U.S. stock futures traded slightly higher on Tuesday following a sharp downturn in the previous session.
As of around 5:45 a.m. ET, Dow Jones Industrial Average futures rose 46 points, indicating a higher open of 50 points, while S&P 500 and Nasdaq futures were also in positive territory.
On Monday, equities dived with the Dow falling just over 600 points amid a confluence of worries including a sharp decline in Apple’s share price, U.S. dollar strength and simmering global trade tensions. Shares of Apple closed 5 percent lower on Monday after Lumentum, one of the tech giant’s facial recognition suppliers, cut its outlook and said it received a request from a large customer to “materially reduce shipments” of its 3-D sensing laser diodes.
As for trade, Bloomberg News on Monday reported that President Donald Trump intends to meet with his trade team on Tuesday to discuss a draft report on European auto tariffs. Sentiment turned slightly more optimistic, however, following reports that Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He had resumed trade talks.
In other political news, Trump on Monday urged election officials in Florida to end a recount and declare victory for his fellow Republicans in the disputed races in last week’s midterm elections. Meanwhile, Democrat Kyrsten Sinema declared victory in the closely contested Arizona race.
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