News

S&P 500 futures bounce more than 1% as benchmark attempts comeback from 2022 low

U.S. stock futures rose Tuesday morning, as the S&P 500 tried to rebound after falling to its lowest level in more than a year.

Dow Jones Industrial Average futures were last up 283 points, or 0.88%. S&P 500 and Nasdaq 100 futures climbed 1.1% and 1.7%, respectively.

Shares of AMC gained more than 4%, while Novavax dropped about 19% before the bell on the back of their most recent quarterly reports.

Tuesday’s moves came as Treasury yields eased from multiyear highs. The benchmark 10-year Treasury note yield, which hit its highest level since late 2018 on Monday, traded roughly 6 basis points lower at 3.016%.

On Monday, the S&P 500 dropped below the 4,000 level and hit a low of 3,975.48, marking the index’s weakest point since March 2021. The broad market index dropped 17% from its 52-week high as Wall Street continued to struggle finding a bottom after last week’s losses.

The Dow dropped 1.99%, down more than 12% from 52-week highs. The S&P 500 fell 3.2%. The tech-heavy Nasdaq Composite lost 4.29%, off more than 27% from 52-week highs.

Monday’s decline was sparked by continued fears over rising inflation hit markets on all sides. Tech stocks especially took a beating. Shares for Meta Platforms and Alphabet fell 3.7% and 2.8%, respectively. Shares for Tesla dropped more than 9%.

“The sentiment has been very bearish for the last few months, if not the last few weeks for sure, and an inability to rally…tells you everything that you need to know about the current state of the market, meaning the bears are in control,” said Adam Sarhan, founder and CEO of 50 Park Investments.

Peloton Interactive and Fox are set to report earnings on Tuesday before the bell. Coinbase, Roblox, RealReal and Allbirds are expected to report earnings on Tuesday after market close.

What's your reaction?

Excited
0
Happy
0
In Love
0
Not Sure
0
Silly
0

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *

More in:News