Stock futures ticked higher on Tuesday morning as Wall Street sought stability after another down day for stocks.
Futures for the S&P 500 inched upwards by 0.38%, while Nasdaq 100 futures also added 0.50%. Futures for the Dow Jones Industrial Average gained 101 points, or 0.32%.
The moves in futures followed a second-straight decline for the major averages. The Dow lost 184 points, or 0.57%. The S&P 500 fell 0.67% and the Nasdaq Composite sank 1.02%.
The market has given back some of its summer gains after recent comments by Federal Reserve officials made it clear that the central bank aims to continue its rate hikes, even if they cause economic pain.
“Investors are coming to terms with the idea that the Fed is serious about curbing inflation, even as recent data suggests inflation is starting to decline,” said Rod von Lipsey, managing director at UBS Private Wealth Management.
“We believe the market’s summer rally was ephemeral and continue to recommend that investors remain selective and focus on defensive stock sectors like health care and dividend-paying stocks,” von Lipsey added.
On Tuesday, investors will get several updates on the state of the economy, including the FHFA home price index for June, the Conference Board’s consumer confidence survey for August, and the Bureau of Labor Statistics’ job openings release for July.