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Stock futures were up on Tuesday evening, signaling a recovery after Wall Street’s recent three-day slide was halted.
S&P 500 futures rose 0.6%, with Nasdaq 100 futures up 0.9%. Meanwhile, Dow Jones Industrial Average futures rose 215 points, or about 0.55%.
Post-market trading saw a significant decline in Super Microcomputer shares, which fell more than 13% despite beating fiscal fourth-quarter earnings expectations. In contrast, Airbnb shares fell 16% due to disappointing performance in its second-quarter financial results.
During regular trading hours on Tuesday, major indexes pared a series of losses, each with notable gains. The S&P 500 and Nasdaq Composite both rose 1%, and the Dow added nearly 300 points. The rally follows Monday’s session, which was marked as the worst since 2022, driven by recession fears and the unwinding of the yen carry trade.
Quincy Krosby, chief global strategist at LPL Financial, commented on the uncertainty over whether Tuesday’s market rally can be sustained amid ongoing economic turmoil. “It’s unclear whether the market concerns that triggered the recent sell-off have been fully addressed,” he said. “Expectations of continued volatility through late summer and early fall remain, even if they often herald new opportunities.”
Adam Crisafulli, founder of Vital Knowledge, shared some positive insights on CNBC’s “Closing Bell: Overtime,” noting that recent earnings reports have brought some optimism. “As the economy shows signs of cooling, American companies are adapting effectively and are producing solid earnings,” he said.
Earnings season is set to continue in earnest on Wednesday, with reports from Disney and CVS Health expected before the market opens. Additionally, Shop and Novo Nordisk are expected to report financial results, which will be met with intense investor interest.
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