U.S. stock index futures were trending significantly higher in early hours of Tuesday, as traders were encouraged by overall stable and uneventful price action in the past three days, after weeks of sharp losses.
Futures on the Dow Jones Industrial Average (DJIA) were up by 1.22% as of 8:04 a.m. EST, Tuesday. Meanwhile, the S&P 500 (SPX) futures grew 1.54%, whereas the Nasdaq 100 (NDX) futures surged 1.91% higher.
The moves were also boosted by strong quarterly results of The Home Depot (HD), which pushed the stock price up about 3% in the pre-market trading hours. Moreover, pre-market also saw a 5% surge in Citigroup shares (C) after a filing released on Monday disclosed that Warren Buffett’s Berkshire Hathaway bought a stake worth almost $3 billion in Q1.
Moreover, a strong overnight trading session in Asia also buoyed investor sentiment. Notably, China’s Covid situation has been cooling down, with Tuesday being the third consecutive day of zero new infections in Shanghai.
Investors are also looking forward to retail sales data later today, which will give a clearer view of how consumers are coping with the inflation and the Fed’s interest rate hikes.
The Dow ended Monday’s regular trading session with 0.08% gains. On the other hand, the S&P 500 and the Nasdaq 100 shed 0.39% and 1.16% respectively at market close, Monday.
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