Stocks to Recover Slightly

U.S. stock futures were slightly higher early Wednesday following a selloff on Wall Street triggered by surging bond yields.

Futures for the Dow Jones Industrials recovered 75 points, or 0.2%, to 35,334.

Futures for the S&P 500 moved upward 13.5 points, or 0.3%, to 4,584.75.

Futures for the NASDAQ prospered 76.25 points, or 0.5%, to 15,282.25.

Shares of Sony tumbled in pre-market trading, falling 4.7% the day after Microsoft said it is buying video game publisher Activision Blizzard for nearly $69 billion. Sony’s PlayStation competes with Microsoft’s Xbox consoles. The drop in Sony’s stock comes after shares slid 7.2% on Tuesday.

In early earnings results, Bank of America beat Wall Street estimates as it released pandemic-related loan loss reserves. Shares rebounded 3%, a day after sliding 3.4%.

Morgan Stanley saw it stock rise 1.5% after the bank’s fourth-quarter profit topped estimates. It also experienced a 13% jump in equities trading revenue.

Procter & Gamble shares rose slightly after the consumer giant reported fiscal second-quarter earnings and revenue that topped Wall Street’s expectations. The company raised its outlook for sales growth.

Home builders also were broadly lower in early trading following after KeyBanc downgraded the group on concerns over looming interest rate hikes that will drive up borrowing costs.

Of the 33 S&P 500 companies that have reported quarterly results, nearly 70% have topped Wall Street’s expectations

Overseas, in Japan, the Nikkei 225 tumbled 2.8% Wednesday while the Hang Seng in Hong Kong eked up 0.1%.

Oil prices gained 65 cents to $86.08 U.S. a barrel.

Gold prices hiked $7.10 to $1,819.50 U.S. an ounce.