Futures bounce off Wall Street’s 2022 lows
U.S. stock index futures rebounded on Tuesday, following a bruising sell-off over the last few sessions on rate-hike induced recession fears that confirmed the Dow (.DJI) has been in a bear market for most of this year.
At 4:56 a.m. ET, Dow e-minis were up 261 points, or 0.89%, S&P 500 e-minis were up 41 points, or 1.12%, and Nasdaq 100 e-minis were up 145 points, or 1.28%.
Concerns about corporate profit coming under pressure from soaring prices, an economic downturn and higher interest rates have roiled Wall Street in the past two weeks, pushing the S&P 500 to new closing lows for the year on Monday.
U.S. Federal Reserve officials on Monday sloughed off rising volatility in global markets, from slumping U.S. stocks to currency turbulence abroad, and said their priority remained controlling domestic inflation. read more
Rate-sensitive growth names, including Amazon.com Inc , Apple Inc , Microsoft Corp , Meta Platforms Inc (META.O) and Tesla Inc (TSLA.O), rose between 1.1% and 1.7% in premarket trading as U.S. 10-year Treasury yield eased from more than a decade high.
Oil stocks rose on the back of a sharp recovery in crude prices, with Exxon (XOM.N) and Chevron (CVX.N) up nearly 2% each.
Later in the day, investors will be watching for August durable goods orders as well as consumer confidence for the month.