U.S. Stock Futures Surge After S&P 500 Slid For Its Worst Day Since May

U.S. Stock Futures Surge After S&P 500 Slid For Its Worst Day Since May

U.S. stock futures surge after S&P 500 slid for its worst day since May. On Tuesday, stock futures rose during early morning trading.

Dow Jones futures surged 242 points. S&P 500 futures and Nasdaq 100 futures both were traded in positive territory.

The major averages declined in overnight sessions due to a confluence of concerns such as the imminent Federal Reserve meeting, the lingering delta variant, potential economic disruption in China and the debt ceiling deadline.

The S&P 500 tumbled 1.7% for its worst day since May 12 of this year. The 500-stock average slid back 5% and it currently meets 4.1% from its record.

The Dow Jones Industrial Average declined 614 points or 1.8%. The Nasdaq Composite plummeted 2.2%.

On Monday, the Cboe Volatility Index, known as Wall Street's fear gauge rose above the 26 levels, the highest since May.

The benchmark Hang Seng index tumbled 4% as struggling real estate developer is on the brink of default.

FedEx, Adobe, AutoZone, and Stich Fix posted quarterly earnings on Tuesday.

Cryptocurrencies also dropped on Monday with bitcoin declining about 7%.

 “We’re not in the camp that this small pullback represents a special buying opportunity,” said Yung-Yu Ma, chief investment strategist at BMO Wealth Management. “There could easily be more volatility depending on what happens with the Fed meeting...similar with the debt ceiling. With the overhang and then negotiations, this is definitely going to be pushed to the wire.”