U.S. stock futures rose on Tuesday, with traders trying to regain their footing after the Dow Jones Industrial Average notched a fifth day of losses. Traders also looked ahead to a key inflation report due Tuesday.

Dow Jones Industrial Average futures gained 159 points, or 0.5%. S&P 500 and Nasdaq-100 futures climbed 0.5% each.

Bank stocks rebounded somewhat after getting pummeled during Monday’s trading session. The SPDR S&P Regional Banking ETF (KRE) rose more than 4% in premarket trading. Shares of First Republic Bank popped 24% in extended trading, after closing down nearly 62% on Monday. KeyCorp shares added about 13% in a relief bounce following a 27% decline.

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First Republic shares 1-day

On Monday, the Dow fell after a plan to backstop depositors in Silicon Valley Bank failed to buoy bank stocks, as well as the S&P 500. The Dow lost 90.50 points, or 0.28%, while the broad-market index lost 0.15%.

The tech-heavy Nasdaq Composite bucked the trend, rising 0.45%, as some investors bet the collapse at Silicon Valley Bank could mean a pause in future interest rate hikes from the Federal Reserve.

“What we’ve seen in the last week, is the first shot across the bow in terms of the effect of tightening,” Evercore ISI’s Julian Emanuel said Monday on CNBC’s “Fast Money.”

“We are going to have a recession … we do think it’s likely to be mild, and so therefore what we’re thinking is you’re going to get a retest of those October lows, but eventually get that buying opportunity that we’ve been waiting for for almost two years now. That will launch the next bull market phase,” Emanuel said.

Investors are anticipating the latest inflation data. Due out Tuesday before the bell, the February consumer price index is expected to show a rise of 0.4% last month, according to consensus estimates from Dow Jones. That’s down from a 0.5% increase the prior month.

Elsewhere, GitLab shares tumbled 32% in trading after the open source software firm issued weaker-than-expected first quarter and full-year revenue guidance.


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