Stock futures rose Tuesday morning after the Nasdaq posted its best daily performance since July.
Nasdaq 100 futures rose 1.81%. Dow Jones Industrial Average futures rose 410 points, or 1.4%, and S&P 500 futures jumped 1.6%.
These moves came a day after a win on Wall Street to start the week. The Dow Jones Industrial Average rose nearly 550 points, after a volatile week of trading. The S&P 500 is also up 2.65% on the day. The Nasdaq rose 3.43% as technology shares rebounded, led by names such as Amazon, Meta Platforms and Microsoft. It was the best day for the tech heavyweight since July 27.
Strong earnings reports sent stocks higher as the third-quarter reporting season picked up. Bank of America stock rose 6.06% after delivering better-than-expected results, and Bank of New York Mellon gained 5.08% after its own earnings outperformed.
On Tuesday, Johnson & Johnson gained more than 1% in early trading after earnings per share and revenue beat expectations. Goldman Sachs earnings are due later Tuesday morning.
In addition, another pivotal support from the UK markets. Jeremy Hunt, Britain’s new chancellor, announced on Monday that he would Reversal of nearly all declared tax cuts and backtracking on energy subsidies.
Investors are watching for any sign that the stock market has bottomed and the new high could be the start of a new bullish cycle. However, some analysts aren’t entirely sure the bottom is in, and many see more pain ahead.
“I think this is going to be one of those bear market spikes that makes people scratch their heads,” Jay Adami, director of advocacy for advisors at Private Advisor Group in Morristown, New Jersey, said on CNBC’s “Fast Money”, adding that markets aren’t even close to the woods when It’s about the bear market.
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