Stock markets expected to open modestly higher after Monday’s sharp drop
Wall Street futures were trading modestly higher on Tuesday morning after Monday’s massive sell-off, which was triggered by inflation worries, fears about U.S. monetary policy tightening, and rising energy prices.
As of 6:10 a.m. ET, futures tied to the blue-chip Dow Jones Industrial Average traded up 114 points, or 0.34% to 33,984. S&P 500 futures gained 15.25 points, or 0.36% to 4,306.50 while the tech-heavy Nasdaq 100 advanced 58.75 points, or 0.41% to 14,521.
Yesterday, the Dow shed 323.54 points, or 0.94% to close at 34,002.92 while the Nasdaq Composite plunged 311.21 points, or 2.1%, to end the session at 14,255.48.
The S&P 500 declined 56.58 points, or 1.3%, to finish at 4,300.46, its worst day since July 19.
Facebook, Instagram, WhatsApp back online after six hours of global outage
Meanwhile, Facebook (NASDAQ: FB) and its family of apps, including WhatsApp and Instagram are back up again after they were inaccessible for six hours on Monday.
Facebook announced that all its apps are working again after a change to its backbone routers affected the company’s day-to-day operations and services.
The social media giant said the problem disrupted internal services, which made it difficult to fix the issue.
Facebook has come under fire in recent days after whistleblower Frances Haugen, a former Facebook product manager leaked thousands of damning pages of internal research.
The documents revealed that the company intentionally boosted misleading or politically charged content as engagement bait.
As of writing, Facebook shares were up 1.22% in premarket trading after following a slump of 4.89% yesterday when its family of apps went offline.
Crude futures surge ahead of API data
In energy markets, crude futures were also trading in the green territory early Tuesday as traders await data on U.S. crude stockpiles from the American Petroleum Institute (API) at 4:30 p.m. ET.
Crude prices were also buoyed by a decision from the Organization of the Petroleum Exporting Countries, Russia and their allies (a group known as OPEC+) to stick to a gradual output increase timetable.
On Monday, OPEC+ members agreed to stick to their pre-agreed plan that will see 400,000 barrels per day (BPD) added in November, according to Reuters.