US futures turned positive in the aftermath of the Wall Street rally on the eve, which saw the Dow Jones jump 400 points, the S&P 500 jump 1.5% and the Nasdaq jump 2.6%. In particular, the S&P 500 index tested the maximum value since June.
At approximately 1.40 pm Italian time, Dow Jones futures are up by 0.12%; futures on the S&P 500 are up by 0.15%, while futures on the Nasdaq are up by 0.19%. Wall Street continues to carry on the strong comeback that began in mid-June. From the lows of that period, the S&P 500 has gained 14.25%.
Positive news from the macro front supported investor sentiment: the non-manufacturing ISM index was widespread, which reported a surprising comeback in July, rising to 56.7 points, over 55.3 points in June and well over the 54 estimated by analysts. Orders to factories in June were also better than forecasts, up by 2%, well over the estimated + 1.2%.
In reiterating the desire that US fed funds rates end 2022 in a range between 3.75% and 4%, James Bullard, one of the most hawkish exponents of the Fed, also reassured the markets that he did not believe that the US economy is currently in recession.