Stock Market Today: Dow Futures Jump as Jackson Hole Selloff Eases

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Stocks were set to snap a two-day losing streak ignited by hawkish comments from Federal Reserve Chairman Jerome Powell at the Jackson Hole economic conference last Friday.

Futures for the

Dow Jones Industrial Average
jumped 200 points, or 0.6%, after the index shed 184 points Monday to close at 32,098.

S&P 500
futures rose 0.7% higher and the tech stock-heavy

Nasdaq
was poised to gain 0.9%.

Overseas, the pan-European

Stoxx 600
jumped 0.8% and Tokyo’s

Nikkei 225
advanced 1.1%.

Last Friday ushered in the worst day for the major U.S. indexes in months as investors reacted to the Fed chairman’s message that the central bank would continue fighting inflation with higher interest rates, even amid the risk of recession. Selling pressure continued into Monday, but stocks were on track for a turnaround Tuesday.

“Markets have been playing a familiar tune for 2022, with risk assets losing ground as central banks underlined their determination to keep bearing down on inflation,” said Henry Allen, an analyst at Deutsche Bank. “There are also signs that the recent market selloff could take a breather today, with futures contracts on the S&P 500 and NASDAQ 100 both pointing higher.”

Write to Jack Denton at [email protected]