Stocks set to rebound from Dow's steepest one-day drop in 9 months

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U.S. stock markets were set to bounce back a day after the Dow suffered its steepest one-day decline in almost nine months. 

Dow Jones Industrial Average futures rose 163 points, or 0.64%, while S&P 500 futures and Nasdaq 100 futures advanced 0.44% and 0.56%, respectively. 

The Dow on Monday lost 725 points, or 2.09%, booking its worst day since October, as a resurgence of COVID-19 infections and ongoing inflation concerns rattled investors. 

Virgin Galactic Holdings Inc. and other space-related names were in focus as Amazon founder Jeff Bezos was set to become the second billionaire to leave Earth’s atmosphere. Bezos’ Blue Origin LLC is not publicly traded.   

In earnings, IBM revenue rose 3% over the prior quarter, the most in three years, amid strength in its cloud and consulting businesses. Both profit and revenue exceeded Wall Street estimates. 

Halliburton Co. reported quarterly profit climbed 33% as a rebound in crude oil prices spurred demand for oilfield services. 

Netflix Inc., Chipotle Mexican Grill Inc. and United Airlines Holdings Inc. are all set to release their quarterly results after Tuesday’s closing bell. 

In commodities, West Texas Intermediate crude oil ticked up 21 cents to $66.63 a barrel and gold rose $8.30 to $1,817.50 an ounce.

Overseas markets were mixed. 

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European bourses were higher across the board with France’s CAC 40 advancing 0.49%, Britain’s FTSE 100 rising 0.35% and Germany’s DAX 30 edging up 0.08%. 

In Asia, Japan’s Nikkei 22566 slid 0.96%, Hong Kong’s Hang Seng Index fell 0.84% and China’s Shanghai Composite lost 0.07%.