NEW YORK, Aug 25 — US equity-index futures advanced after the steepest two-day drop in more than six years pushed the Standard & Poor’s 500 Index into a correction.
Contracts on the S&P 500 due in September rose 0.7 per cent to 1,883.25 as of 9:32 a.m. in Sydney on Tuesday. Futures on the Dow Jones Industrial Average added 0.7 per cent, while those on the Nasdaq 100 Index climbed 0.6 per cent.
“They’re up for now, but futures can get swamped by what happens in Asia today,” Matthew Sherwood, head of investment strategy at Perpetual Ltd. In Sydney, which manages about US$22 billion (RM93.542 billion), said by phone.
“Only a fool would say that the worst is behind us.
“People might be thinking this could represent a buying opportunity, but the danger there is trying to catch the falling knife.”
New Zealand’s S&P/NZX 50 Index, the first Asia-Pacific market to open, fell 2.3 per cent in Tuesday morning trading. Futures on indexes from Sydney to Hong Kong signaled further declines.
After a day of wild swings, the S&P 500 lost 3.9 per cent yesterday to cap a 7 per cent two-day retreat, the most since December 2008, and enter its first correction since 2011. — Bloomberg
