decade.

European stocks rebounded from yesterday’s tumble, the biggest since July, with a 1% gain powered by tech and energy shares while Asia, caught in the downdraft from Wall Street’s Wednesday slump, fell 0.75%.

In the U.S., concerns linked to a government shutdown later this week, as well as failure to suspend the nation’s $28.4 trillion debt ceiling, continue to keep bulls in check, however, after another effort by Democratic lawmakers to break a Senate deadlock failed to advance last night.

JPMorgan  (JPM) – Get JPMorgan Chase & Co. (JPM) Report CEO Jamie Dimon, in fact, said he and his colleagues are preparing for a “potentially catastrophic” failure to raise the debt ceiling this week as Senate lawmakers continue to bicker into the final hours ahead of tomorrow’s deadline.

On Wall Street, futures contracts tied to the Dow Jones Industrial Average, which turned negative for the month after last night’s 570 point slump, are indicating a 180 point opening bell gain, while those linked to the S&P 500 are priced for a solid 25 point advance.

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Boeing  (BA) – Get Boeing Company Report is providing a solid pre-market boost to teh Dow after the planemaker said a 737 MAX test in China “went off without a hitch” last month, potentially providing authorities with enough data to return the aircraft to service in the world’s biggest aviation market.

Nasdaq Composite futures suggest a 145 point gain to start the trading session, thanks in part to pre-market advances for Apple  (AAPL) – Get Apple Inc. (AAPL) Report, Tesla  (TSLA) – Get Tesla Inc Report and Nvidia  (NVDA) – Get NVIDIA Corporation Report.

Micron  (MU) – Get Micron Technology, Inc. (MU) Report shares, however, fell 3.2% after one of the world’s biggest memory chipmaker said supply-chain disruptions in the tech sector would hit its current quarter sales.

The U.S. dollar index, which tracks the greenback against a basket of six global currencies, held onto recent gains overnight to trade at 93.888 — the highest levels of the year — even as the threat of a government shutdown looms.

The dollar’s gains took some steam out of oil prices, which eased from three-year highs alongside a surprise 4.1 million barrel increase in U.S. crude stocks reported by the American Petroleum Institute late Tuesday. 

WTI futures for November delivery traded 43 cents lower on the session at $74.86 per barrel while Brent contracts for the same month, the global pricing benchmark, slipped 44 cents to $78.65 per barrel.

Natural Gas futures for delivery on October 21 were around 5% lower than yesterday’s seven-year highs at $5.78 per million British thermal units (mmBtu).