Traders work at the New York Stock Exchange (NYSE), on September 6, 2022.
Brendan McDermid | Reuters
US stock futures were higher on Tuesday morning after major stocks came under pressure from Covid protests in China, and as investors anticipated more economic data and comments from Federal Reserve leaders this week.
Dow Jones Industrial Average futures rose 72 points, or 0.21%. S&P 500 and Nasdaq 100 futures rose 0.35% and 0.51%, respectively.
The Dow Jones Industrial Average lost 497.57 points, or 1.45%, during the regular session on Monday. The S&P 500 fell 1.54%, while the Nasdaq Composite closed down 1.58%.
Growing frustration in mainland China over the country’s zero-Covid policy weighed on markets around the world. On Monday, West Texas Intermediate crude futures briefly fell to their lowest point since last December.
“There are real reasons to be cautious. The market has bounced back a lot this quarter and there are some concerns that things will slow down, so I think it’s kind of a balanced risk-reward,” said Adam Parker of Trivariate Research, Monday on CNBC’s “Closing.” Bell: Overtime.”
“I think there was an excuse with maybe some fears of a slowdown in China for people to take a small profit that they got in the quarter,” he added.
On the economy side, traders will be keeping an eye on the September reading of the S&P CoreLogic Case-Shiller Home Price Index due out before the bell on Tuesday. The report will give investors insight into how higher interest rates are affecting the housing market. House prices in the previous month rose by around 13% year-on-year.
Meanwhile, the latest reading on consumer confidence will be released at 10 a.m. ET. Wall Street also awaits the latest corporate results from Hewlett Packard Enterprise on Tuesday after the bell.
Fed Chairman Jerome Powell is scheduled to speak at the Brookings Hutchins Center on Fiscal and Monetary Policy on Wednesday. Investors will be listening for insights into the central bank’s fight against inflation.