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The benchmark S&P 500 index has fallen nearly 4% since Fed Chair Jerome Powell’s Jackson Hole speech last week that reaffirmed the central bank’s determination to aggressively raise interest rates to fight inflation despite a slowing economy.
Rate-sensitive banks rose, with Morgan Stanley (NYSE:MS) and Bank of America (NYSE:BAC) up more than 1.5% each in trading before the bell.
The benchmark 10-year Treasury yield settled down to 3.07% on Tuesday after two straight sessions of gains.
Megacap growth and technology stocks such as Nvidia (NASDAQ:NVDA) Corp and Tesla (NASDAQ:TSLA) Inc, which came under pressure as yields surged, added 1.9% each.
Investors awaited U.S. consumer confidence data, due at 10:00 a.m. ET, which is expected to show the gauge to have risen to 97.9 points in August from a 95.7 in July.
The Job Openings and Labor Turnover Survey, or JOLTS report, is expected to show job openings likely fell to 10.475 million in July from 10.698 million in June.
At 04:46 a.m. ET, Dow e-minis were up 211 points, or 0.66%, S&P 500 e-minis were up 34 points, or 0.84%, and Nasdaq 100 e-minis were up 145.5 points, or 1.16%.
The CBOE Volatility index, also known as Wall Street’s fear gauge, slipped to 25.33 points after touching an over six-week closing high in the previous session.
Best Buy Co (NYSE:BBY) edged up 0.4% ahead of the electronics retailer’s quarterly results due before the bell.
