© Reuters. A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 29, 2022. REUTERS/Brendan McDermid
(Reuters) – U.S. stock index futures rose on Tuesday after a rough start to the week on fears of aggressive rate hikes by the Federal Reserve, with investors looking ahead to consumer confidence and jobs data later in the day.
The benchmark 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 (NYSE:) and Bank of America (NYSE:) up more than 1.5% each in trading before the bell.
The benchmark settled down to 3.07% on Tuesday after two straight sessions of gains.
Megacap growth and technology stocks such as Nvidia (NASDAQ:) Corp and Tesla (NASDAQ:) 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, were up 211 points, or 0.66%, were up 34 points, or 0.84%, and were up 145.5 points, or 1.16%.
The , 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 (NYSE:) edged up 0.4% ahead of the electronics retailer’s quarterly results due before the bell.
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