Stocks set for bounce as oil hits 7-year high

FAN Editor

U.S. stock futures pointed to a higher open Tuesday as the major averages fight to stabilize at or near their lowest levels in months.  

Dow Jones Industrial Average futures climbed 170 points, or 0.5%, while S&P 500 futures and Nasdaq 100 futures advanced 0.52% and 0.49%, respectively. The gains come a day after the Nasdaq plunged more than 2%, extending the decline off its Sept. 3 high to 7.3% while closing at its lowest level since June 23. 

In stocks, energy-related names, including Exxon Mobil Corp., Haliburton Co. and Kinder Morgan Inc., gained as West Texas Intermediate crude oil hit a seven-year high, up 76 cents at $78.38 a barrel. 

Facebook Inc. was in focus as a whistleblower was set to testify on Capitol Hill about the harmful effects of its platform a day after the social media site and its Instagram and WhatsApp services were knocked offline for several hours. 

Johnson & Johnson filed with the U.S. Food and Drug Administration for emergency- use authorization of a booster shot of its COVID-19 vaccine for people 18 years and older. 

Lordstown Motors Corp. was downgraded at Morgan Stanley from “hold” to “sell” and given a $2 price target amid concerns over the planned sale of the company’s Ohio plant for $230 million, or less than 20% of its value. 

In deals, Qualcomm Inc. and investment firm SSW Partners agreed to buy Swedish automotive technology group Veoneer for $4.5 billion, an 18.4% premium to a bid made in July by Canadian mobility technology company Magna.

Overseas markets were mostly higher. 

European bourses rallied across the board with Germany’s DAX 30 advancing 0.33%, Britain’s FTSE 100 adding 0.68% and France’s CAC 40 climbing 0.75%. 

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In Asia, Hong Kong’s Hang Seng index edged up 0.28% while Japan’s Nikkei 225 tumbled 2.19%. China’s Shanghai Composite was closed for holiday. 

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