Nasdaq, S&P 500 Lead Futures Rebound; China Name Surges Before Earnings

E-mini S&P 500 Index

U.S. stocks gained for a second straight session on Monday as investors waded back into the market after Wall Street's biggest weekly drop in two years.

In Asia, markets advanced on Tuesday in morning session, tracking gains made by Wall Street. It earlier touched a new four-year high above 2.9%. As Trump keeps saying on Twitter, the USA economy also looks solid, with unemployment at a 17-year low. Wall Street tumbled back into sell-off mode Thursday, with the Dow plunging more than 1,000 points as worries over interest rate hikes continued to drag the market down. The yield on 2-year government bonds also rose to 2.077%.

The decline was preceded by a rapid rise to new highs.

The CBOE Volatility Index, the most widely followed barometer of expected near-term stock market volatility, ended down 3.45 points at 25.61, its lowest close since February 2. The broader Standard & Poor's 500-stock index and the tech-heavy Nasdaq were both up more than 1.5 percent. However, the Nasdaq was still holding onto this year's gains of 1.4 percent at the close of yesterday's session.

Sudden turmoil had gripped global markets last week after America's Dow Jones dropped around 6.2 per cent in trading.

U.S. stocks went on another bumpy ride on Wall Street, dropping sharply in early trading before recovering their losses by lunch time. However, the appreciation of the precious metal is expected to be curbed before the United States inflation figures later this week, which may mean a faster-than-expected rise in interest rates.

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The Russell 2000 index of smaller-company stocks picked up 13.15 points, or 0.9 percent, to 1,490.98. Now stocks are down about 0.35 percent since the start of the year.

The Dow Jones industrial average climbed 410 points, or 1.7 percent, in trading Monday.

Investors said upcoming data on US consumer prices and retail sales due out on Wednesday would be key to where stocks move in the short term. In Japan, the Tokyo Stock Exchange was closed for a national holiday. Brent crude, used to price worldwide oils, lost 20 cents to $62.59 a barrel in London. The S&P 500, meanwhile, posted moves greater than 1 percent in four-of-five trading days last week.

Stocks are sliding further on Wall Street, putting the market on track for its second big weekly drop in a row. The index rose 1.5 per cent Friday but still wound up with its worst weekly loss in more than two years.

"Over the short term, the selloff is likely to persist for the next few weeks because we are still in an adjustment period with people focusing on inflation data", said Lisa Erickson, head of traditional investments for US Bank Wealth Management. While last Friday saw trade close higher, all three major indexes ended the week more than 5 percent down, with the Dow delivering its worst performance since January 2016.

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