Futures for the Dow and S&P 500 climb higher after a sharp rebound before yesterdays closing bell.
Dow Futures were up 27 points yesterday to 31,519, with the S&P 500 Futures up 10 points to 3,887 (+0.2%). Nasdaq Futures jumped 38 points to 13,230 (+0.3%), ending the day down only 0.5% despite large losses early on. The Dow managed to trim a 360 point loss, with the S&P breaking a five day losing streak.
Futures and the tech industry bounced back yesterday on the heels of Fed Chairman Jerome Powell’s testimony to Congress. Powell pledged Fed support as the US economy gets back on its feet, prompting investors to buy, with another meeting with Congress set for today at 2 p.m. EST.
In foreign markets, the Stoxx 600 fell by 0.5% early today, with London’s FTSE 100 up 0.4%. The Shanghai Composite Index (SHCOMP) fell by a whopping 2% before close, with Hong Kong’s Hang Sang Index (HSI) slid 3%. Japan’s Nikkei is currently down 0.67%.