From Nasdaq:

U.S. stock index futures showed a small recovery from Tuesday’s sell-off, with the Dow up 0.22%, S&P up 0.38%, and Nasdaq up 0.59%. This comes after data showed inflation was higher than expected, causing uncertainty over the Federal Reserve’s interest rate cut. Rise in futures indicate optimism among investors in premarket trading.

Data revealed that inflation in January remained nearly double the Fed’s 2% target, causing Tuesday’s downturn on Wall Street. Bets for a rate cut in May have decreased to 41% from 63%, but expectations for June remain high at 76%, according to the CME FedWatch tool.

As Treasury Secretary Janet Yellen noted progress against inflation, investors will look for insight from Chicago Fed President Austan Goolsbee and Vice Chair for Supervision Michael Barr on the monetary policy outlook after Tuesday’s data.

Early movers saw Lyft surging 15.7% after beating profit estimates and Uber gaining 2.3%. Robinhood Markets also posted a surprise profit, driving shares up 11.9%. However, Intuitive Machines fell 10.7% when their robotic moon lander launch was postponed.

Crypto stocks surged as bitcoin prices hit a two-year high, with Marathon Digital and Riot both up between 7.2% and 11.9%. Citigroup also rose 1.4% after Piper Sandler upgraded its rating on the lender.

As Global stocks faced uncertainty and lower expectation on the market’s predictions for the year, critics say the futures will show progress if the monetary policy outlook is improved, as well as clarity in the limit on interest rate expectations. The Global market saw a decline on Tuesday, the first dip of the year. Bears believe the steady decline may be the first signs of an imperfect year for the S & P 500.



Read more: US STOCKS-Futures climb after Wall St sell-off; rate-cut jitters loom