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 * All three major Wall Street indexes fell into correction mode over
the past two trading days. An index is said to be in correction when
it closes 10 percent or more below its 52-week high.
* "I think it's too early to declare the worst is over," said Piotr
Matys, an emerging markets expert at Rabobank in London. "The way I
see it is that this is a bit of a technical correction after things
got a bit oversold."
* The move by China's central bank, which also relaxed reserve
requirements for the second time in two months, came after Chinese
stocks slumped 8 percent on Tuesday.
* The dollar index, which fell to a 7-month low on Monday, recovered
slightly to trade up 0.76 percent.
* Oil price were up more than 3 percent, bouncing back from heavy
losses on Tuesday, but U.S. crude remained below $40 per barrel amid
lingering concerns about China's economic growth.
* On Monday, the Dow Jones industrial average briefly slumped more
than 1,000 points – its steepest intraday fall ever – and the S&P
500 recorded its worst day since 2011.
* Apple's shares were up 6 percent at $109.38 in premarket trading.
The stock had slumped as much as 13 percent on Monday, before ending
down 2.5 percent.
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* Disney was up 3.7 percent at $98.90, while Alibaba was up 5.6
percent at $69.48.
Futures snapshot at 7:04 a.m. ET:
* S&P 500 e-minis were up 60.25 points, or 3.22 percent, with
541,504 contracts traded. * Nasdaq 100 e-minis were up 161 points,
or 4.02 percent, on volume of 83,363 contracts. * Dow e-minis were
up 510 points, or 3.25 percent, with 71,492 contracts changing
hands.
(Reporting by Tanya Agrawal in Bengaluru; Editing by Savio D'Souza)
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