U.S. stock index futures posted losses ahead of Tuesday’s open, but were off earlier lows, as the sell-off continues to weigh on sentiment worldwide.
On Monday, the Dow Jones industrial average dropped 1,175.21 points to close down at 24,345.75 —having briefly declined more than 1,500 points during the session; with other major indexes closing sharply lower. The sell-off kicked into action on Friday, after the latest nonfarm payrolls report saw interest rates in the U.S. jump.
While there was no particular piece of news that pushed major U.S. indexes deep into the red on Monday, the recent moves in the bond market have added volatility and concern to the market.
Consequently, investors are paying close attention to not only the bond market, but how the U.S. Federal Reserve will react to this, as Jerome Powell takes on the position as chair of the U.S. central bank.
During Monday’s late hours, Dow futures were down 826 points, and S&P 500 futures were lower by 76.5 points as of 11:25 p.m. ET, indicating that the implied open for the Dow, based on futures, was a decline of 1,203.75. But during Tuesday’s early hours, U.S. futures pared some of their sharp declines.
Around 3:10 a.m. ET on Tuesday, Dow futures were off some 100 points; with the Nasdaq and S&P 500 futures also recovering some of their losses.
Also on Tuesday, data and earnings are set to keep investors’ somewhat busy as the sell-off continues to simmer.
Looking to data, the U.S. International Trade in Goods and Services is due out at 8:30 a.m. ET, followed by the Job Openings and Labor Turnover Survey (JOLTS), set to come out at 10 a.m. ET.
Out of the slew of corporates set to release earnings, Allergan, General Motors, Archer Daniels Midland, Tapestry, Dunkin’ Brands, Disney, Gilead Sciences, Chipotle Mexican Grill, Match Group and Snap are some of the major names set to publish before or after Tuesday’s bell.
Elsewhere, oil prices and bitcoin futures came under sharp pressure as the global sell-off continued to drag on sentiment.
—CNBC’s Patti Domm contributed to this report
