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The benchmark S&P 500 index has fallen nearly 4% since Fed Chair
Jerome Powell's Jackson Hole speech last week that reaffirmed
the central bank's determination to aggressively raise interest
rates to fight inflation despite a slowing economy.
Rate-sensitive banks rose, with Morgan Stanley and Bank of
America up more than 1.5% each in trading before the bell.
The benchmark 10-year Treasury yield settled down to 3.07% on
Tuesday after two straight sessions of gains.
Megacap growth and technology stocks such as Nvidia Corp and
Tesla Inc, which came under pressure as yields surged, added
1.9% each.
Investors awaited U.S. consumer confidence data, due at 10:00
a.m. ET, which is expected to show the gauge to have risen to
97.9 points in August from a 95.7 in July.
The Job Openings and Labor Turnover Survey, or JOLTS report, is
expected to show job openings likely fell to 10.475 million in
July from 10.698 million in June.
At 04:46 a.m. ET, Dow e-minis were up 211 points, or 0.66%, S&P
500 e-minis were up 34 points, or 0.84%, and Nasdaq 100 e-minis
were up 145.5 points, or 1.16%.
The CBOE Volatility index, also known as Wall Street's fear
gauge, slipped to 25.33 points after touching an over six-week
closing high in the previous session.
Best Buy Co edged up 0.4% ahead of the electronics retailer's
quarterly results due before the bell.
(Reporting by Bansari Mayur Kamdar in Bengaluru; Editing by
Saumyadeb Chakrabarty)
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