Tuesday, March 2, 2021
Home World Stock futures little changed after Tuesday's intraday comeback

Stock futures little changed after Tuesday’s intraday comeback

US equity futures were largely flat on Tuesday night as investors looked to see if an end-of-day swing in the market continues on Wednesday.

Futures for the Dow Jones Industrial Average and S&P 500 moved closer to the flat line, while those linked to the Nasdaq 100 slipped 0.1%.

The futures movement follows a wild comeback during Tuesday’s market hours that saw the Dow and S&P 500 erase large losses to finish slightly higher. The positive arrival broke a five-day skid for the S&P 500. The Nasdaq Composite, which was down nearly 4% at point, ended with a loss of just 0.5%.

The rebound began after Federal Reserve Chairman Jerome Powell released his prepared remarks for a hearing with the Senate Banking Committee, with the central bank chief saying inflation was “soft” and the The US economy was “far from our employment and inflation targets.” Bond yields have rallied in recent weeks, fueling fears that the Fed may change its accommodative policy.

Marci McGregor, senior investment strategist at Bank of America Merrill Lynch, said of “Closing Bell” that market sentiment indicated a necessary pullback, but the overall equities setup remained positive.

“We are still in the benefit of further economic expansion. Our view is that we are in a long term secular bull market,” McGregor said. “We heard from Jay Powell today, and it looks like he’s still got his foot on the accelerator.”

The general market rebound on Tuesday was reflected in moves by tech giant Apple and electric vehicle stock Tesla, which ended with losses of 0.1% and 2.2%, respectively, after suffering losses. much higher losses earlier in the day. Energy and Financials stocks outperformed, while tech and consumer discretionary sectors lagged the broader market.

Bitcoin also struggled on Tuesday, falling back below the $ 50,000 level.

Powell’s visit to Capitol Hill will continue on Wednesday when he addresses the House of Representatives Financial Services Committee. Investors will also get another look at the construction industry with data on new home sales and a earnings report from Lowe’s.


Note: The content and images used in this article is rewritten and sourced from www.cnbc.com

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