U.S. stock futures were trending higher in the early hours of Wednesday morning after a sharp sell-off in the previous session on concerns over an economic slowdown.
Futures on the Dow Jones Industrial Average (DJIA), S&P 500 (SPX), and Nasdaq 100 (NDX) were in green at the time of writing, rising 1.09%, 1.01%, and 1.1%, respectively.
On Tuesday, U.S markets plummeted, with tech stocks leading the way. The major U.S. indexes ended deep in the red, with the Dow falling 2.38%, the S&P 500 losing 2.81%, and the tech-heavy Nasdaq 100 plunging 3.87% and hitting a new 52-week low.
Rising inflationary pressures, the Federal Reserve’s tightening monetary policy, and the resurgence of COVID-19 in China have raised fears among investors. Meanwhile, treasury yields continued to rise and hit 2.776%, near their highest levels since 2018. Notably, investors sold bonds expecting higher interest rates.
On the economic front, investors will assess the latest data on weekly mortgage applications, international trade, and pending home sales, expected to be released later today.
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