US stock futures rose on Monday night after the Dow Jones Industrial Average posted a fifth day of losses. Traders are also keeping an eye on the key inflation report on Tuesday.
Dow Jones Industrial Average futures rose 79 points or 0.25%. S&P 500 and Nasdaq 100 futures climbed 0.20% and 0.21%, respectively.
Bank stocks recovered somewhat after losses during Monday’s trading session. SPDR S&P Regional Banking ETF
(KRE) climbed over 2% in extended trade. Shares of First Republic Bank
It popped 14% in extended trading after closing down nearly 62% on Monday. Shares of KeyCorp jumped nearly 12% after plunging 27% in regular trading.
Elsewhere, GitLab
Shares plunged 32% in after-hours trading after the open-source software firm issued weaker-than-expected first-quarter and full-year revenue guidance.
The Dow Jones Industrial Average fell on Monday after plans to backstop depositors at a Silicon Valley bank, as well as the S&P 500, failed to lift bank stocks.
, The Dow lost 90.50 points, or 0.28%, while the broad-market index lost 0.15%.
On the other hand, the tech-heavy Nasdaq Composite bucked the trend, rising 0.45%, as some investors read the collapse of the Silicon Valley bank could mean future interest rate hikes from the Federal Reserve.
Evercore ISI’s Julian Emanuel said on CNBC’s “Fast Money” Monday, “What we’ve seen in the last week is the first shot across the bow in terms of the impact of the tightening.”
“We are going to have a bearish … We think it is likely to be mild, and so what we are thinking is that you are going to retest those October lows, but eventually that buying opportunity will come. Do what we have been waiting for almost two years. That will start the next bull phase,” Emanuel said.
Investors are eagerly waiting for the latest inflation data. The February consumer price index is expected to rise 0.4% last month, according to Dow Jones Consensus Estimates, due Tuesday before the bell. This is lower than the 0.5% increase in the previous month.