US pre-open: Futures higher following Monday's sell-off

6th Aug 2024 10:53

(Sharecast News) - Wall Street futures were in the green ahead of the bell on Tuesday as major indices look to bounce back from heavy losses recorded across global markets in the previous session.

As of 1250 BST, Dow Jones futures were up 0.69%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.86% and 0.90% firmer, respectively.

The Dow closed 1,003.99 points lower on Monday, while the S&P 500 turned in its worst daily performance since 2022, with most market participants viewing the sell-off as being long overdue amidst high valuations and new records, with some analysts also warning that it may not be done just yet either.

Giving sentiment a boost ahead of the bell was a rebound in Japanese stocks, with the Nikkei 225 posting its best day since October 2008, surging 10.2%, following the benchmark's worst day since 1987, in which it shed 12.4%.

Comments from San Francisco Federal Reserve president Mary Daly late on Monday were also in focus after she said interest rate reductions were coming later in 2024 as she noted that she still believes the economy is growing, although the labour market was weakening and that less restrictive policy will be appropriate.

"Policy adjustments will be necessary in the coming quarter. How much that needs to be done and when it needs to take place, I think that's going to depend a lot on the incoming information," she said. "I see an economy that has momentum, and we want to make sure we keep that."

In the corporate space, Uber beat Wall Street estimates with its latest set of quarterly results, aided by demand for both its ridesharing and food delivery services.

On the macro front, June goods trade balance numbers will be out at 1330 BST.

Reporting by Iain Gilbert at Sharecast.com