The NASDAQ is rebounding this morning after a two-day drubbing, suffering from its largest decline since December. Technology names including the FAANG (Facebook, Apple, Amazon, Netflix and Google) are all higher in the pre-market. 

The Dow and S&P futures are also pointing to a higher open. 

In economic news, small business optimism was unchanged in May according to the National Federation of Independent Business' (NFIB), at 104.5.

Producer price index (PPI), a read on inflation at the wholesale level, was relatively flat in May after rising 0.5% in April as food and energy prices declined. 

• Energy -3%
• Food -0.2

Producer pricing over the past twelve months has been up 2.4% due to rising energy pricing.  Excluding food and energy and trade services, core inflation at the wholesale level, fell 0.1% in May, and increased 2.1% over 12 months.

Today begins the two-day meeting of the Federal Reserve, which will conclude with a decision on interest rates.