Stock futures rose on Tuesday morning as Wall Street sought to stabilize after another day of declines for stocks.
S&P 500 futures rose 0.38%, while Nasdaq 100 futures rose 0.50%. Dow Jones Industrial Average futures gained 101 points, or 0.32%.
The moves in futures came after a second straight drop for the major averages. The Dow Jones lost 184 points, or 0.57%. The S&P 500 fell 0.67% and the Nasdaq Composite fell 1.02%.
The market brought back some of summer gains After recent statements by Federal Reserve officials made it clear that the central bank aims to continue raising interest rates, even if it causes economic pain.
“Investors are accepting that the Federal Reserve is serious about curbing inflation, even as recent data suggests that inflation is beginning to decline,” said Rod von Lipsey, managing director at UBS Private Wealth Management.
“We believe the summer market rally was ephemeral and continue to recommend that investors remain selective and focus on defensive equity sectors such as healthcare and dividend-paying stocks,” von Lipsey added.
On Tuesday, investors will get several updates on the state of the economy, including the FHFA House Price Index for June, the Conference Board’s Consumer Confidence Survey for August, and the Bureau of Labor Statistics jobs release for July.
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The US economy grew at a strong pace of 2.8% in the last quarter thanks to strong consumer spending