US Futures Rise After Global Market Selloff
US stock futures rose on Tuesday after the major averages came under heavy selling pressure at the start of the week amid mounting fears of a US recession. A sharp drop in Japan’s stock market which was the worst since Wall Street’s Black Monday in 1987 and the rapid unwinding of the yen “carry trade” also contributed to the volatility. In regular trading on Monday, the Dow and S&P 500 tumbled 2.6% and 3%, respectively, for their worst sessions since September 2022. The tech-heavy Nasdaq Composite also plunged 3.43%. Megacap tech stocks which led this year’s rally declined the most on Monday, including Nvidia (-6.4%), Microsoft (-3.3%) and Tesla (-4.2%). Apple also fell 4.8% after Warren Buffett’s Berkshire Hathaway halved its holding on the iPhone maker. Meanwhile, Palantir Technologies surged 12% in extended trading on strong quarterly results and a guidance upgrade