Stock futures rebounded as China Covid fears faded

US stock futures rose on Tuesday as concerns about unrest in China and its Covid protocols receded.

Futures related to the Dow Jones Industrial Average traded up 35 points, or 0.1%. S&P 500 futures rose 0.3%, while Nasdaq 100 futures rose 0.5%.

Overnight, a Chinese official told reporters that 65.8% of people “over the age of 80She received booster shots. Moreover, the government reported its first drop in Covid infections within it China in more than a week. Shares in Hong Kong and Shanghai rose overnight.

The news comes a day after growing frustration in mainland China over the country’s coronavirus policy affected markets in the US and abroad. On Monday, WTI futures fell briefly to their lowest level since last December All three indexes ended the day down more than 1%..

“There are some real reasons to be cautious. The market has rallied a lot this quarter, and there is some concern that things are going to slow down, so I think it’s kind of a balanced risk reward,” Adam Parker of Trivariate Research said Monday on CNBC. Bill: Overtime.”

“I think there was perhaps an excuse for some of the slowdown concerns in China for people to collect a little bit of the profit they had in the quarter,” he added.

On the economic front, traders will be watching the September reading of the S&P CoreLogic Case-Shiller Home Price Index due on Tuesday before the bell. The report will give investors an insight into how higher interest rates are affecting the housing market. Home prices in the previous month It jumped about 13% year over year.

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Meanwhile, the latest reading of consumer confidence is due at 10 am as Wall Street is also expecting the latest corporate earnings results. Hewlett-Packard Corporation Tuesday after the bell.

Federal Reserve Chairman Jerome Powell is scheduled to speak at the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution on Wednesday. Investors will tune in to gain insight into the central bank’s fight against inflation.

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