Dow Futures Rally Tuesday - InvestingChannel

Dow Futures Rally Tuesday

U.S. stock futures were sharply higher on Tuesday morning as the market tried to bounce after a punishing bear market for the tech-heavy NASDAQ and a 19% pullback for the S&P 500.

Futures for the Dow Jones Industrials gained 381 points, or 1.2%, to 32,540

Futures for the S&P 500 popped 61.5 points, or 1.5%, to 4,066.

Futures for the NASDAQ Composite Index leaped 236.50 points, or 1.9%, to 12,481.25.

Those gains come on the back of several big movers in Tuesday pre-market trading. Citigroup shares jumped 5% in premarket trading after a filing revealed Monday evening that Warren Buffett’s Berkshire Hathaway added a near-$3-billon stake in the struggling bank in the first quarter.

Citi shares have underperformed the rest of the financial sector in the past 12 months, down nearly 40% while the Financial Select Sector SPDR Fund is off by 12% over the same period.

Other bank stocks climbed higher on the Citi news. Shares of Bank of America and JPMorgan Chase rose 1% in pre-market trading.

Travel stocks popped in the premarket after United Airlines raised its revenue outlook for the second quarter on improved consumer demand. United Airlines’ stock price rose 4%, Delta’s jumped 3% and American Airlines’ jumped 3%.

Home Depot shares rose more than 3% in the premarket after the home improvement retailer posted better-than-expected quarterly results. The company also raised its full-year outlook.

Semiconductor stocks climbed higher in pre-market trading. Shares of Advanced Micro Devices jumped more than 3% following an upgrade from Piper Sandler, which said the stock looked attractive after falling 34.5% this year. Nvidia’s stock price rose 3%, Qualcomm’s jumped 2.4% and Micron Technology’s rose 2%.

Investors were also watching out for retail sales numbers hitting at 8:30 a.m. ET. Those figures will give a clue as to how well the consumer is faring with surging U.S. inflation that has prompted the Federal Reserve to tighten monetary policy.

In Japan, the Nikkei 225 gathered 0.4% Tuesday. In Hong Kong, the Hang Seng spiked 3.3%.

Oil prices picked up $1.14 to $115.34 U.S. a barrel.

Gold prices hiked $19.90 to $1,833.90 U.S. an ounce.

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