U.S. stock futures fell on Wednesday morning after the S&P 500 posted its best two-day gain in roughly two years.
Dow Jones Industrial Average futures declined by 150 points, or 0.49%. S&P 500 and Nasdaq 100 futures dipped 0.53% and 0.55%, respectively.
Throughout the regular session Tuesday, the Dow jumped about 825 points, or 2.8%. The S&P 500 gained nearly 3.1%, while the Nasdaq Composite advanced 3.3%.
The 2 straight days of gains got here on the back of a pullback in bond yields, with the 10-year Treasury yield falling below 3.6% at one point after topping 4% briefly last week.
Meanwhile, a weakening in probably the most recent job openings data had some investors considering whether the Federal Reserve will slow the pace of rate of interest hikes.
Market participants wondered whether those signs could mean markets have finally priced in a bottom after the sharp declines within the prior quarter.
“I do not think you may have to fret a few recession until the second half of ’23,” Stifel chief equity strategist Barry Bannister said Tuesday on CNBC’s “Closing Bell: Additional time.” “So there’s room for a rally as you go into the early a part of next yr.”
Traders predict a raft of economic reports on Wednesday. Data on weekly mortgage applications is anticipated. September’s ADP private payrolls report is due out at 8:15 a.m. ET. The most recent international trade reading is due at 8:30 a.m. ET, while the ISM services index is ready to be released at 10 a.m. ET.