Watch Stock market today: Live updates – Latest News
U.S. stock futures rose on Monday night after the Dow Jones Industrial Average notched a fifth day of losses. Traders also looked ahead to a key inflation report due Tuesday.
Dow Jones Industrial Average futures rose by 117 points, or 0.37%. S&P 500 and Nasdaq 100 futures climbed 0.32% and 0.22%, respectively.
Bank stocks rebounded somewhat after getting pummeled during Monday’s trading session. The SPDR S&P Regional Banking ETF (KRE) rose 1.1% in extended trading. Shares of First Republic Bank popped 10% in extended trading, after closing down nearly 62% on Monday. KeyCorp shares added 11% in a relief bounce following a 27% decline in regular trading.
First Republic shares 1-day
Elsewhere, Gitlab shares tumbled 30% in after-hours trading after the open source software firm issued weaker-than-expected first quarter and full-year revenue guidance.
On Monday, the Dow Jones Industrial Average fell after a plan to backstop depositors in Silicon Valley Bank failed to buoy bank stocks, as well as the S&P 500. The Dow lost 90.50 points, or 0.28%, while the broad-market index lost 0.15%.
On the other hand, the tech-heavy Nasdaq Composite bucked the trend, rising 0.45%, as some investors bet the collapse at Silicon Valley Bank could mean a pause in future interest rate hikes from the Federal Reserve.
“What we’ve seen in the last week, is the first shot across the bow in terms of the effect of tightening,” Evercore ISI’s Julian Emanuel said Monday on CNBC’s “Fast Money.”
“We are going to have a recession … we do think it’s likely to be mild, and so therefore what we’re thinking is you’re going to get a retest of those October lows, but eventually get that buying opportunity that we’ve been waiting for for almost two years now. That will launch the next bull market phase,” Emanuel said.
Investors are hotly anticipating the latest inflation data. Due out Tuesday before the bell, the February consumer price index is expected to show a rise of 0.4% last month, according to consensus estimates from Dow Jones. That’s down from a 0.5% increase the prior month.