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Oil prices moved higher after OPEC+ stuck to plans to add crude to the market in November.
Apu Gomes / AFP via Getty Images
The stock market was rising Tuesday following Monday’s technology-led selloff as shares of Facebook look poised to recover some of its large losses.
Dow Jones Industrial Average
were up 167 points, or 0.5%, after the benchmark fell 323 points Monday.
S&P 500
futures were up 0.4%, while futures on the tech-heavy Nasdaq Composite, which bore the brunt of Monday’s selling, were up 0.4%.
“Futures are enjoying a modest bounce following yesterdays’ declines after a generally quiet night of news,” writes Tom Essaye, founder of Sevens Report Research.
Big tech stocks were helping the major indexes recover from steep losses. The Nasdaq was rising from a level at which buyers had previously stepped in during a summer selloff. In mid-July, the index began recovering from a sell-off when the index reached 14,274. The index closed at 14,255 before futures rose Tuesday.
Facebook (FB) was up 1.2%, with Amazon.com (AMZN) and
Apple
(AAPL) up 0.5% and 0.4%, respectively. Recently, a rotation into value stocks–and out of fast-growing technology stocks–has taken hold as rising bond yields signify increased confidence in economic growth, which is a particular boost to value shares.
Facebook has been facing mounting regulatory and reputational concerns following the leak of internal documents by a whistleblower to The Wall Street Journal. Monday, it experienced outages on several of its platforms.
Overseas, Tokyo’s
Nikkei 225
fell 2.2% as traders reacted to the poor performance on Wall Street, while in Europe stocks were rebounding as the pan-European
Stoxx 600
rose 0.6%.
The selloff Monday was felt broadly and came on the back of familiar pressures, with a 1.3% decline on the S&P 500 marking the third time in five sessions that it has lost more than 1%. Investors remained concerned about inflation, supply-chain issues pinching earnings, the future of central bank stimulus, and U.S. political friction over the debt ceiling and the $3.5 trillion reconciliation package stuck in Congress.
The price of oil advanced after the OPEC+ group of state producers agreed yesterday to keep to plans for increasing crude output by 400,000 barrels a day in November. Prices were elevated again Tuesday, with futures contracts for WTI Crude oil up 1% to over $78 a…
Read More: Stock Market Today: The Dow Bounces Back, Facebook Climbs After Tech