Stock futures popped Wednesday after Wall Street snapped a three-day losing streak. Investors also looked to claw back more of the losses suffered earlier in the week. Futures tied to the Dow Jones Industrial Average gained 337 points, or 0.8%. S&P 500 futures rose 1.1%, while Nasdaq 100 futures jumped 1.4%. Wall Street is coming off a strong session. The S&P 500 and the Nasdaq Composite each advanced 1%, while the 30-stock Dow added nearly 300 points. On Monday, the Dow and the broad-market S&P 500 posted their worst session since 2022, fueled by recession worries and the unwinding of the yen carry trade. But the staying power of Tuesday’s rebound, which lifted all 11 sectors of the S&P 500, remains to be seen. Tumultuous times are likely still ahead, according to LPL Financial chief global strategist Quincy Krosby. “The lingering question now is whether the concerns that pushed the market into a cascade of selling are alleviated,” she said. “Pockets of volatility are expected to continue as August and September give way to a calmer seasonal period, however, it’s important to remember pockets of opportunity are always on the other side of the storm.” Investors may find some optimism in the second-quarter earnings season overall, according to Vital Knowledge founder Adam Crisafulli. “We’ve had some earnings reports out in the past 12 hours that have been a little bit encouraging,” he said on CNBC’s “Closing Bell: Overtime” Tuesday. “There definitely has been a slowing and cooling of the economy, but corporate America is evolving in response to it and they’re generating reasonably healthy earnings.” Shares of Super Micro Computer pulled back more than 14% after the server company’s fiscal fourth-quarter earnings missed analyst estimates. Airbnb slipped 16% after issuing disappointing second-quarter results. Treasury yields were higher early Wednesday as global markets continued to reverse course from a dramatic equity sell-off. The benchmark 10-year Treasury yield was around 5 basis points higher at 3.936% at 7:07 a.m. ET. The yield on the 2-year note also climbed more than 4 basis points to 4.028%. Asia-Pacific markets extended gains on Wednesday, tracking Wall Street benchmarks that snapped a three-day losing streak overnight. The Nikkei 225 ended Wednesday up 1.19% at 35,089.62 while Japan’s broad-based Topix gained 2.26% to end at 2,489.21, both building on Tuesday’s rebound. The Nikkei posted its best day since October 2008 on Tuesday, soaring 10.2% after suffering its worst fall since 1987 in the previous session, losing 12.4%. Hong Kong’s Hang Seng index was up 1.3% at 16,866.51 as of its final hour of trading. Mainland China’s CSI 300 ended the day flat at 3,341.49 after Chinese trade figures were released. South Korea’s Kospi jumped 1.83% to end the day at 2,568.41, while the small-cap Kosdaq rose 2.14% to end at 748.54. Australia’s S&P/ASX 200 rose 0.25% to 7,699.8. Oil prices crept higher on Wednesday, though Brent still languished near seven-month lows, pressured by concerns over weak demand and fears of recession in the United States. The threat of conflict escalating in the Middle East and endangering oil production has supported prices since Tuesday. Brent crude futures were up 45 cents, or 0.6%, to $76.93 a barrel at 0823 GMT. U.S. West Texas Intermediate crude was up 47 cents, also 0.6%, to $73.67. Gold prices edged lower on Wednesday as the U.S. dollar and Treasury yields strengthened, while traders awaited further cues to gauge the size of the Federal Reserve’s likely September interest rate cut. Spot gold slipped 0.2% to $2,385.60 per ounce, as of 0310 GMT. U.S. gold futures fell 0.3% to $2,425.30.
Roodeweg 222, Willemstad, Curaçao