U.S. stock futures rise slightly on Tuesday night after the major averages slid during the regular session.
Dow Jones Industrial Average futures rose by 47 points, or 0.14%. S&P 500 and Nasdaq 100 futures climbed 0.11% and 0.10%, respectively.
Johnson & Johnson shares rose nearly 3% in extended trading after the pharmaceutical company said Tuesday it would pay $8.9 billion over the next 25 years. The payments will settle allegations that the firm’s baby powder and other talc products caused cancer.
During the regular session on Tuesday, the Dow shed nearly 200 points, snapping a four-day win streak as broader economic concerns weighed on equities. The S&P 500 fell by 0.58%, also snapping a string of four consecutive winning sessions. The Nasdaq Composite dropped by 0.52%.
Investors digested the latest job openings report that suggested the Federal Reserve’s efforts to cool the labor market might finally be having an effect. In February, the number of available positions fell below 10 million for the first time in nearly two years.
Meanwhile, the energy market added to uncertainty this week after OPEC+ said it would cut output by 1.16 million barrels of oil per day.
“I think it’s some consolidation after a stellar rally that we had last week,” Anastasia Amoroso, chief investment strategist at iCapital, said Tuesday on CNBC’s “Closing Bell.”
“But that still doesn’t deter me from saying that I think we can have a more positive tone to April because if you look at the broader picture, we sort of have the recipe for a soft landing, which is inflation expectations are coming down. And broadly speaking, economic data is surprising to the upside. So that actually still supports a resilient stock market,” Amoroso added.
On Wednesday, traders are expecting the latest ADP private payrolls report before the bell. Economists polled by Dow Jones are expecting a rise of 210,000 jobs in March, down from an increase of 242,000 in the previous month.
The latest reading of the ISM Services Index is also set to release. Economists are forecasting a reading of 54.3, according to Dow Jones consensus estimates. That’s down slightly from 55.1 in the previous release.