On Tuesday morning, U.S. stock futures saw an increase following the Dow Jones Industrial Average's fifth consecutive day of losses. Traders were also anticipating a significant inflation report scheduled for release later in the day. Dow Jones Industrial Average futures climbed by 94 points, equivalent to a 0.3% rise. Meanwhile, S&P 500 and Nasdaq 100 futures rose by 0.38% and 0.44%, respectively.
Stock Futures Rise After Dow Slides Five Straight Days On Bank Rout
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| Stock Futures Rise After Dow Slides Five Straight Days On Bank Rout |
Bank stocks experienced a partial rebound after Monday's trading session, during which they were severely impacted. The SPDR S&P Regional Banking ETF (KRE) rose by over 2% in extended trading. Furthermore, First Republic Bank saw a substantial boost of 14% in extended trading after having fallen nearly 62% during Monday's trading. KeyCorp also experienced a relief bounce, with its shares increasing by approximately 12% after a 27% decline in regular trading.
The Nasdaq Composite performed differently, increasing by 0.45%, as some investors believed the collapse of Silicon Valley Bank could lead to a halt in future interest rate increases from the Federal Reserve. Julian Emanuel from Evercore ISI said on CNBC's "Fast Money" on Monday that the last week saw the first warning sign of tightening effects.
Emanuel believes there will be a recession, but it will likely be mild, leading to a retest of the October lows and a buying opportunity for investors to launch the next bull market phase.
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