Wall Street was poised to return to less chaotic trading this morning after a huge sell-off to start the week, according to the Associated Press.
Japan’s benchmark Nikkei 225 index soared more than 10%, regaining almost all of the Monday losses that triggered a cascade of tumbling markets from Europe to North America.
Futures for the S&P 500 rose 0.8%, and futures for the Dow Jones Industrial Average gained 0.7%. The technology-laden Nasdaq, which tumbled more than 2% on Thursday and Friday, and another 3.4% to start the week, climbed 0.9%.
A strong raft of U.S. corporate earnings were also supporting markets early.
Ride-hailing app Uber jumped 5.5% after it crushed Wall Street’s profit expectations on its biggest revenue quarter ever. Uber posted sales of $10.7 billion in the second quarter, the second straight period of $10 billion-plus sales.
Caterpillar shares rose more than 4% after the heavy machinery manufacturer beat profit expectations. The company’s shares are up more than 8% in 2024.
Shares of SunPower Corp., a onetime solar giant that had a market capitalization of more than $11 billion, tumbled, however, before the opening bell after announcing it would seek bankruptcy protection.
Early today, U.S. benchmark crude oil was up 6 cents at $73 per barrel. Brent crude, the international standard, picked up 3 cents to $76.33 per barrel.
The dollar rose to 145.16 yen from 144.17 yen.
