Stock futures rose slightly on Tuesday as the market tried to recover from its worst day since June.
Futures tied to the Dow Jones Industrial Average added 27 points, or 0.1%, while S&P 500 and Nasdaq 100 futures also gained 0.1% and 0.2%, respectively.
Palo Alto Networks surged in the pre-market on strong quarterly results, while Zoom Video shares slumped after the video conferencing company lowered its full-year guidance.
Wall Street is emerging from a bearish session as a summer rally continued to fade amid growing concerns over rising rates.
The Dow Jones lost more than 600 points on Monday, while the S&P 500 and the Nasdaq Composite fell more than 2% each. These are the biggest one-day declines for the Dow Jones and S&P 500 since June 16. The Nasdaq suffered its worst session since June 28.
“This bear in our view has one last act,” read a note from Lisa Shalett of Morgan Stanley Wealth Management, recommending investors stay diversified.
The head of the global investment committee said Wall Street was underestimating inflation, growing recession risks and earnings expectations that will have to come down at some point.
Earnings season continues Tuesday with results from Macy’s, Nordstrom and Dick’s Sporting Goods. July new home sales will also be released, along with the August manufacturing PMI and the Richmond Fed survey for August.