Stock futures rise 1% after Nasdaq best day since July

Stock futures rose Tuesday morning after the Nasdaq Composite posted its best daily performance since July.

Futures linked to the Dow Jones industrial average rose 432 points, or 1.43%. S&P 500 futures rose 1.65% and Nasdaq 100 futures rose 1.85%.

The moves came after a winning day on Wall Street. The Dow Jones Industrial Average rose 550 points, a volatile trade last week. The S&P 500 rose 2.65% for the day. The Nasdaq rose 3.43% as tech stocks rebounded, led by names like Amazon, MetaPlatforms and Microsoft. It was the best day for the tech-heavy index since July 27.

Solid earnings reports boosted stocks. Bank of America rose 6.06% after delivering better-than-expected results, and Bank of New York Mellon rose 5.08% after its own earnings.

In addition, another pioneer in the UK strengthened the markets. The UK’s new Chancellor of the Exchequer, Jeremy Hunt, announced on Monday Reversing almost all announced tax cuts and withdraw the energy subsidy.

Investors are watching for any sign that the stock market has bottomed and a new rally could be the start of a new bull cycle. Still, analysts aren’t sure what the bottom is, and many are looking forward to more pain.

“I think this is going to be one of those bear market rallies that has people scratching their heads,” Guy Adami, director of advisory advocacy at Private Counsel Group in Morristown, New Jersey, told CNBC’s “Fast Money.” There is nowhere out of the woods when it comes to bear market.

Even bigger bank earnings tech. On Tuesday morning, Goldman Sachs will announce its quarterly results. Johnson & Johnson, Netflix and United Airlines will also announce results later that day. Later in the week, Tesla, IBM and American Airlines report.

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