Stock futures bounce back from Tuesday pause
Before the bell, traders will examine the latest consumer price report
U.S. equity futures are trading higher ahead of the Wednesday Wall Street session.
The major futures indexes are suggesting a gain of 1%
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On Tuesday, a late slide in big technology companies left indexes broadly lower, breaking a seven-day winning streak for the S&P 500.
A discouraging lack of progress on talks over more economic aid for the U.S. economy, coupled with worries over the coronavirus pandemic and tensions between the U.S. and China, have prompted investors to sell and lock in profits from recent gains, analysts said.
Kamala Harris, the California senator with a law enforcement background that has caused some tensions with the progressive left, was announced Tuesday as Joe Biden’s running mate.
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Before trading begins, the Bureau of Labor Statistics is expected to say that consumer prices rose 0.3% in July, half the monthly increase seen in June.
in Europe, London's FTSE is gaining 0.9%, Germany's DAX is off 0.1% and France's CAC was up 0.4%.
In Asia, Tokyo’s Nikkei index edged 0.4% higher, Hong Kong's Hang Seng added 1.4% and China's Shanghai Composite lost 0.6%.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 40589.34 | +654.27 | +1.64% |
| SP500 | S&P 500 | 5459.1 | +59.88 | +1.11% |
| I:COMP | NASDAQ COMPOSITE INDEX | 17357.881578 | +176.16 | +1.03% |
The Wall Street reversal left the S&P 500 with a 0.8% loss, at 3,333.69. Drops for big-name technology stocks like Apple and Microsoft, plus losses in health care and communications stocks, outweighed gains in financial, industrial and energy companies.
Tech stocks have far outpaced the rest of the market this year as investors bet they could still thrive in a stay-at-home economy.
The Dow Jones Industrial Average dropped 0.4% and the Nasdaq composite lost 1.7%.
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Benchmark U.S. crude oil for September delivery gained 69 cents to $42.29 per barrel in electronic trading on the New York Mercantile Exchange. It fell 0.8% to settle at $41.61 per barrel on Tuesday.
The Associated Press contributed to this article.