On Monday, the Dow dropped 2.6%, while the S&P 500 lost 3%. The tech-heavy Nasdaq composite plunged
3.4%.
Ahead of the opening bell, Dow futures bounced 0.6% vs. fair value. S&P 500 futures rose 0.8%, while tech-focused Nasdaq 100 futures climbed 0.9% in morning action.
Early Tuesday, the 10-year Treasury yield rose to 3.85%. Oil prices inched higher, with West Texas Intermediate futures trading around $73 a barrel.
Among exchange traded funds, the Invesco QQQ Trust (QQQ) was up more than 1%, while the SPDR S&P 500 ETF (SPY) rose 0.8% before the open.
Artificial intelligence leader Palantir (PLTR) popped nearly 12% in premarket trading after the company reported strong second-quarter earnings results and raised its full-year revenue outlook.
Meanwhile, UBER stock jumped 6% after the company reported better-than-expected results for its second quarter early Tuesday.
Magnificent Seven stocks Nvidia (NVDA) and Tesla (TSLA) rebounded 3.1% and 1.6%, respectively, in premarket trading.
Nvidia stock plunged as much as 15.5% Monday before cutting losses to close down 6.4%. Shares hit their lowest level since mid-May.
Tesla stock skidded another 4.2% Monday, falling below the 50- and 200-day lines.
Amazon shares declined 4.1%, giving up their long-term 200-day line. The stock rose 0.8% this morning.
On Monday, Apple stock sold off 4.8%, triggering the round-trip sell rule from a 199.62 buy point. Shares closed below their 50-day line. Apple dropped another 0.7% Tuesday.
Microsoft shares lost 3.3% Monday, falling below their 200-day line for the first time since March 2023. And on Tuesday morning, the stock rose 1.3%.
We caught some bounces off deeply oversold conditions and we are seeing some green this morning.
No meaningful economic data is expected today.