Wall Street Seems Headed For Gains

Wall Street appeared headed for gains when the market opens on Tuesday after recent losses dragged some benchmarks to their lowest levels in more than a year as war, inflation and rising interest rates have rattled investors in 2022, the Associated Press (AP) reported.

Photo Insert: Wall Street and the New York financial district skyline

Futures for the S&P 500 and the Dow Jones Industrial Average were 0.7% higher, respectively. On Monday, the S&P 500 fell 3.2% and finished down 16.8% from its Jan. 3 record. The Dow fell 2% while the Nasdaq composite slid 4.3%.

Most Asian stock markets followed the US lower overnight, while Europe trended higher in midday trading Tuesday. The Federal Reserve is trying to cool inflation that is running at a four-decade high, but investors worry that might trigger a US downturn.

At midday in Europe, the FTSE 100 in London gained 0.5%, Frankfurt’s DAX added 1.1% and the CAC 40 in Paris gained 0.6%.

In Asia, the Nikkei 225 in Tokyo lost 0.6% to 26,167.10 and Hong Kong’s Hang Seng dropped 1.8% to 19,633.69. The Shanghai Composite Index gained 1.1% to 3,035.84 after the Chinese government told local authorities to help small businesses pay rent and other expenses in a new effort to boost anemic economic growth.

The Kospi in Seoul shed 0.6% to 2,596.56 and Sydney’s S&P-ASX 200 declined 1% to 7,051.20. India’s Sensex advanced 0.3% to 54,623.12. New Zealand, Singapore, and Jakarta retreated while Bangkok gained.

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