Stock futures rose Tuesday morning as Wall Street sought stability after another day of declines in stocks.
S&P 500 futures rose 0.38%, while Nasdaq 100 futures also added 0.50%. Dow Jones Industrial Average futures gained 101 points, or 0.32%.
Futures moves followed a second straight decline in the major averages. The Dow lost 184 points, or 0.57%. The S&P 500 fell 0.67% and the Nasdaq Composite fell 1.02%.
The market gave back some of its gains from the summer after recent comments from Federal Reserve officials made it clear that the central bank aims to continue its rate hikes, even if they cause economic hardship.
“Investors are accepting that the Fed is serious about reining in inflation, even though recent data suggests inflation is starting to come down,” said Rod von Lipsey, managing director of UBS Private Wealth Management.
“We believe the market’s summer rally was short-lived and continue to urge investors to remain selective and focus on defensive equity sectors like health care and dividend-paying stocks,” von Lipsey added.
On Tuesday, investors will receive 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 release of job offers. Bureau of Labor Statistics employment for July.