US pre-open: Futures in the green following Monday's heavy sell-off
By Iain Gilbert
Date: Tuesday 21 Sep 2021
(Sharecast News) - Wall Street futures were in the green ahead of the bell on Tuesday after posting heavy losses in the previous session.
As of 1220 BST, Dow Jones futures were up 0.90%, while S&P 500 and Nasdaq-100 futures were 0.83% and 0.76% higher, respectively.
The Dow closed 614.41 points lower on Monday, extending losses recorded last week.
Stocks traded higher prior to the open after investors saw that Asian markets remained stable overnight, boosting sentiment Stateside after fears that a liquidity crisis at Chinese real estate giant Evergrande, with the firm teetering on the brink of default as it is due to pay $83.0m in interest on Thursday, could potentially lead to a global contagion.
Also in focus, the Federal Reserve will kick off its two-day policy meeting today, with market participants looking for further information from chairman Jerome Powell regarding the central bank's intentions to taper its bond-buying programme, while traders were also still concerned about the deadline to raise the US debt ceiling and possible tax increases, with Congress returning to Washington from recess in order to likely rush the passing of funding bills as part of an effort to avoid a government shutdown.
On the macro front, August housing starts and building permits numbers will be published at 1430 BST.
In the corporate space, Autozone posted fourth-quarter same-store sales that came in 4.3% higher year-on-year, while Apogee swung to a loss in the second-quarter of its trading year despite posting improved sales for the period.
Uber shares were also trading higher after the ride-hailing giant raised its third-quarter outlook.
FedEx and Adobe will report after the close.
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