Stock futures rose Tuesday morning as Wall Street looked for stability after another day of declines for stocks.
S&P 500 futures rose 0.38%, while Nasdaq 100 futures also rose 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 sank 1.02%.
The market has given back some of its summer gains after recent comments from Federal Reserve officials made it clear the central bank intends to continue raising rates, even if they cause economic pain.
“Investors are buying into the idea that the Fed is serious about curbing inflation, even though recent data suggests inflation is starting to ease,” said Rod von Lipsey, managing director of UBS Private Wealth Management.
“We believe the market’s summer rally was shortlived and continue to recommend that investors remain selective and focus on defensive value sectors such as health care and dividendpaying stocks,” von Lipsey added.
On Tuesday, investors will get several updates on the state of the economy, including the FHFA home price index for June, the Conference Board’s consumer confidence survey for August and the release of the job offers from the Bureau of Labor Statistics for July.