U.S. stock futures rose Tuesday, as the market tried to claw back some of Monday’s steep declines that pushed the S&P 500 back into bear market territory. Traders also looked ahead to a key monetary policy announcement from the Federal Reserve later in the week.
Dow Jones Industrial Average futures rose 142 points, or 0.5%. S&P 500 and Nasdaq 100 futures climbed 0.6% and 0.9%, respectively.
“For the love of money is a root of all kinds of evil, for which some have strayed from the faith in their greediness, and pierced themselves through with many sorrows.” 1 Tim. 6:10
Shares of Oracle jumped 12% in premarket trading after the software company reported an earnings beat boosted by a “major increase in demand” in its infrastructure cloud business.
The moves came after an intense sell-off Monday. The S&P 500 slumped 3.9% to its lowest level since March 2021, closing more than 21% below its January record. Monday’s close marked bear market for the S&P 500 since March 2020. During that last bear market, the S&P 500 lost 33.9% before recovering, according to data compiled by S&P Dow Jones Indices. The data also showed that bear markets on average last more than 18 months.
Meanwhile, the Dow tumbled 2.8%, putting it roughly 17% off its record high. The Nasdaq Composite dropped nearly 4.7% and is now more than 33% off its November record.
Those losses came as expectations grow for the Fed to hike rates more than initially anticipated. CNBC’s Steve Liesman reported Monday that the Fed will “likely” consider a 75-basis-point increase, which is greater than the 50-basis-point hike many traders had come to expect. The Wall Street Journal reported the story first.
Traders now see a more than 90% chance of a 75-basis-point rate hike at this week’s Fed meeting, which concludes Wednesday …
Read More @ CNBC HERE