Traders work on the floor of the New York Stock Exchange during morning trading on February 23, 2024 in New York City.
Michael M. Santiago | Getty Images
Stock futures popped Wednesday after Wall Street snapped a three-day losing streak. Investors also looked to claw back more of the losses suffered earlier in the week.
Futures tied to the Dow Jones Industrial Average gained 294 points, or 0.7%. S&P 500 futures rose 1%, while Nasdaq 100 futures jumped 1.2%.
Wall Street is coming off a strong session. The S&P 500 and the Nasdaq Composite each advanced 1%, while the 30-stock Dow added nearly 300 points. On Monday, the Dow and the broad-market S&P 500 posted their worst session since 2022, fueled by recession worries and the unwinding of the yen carry trade.
But the staying power of Tuesday’s rebound, which lifted all 11 sectors of the S&P 500, remains to be seen. Tumultuous times are likely still ahead, according to LPL Financial chief global strategist Quincy Krosby.
“The lingering question now is whether the concerns that pushed the market into a cascade of selling are alleviated,” she said. “Pockets of volatility are expected to continue as August and September give way to a calmer seasonal period, however, it’s important to remember pockets of opportunity are always on the other side of the storm.”
Investors may find some optimism in the second-quarter earnings season overall, according to Vital Knowledge founder Adam Crisafulli.
“We’ve had some earnings reports out in the past 12 hours that have been a little bit encouraging,” he said on CNBC’s “Closing Bell: Overtime” Tuesday. “There definitely has been a slowing and cooling of the economy, but corporate America is evolving in response to it and they’re generating reasonably healthy earnings.”
Shares of Super Micro Computer pulled back more than 14% after the server company’s fiscal fourth-quarter earnings missed analyst estimates. Airbnb slipped 16% after issuing disappointing second-quarter results.
