Futures Tick Higher Following Monday Selloff

Futures connected to the S&P 500 rose Tuesday as investors looked to shake off Monday’s slide.

Futures for the Dow Jones Industrials sank 31 points, or 0.1%, to 33,840.

Futures for the S&P 500 nosed higher 3.75 points, or 0.1%, to 3,974.

Futures for the NASDAQ Composite hiked 29.75 points, or 0.3%, to 11,646.

Hibbett stock slid 5.7% in the pre-market after it missed top and bottom-line estimates for its latest quarter. The company said it was hit by higher expenses that cut into its profit margins, although the company did reaffirm its full-year forecast.

Silvergate Capital shares fell another 2.4% in the pre-market, extending yesterday’s 11.1% loss. Yesterday’s decline followed the bankruptcy filing by cryptocurrency lender BlockFi, and the further drop for Silvergate comes despite a statement that it has minimal exposure to BlockFi.

The move follows stocks in Hong Kong and Shanghai rallying overnight as a Chinese official told reporters that 65.8% of people “over age 80” had received booster shots. On top of that, the government reported the first decline in COVID infections within mainland China in more than a week.

On the economic front, traders will watch for the September reading of the S&P CoreLogic Case-Shiller Home Price Index that is due Tuesday before the bell. The report will give investors insight into how higher interest rates are affecting the housing market. Home prices in the prior month jumped about 13% year over year.

In Japan, the Nikkei 225 slid 0.5% Tuesday, while in Hong Kong, the Hang Seng Index triumphed 5.2%.

Oil prices recovered $1.28 to $78.52 U.S. a barrel.

Gold prices spiked $11.30 to $1,766.60 U.S. an ounce.