FINANCE

Stock futures are up inches after Tuesday’s massive return


The stock futures rose in overnight trading after the market rebounded on Tuesday from tech-led sales the previous day.

Futures gained 50 points, or 0.15%, on the Dow Jones Industrial Average. The S&P 500 futures rose 0.1% and the Nasdaq 100 futures rose 0.1%.

Tuesday’s regular session saw a massive rally in the market as 9 of the 11 S&P 500 sectors closed positively. The Dow gained 312 points, or 0.92%. The S&P 500 rose 1.05% and the Nasdaq Composite rose 1.25%.

Mega-cap tech stocks closed higher on Tuesday after dropping in the previous trading session. Facebook is in focus after a long hiatus and a whistle blower claims that the company knows it is harming people.

The financial sector rose 1.78% on Tuesday as the best performance segment of the S&P 500. Share prices have also risen in other sectors focused on a revived economy. Energy has gained prominence as oil prices have risen. Cruise, airline and retail stocks also advanced.

A better-than-expected production Tuesday reading helped optimistic about the economic recovery. The Institute for Supply Management’s Service Purchasing Managers’ Index report rose to 61.9 from 61.7 in August, 0.2 points better than expected.

Chris Hussey of Goldman Sachs said in a note on Tuesday that “investors are turning to risk behind another strong business sentiment survey that may suggest that the slowdown in delta-driven growth towards the end of the summer is already a thing of the past.”

Denim retailer Levi Strauss and alcoholic beverage corporation Constellation Brand are set to report quarterly earnings on Wednesday.

The ADP Private Pay-Rolls report for September will be released on Wednesday. Even in the face of the labor market, the non-farm payrolls report for September is set to be released on Friday.



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