Stock futures rose in early morning trading Tuesday following a brutal week as investors assessed a more aggressive Federal Reserve and rising chances of a recession.
Futures for the Dow Jones Industrials jumped 406 points, or 1.4%, early Tuesday to 30,275.
Futures for the S&P 500 hiked 54.75 points, or 1.5%, to 3,730.50.
Futures for the NASDAQ Composite index popped 169.75 points, or 1.5%, to 11,466.50.
Markets in the U.S. were closed Monday for “Juneteenth”.
Shares of Kellogg jumped more than 7% in premarket trading after the company said it would split into three separate companies. Separately, food company Mondelez increased 1.2% in premarket trading following news that it would acquire energy bar maker Clif Bar in a $2.9 billion transaction.
Airline stocks soared higher in premarket trading amid hopes of a summer travel boom. Shares of Spirit Airlines jumped more than 9% in premarket trading after JetBlue raised its takeover offer to $33.50 a share, even as Spirit deliberates a proposed merger with Frontier Group. JetBlue's stock price jumped 1.8% in pre-market trading.
Investors will monitor incoming data, including existing home sales on Tuesday, to gauge the health of the economy. Recent data showing low consumer confidence, falling retail spending and a cooling housing market have fueled recession fears as the Fed battles inflation at 41-year highs.
In Japan, the Nikkei 225 regained 1.8% Tuesday. In Hong Kong, the Hang Seng recovered 1.9%
Oil prices leaped $2.41 to $110.40 U.S. a barrel.
Gold prices dished off $4.80 to $1,835.80 U.S. an ounce.