People walk down Wall Street in the Financial District on September 2, 2020 in New York.
Spencer Platt Getty Images
US stock futures rose slightly higher on Wednesday night after a rebound during market hours that halted the three-day slip.
Dow Jones Industrial Average futures rose about 20 points, or 0.1
The futures move followed a broad rally for the market on Wednesday, with the S&P 500 rising 2% for its best day of June. The Nasdaq Composite rose 2.7% to get out of the correctional territory after a sell-off of large technology stocks sparked a sharp sell-off in three consecutive sessions.
Some of the stocks hit hardest during the recent slide saw more dramatic spikes. Shares of Tesla, the latest worst day, rose nearly 11%. Technology giant Apple won 4% to return its market capitalization to $ 2 trillion.
The three-day decline came amid Wall Street’s growing concern about the technology bubble, with major technology stocks feeding the Nasdaq Composite to record highs despite the impact on the economy by the coronavirus pandemic. Some said the withdrawal had not gone far enough, and Duquesne Family Office CEO Stanley Drakenmiller told CNBC on Wednesday morning that the market was in “absolute rage.”
Others cited reasons why the market could regain its footing. Liz Young, director of marketing strategy for BNY Investment Management, said investors’ money was still parked on the sidelines after the pandemic sell-off in February and March should provide stock support.
“People go for money together – and it’s immediate, it’s a big wave. They come back in drops. So when they drip back, that money will look for more attractive valuation options. So I think it’s natural. that he will look for things that have been a little bit beaten up or some of the stocks that haven’t brought us so far, “Young said in Closing Bell.” But I don’t think we’re where you need to start now. to sell the rally and take the exhibit off the table. “
On Thursday morning, investors will be greeted with new economic data, including a weekly report on unemployment claims from the Ministry of Labor. Economists surveyed by Dow Jones expect 850,000 new demands, up from 881,000 last week.
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