U.S. stocks look to halt Tuesday’s sharp downturn that saw the Dow falling as much as 505 points, in response to political turmoil in Italy and Spain.
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Dow Jones futures were rising by 0.34%. The S&P 500 added 0.23% and the Nasdaq Composite was up 0.18%.
Sparking the selloff was the political crisis in Italy. Italian President Sergio Mattarella decided Sunday to block the formation of a euroskeptic government, bringing the country closer to a repeat election and reviving longstanding worries about the stability of the eurozone.
The major averages tumbled on weakness in financial stocks.
The Dow Jones Industrial Average dropped 391.64 points, or 1.58%, to 24,361.45. The S&P 500 fell 31.47 points, or 1.16%, to 2,689.86. The Nasdaq Composite was down 37.26 points, or 0.5%, at 7,396.59.
| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 24361.45 | -391.64 | -1.58% |
| SP500 | S&P 500 | 2689.86 | -31.47 | -1.16% |
| I:COMP | NASDAQ COMPOSITE INDEX | 7396.5936 | -37.26 | -0.50% |
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Disney shares fell more than 2% on a day when the media giant’s ABC division canceled its ‘Roseanne’ sitcom after controversial tweets from Roseanne Barr.
Economic data reports included the S&P Case-Shiller report on home prices. Home prices increased in March, but the gains were in line with the prior month’s advance.
The Conference Board’s consumer confidence index rose to 128 in May from a revised 125.6 in April. A measure of current conditions, the present situation index, hit a 17-year high of 161.7, up from 157.5 in the prior month.
On Wednesday, the first of this week’s employment-related reports will be released in the form of the ADP report on private sector hiring.
The government will also release the second reading on first quarter GDP.
The Fed will also release the Beige Book, reporting on economic conditions in the various Fed districts.
Earnings will be reported by Chico’s FAS, Dick’s Sporting Goods, DSW and Michael Kors.
Asian stocks extended the global sell-off from Tuesday.
Japan’s Nikkei fell to a 6-week low, declining 1.4%.
China’s Shanghai Composite traded 1.8% lower.
Hong Kong’s Hang Seng index dropped 1.4%.
FOX Business’ Leia Klingel and Matthew Rocco contributed to this article.
