A big exchange traded fund that serves as a proxy for Nasdaq tech stocks was set to rise Tuesday as investors focused on reports Microsoft (NasdaqGS: MSFT) is close to buying Skype and hearings in Washington that will feature Google (NasdaqGS: GOOG) and Apple (NasdaqGS: AAPL).
The $26 billion PowerShares QQQ (NasdaqGM: QQQ) was up 0.4% before the bell.
Microsoft is close to clinching a deal to purchase Internet phone company Skype for between $7 billion and $8 billion, The Wall Street Journal reported. Microsoft shares were fractionally positive in premarket trading. The acquisition could help Microsoft catch up to Apple and Google in the mobile-phone market, WSJ reported. eBay (NasdaqGS: EBAY) has a partial stake in Skype.
Separately, Google and Apple executives will face lawmakers Tuesday and will face questions over privacy issues and location data related to iPhones and other devices.