Dow Futures Ease After Major Indices Bounce Back

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© Reuters Dow Futures Ease After Major Indices Bounce Back

By Oliver Gray – U.S. stock index futures were slightly lower during Tuesday’s evening deals after the major averages bounced back in regular trading hours, with market participants attempting to buy the dip following weeks of selling.

By 6:40pm ET (10:40pm GMT) Dow Jones Futures fell 0.1% while S&P 500 Futures and Nasdaq 100 Futures were down 0.2% apiece.

In extended deals, La-Z-Boy Incorporated (NYSE:LZB) popped 11% as the company’s reported Q4 results. EPS came in at $1.07, above consensus estimates of $0.92, while revenue came in at $684.6 million versus $664 million expected.

Ahead in the session, Federal Reserve Chair Jerome Powell is set to testify before Congress in the first of two sessions, while KB Home (NYSE:KBH) is set to post earnings results after the market closes.

During Tuesday’s regular trade, the Dow Jones Industrial Average surged 641 points or 2.15%, the S&P 500  gained 2.45% to 3,764.8 and the NASDAQ Composite lifted 2.51% to 11,069.3.

Energy companies led the gains following a lift in oil prices, with Diamondback Energy Inc (NASDAQ:FANG) up 8.2%, Exxon Mobil Corp (NYSE:XOM) gaining 6.2% and ConocoPhillips (NYSE:COP) lifting 5.9%.

 Heavyweight tech companies also surged, with Alphabet Inc (NASDAQ:GOOGL) up 4.1%, Microsoft Corporation (NASDAQ:MSFT) lifting 2.5% and Apple Inc (NASDAQ:AAPL) gaining 3.3%.

On the bond markets, United States 10-Year rates were at 3.279%.