U.S. market futures moved higher after Wednesday’s sharp decline.
U.S. stock futures opened modestly higher on Wednesday night after the worst day for the market in several months. Futures tied to the Dow Jones Industrial Average gained about 112 points, or 0.4%. Those for the S&P 500 and the Nasdaq 100 both rose about 0.5%. The move in futures comes after a sharp sell-off during Wednesday’s session that extended Wall Street’s losing streak. The Dow lost 934 points, or 3.4%, for its fourth-straight negative day and worst loss since June 11. The S&P 500 also saw its worst day since June 11, falling 3.5% for its third-straight negative session. The tech-heavy Nasdaq Composite suffered a slightly larger loss at 3.7% after advancing modestly in the prior session, marking its worst performance since Sept.8. The sell-off mirrored a rough day for European markets, as rising Covid cases on that continent spurred leaders of Germany and France to announce new economic restrictions for the next month. New cases have also been rising domestically, with former Food and Drug Administration Chief Dr. Scott Gottlieb telling CNBC that the U.S. was on a path that is three or four weeks behind Europe. Mark Luschini, the chief investment officer at Janney Capital Management, said that he thought the pullback would prove to be a buying opportunity because some of the stocks that would benefit from an economic recovery — such as financials, materials and small caps — suffered smaller losses than the broader market.
