U.S. stock futures were in positive territory early Tuesday morning after the S&P 500 fell to its lowest level in greater than a 12 months.
Dow Jones Industrial Average futures were last up 210 points, or 0.65%. S&P 500 and Nasdaq 100 futures climbed 0.78% and 1.34%, respectively. Shares of AMC gained greater than 2% while Novavax plunged about 22% after-hours on the back of their most up-to-date quarterly reports.
Earlier within the day, the S&P 500 dropped below the 4,000 level, or as little as 3,975.48, to mark the index’s weakest point since March 2021. The broad market index dropped 17% from its 52-week high as Wall Street continued to struggle finding a bottom after last week’s losses.
The Dow Jones Industrial Average dropped 1.99%, down greater than 12% from 52-week highs. The S&P 500 fell 3.2%. The tech-heavy Nasdaq Composite lost 4.29%, off greater than 27% from 52-week highs.
Those moves got here as inflation fears continued to hit markets on all sides. Tech stocks especially took a beating. Shares for Meta Platforms and Alphabet fell 3.7% and a couple of.8%, respectively. Shares for Tesla dropped greater than 9%.
“The sentiment has been very bearish for the previous few months, if not the previous few weeks needless to say, and an inability to rally…tells you every thing that you’ll want to know in regards to the current state of the market, meaning the bears are on top of things,” said Adam Sarhan, founder and CEO of fifty Park Investments.
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Meanwhile, the yield on the benchmark 10-year Treasury note climbed to its highest level since late 2018, topping 3%. It last sat at 3.04%.
Peloton Interactive and Fox are set to report earnings on Tuesday before the bell. Coinbase, Roblox, RealReal and Allbirds are expected to report earnings on Tuesday after market close.