U.S. stocks open higher after heavy weekly sell-off

US stock futures gain, hinting at Monday rebound

Wall Street's two-day winning streak appears to be in jeopardy Tuesday Morning as USA stock futures were in the red ahead of the opening bell. The Dow Jones Industrial Average rose by 410 points, or 1.7 percent. The Nasdaq composite climbed 98 points, or 1.4 per cent, to 6,973. The 5.2% weekly decline for the S&P 500 was the worst in two years.

Consequently, investors are paying close attention to the bond market, in relation to interest rates, with yields dropping during Tuesday's morning trade.

Most analysts believed that the recent pullback was not linked to economic fundamentals.

The correction was long overdue and may last another few weeks, but there still may be room for US stocks to rise another 10 percent to 15 percent before the end of the year, said Douglas Cohen, a managing director at Athena Capital Advisors.

However, financial service company Societe Generale remains cautious for 2018 as extreme positioning, tapering of central bank liquidity and underestimated risks of inflation repricing may continue to exert pressure on risk assets. The yield on the 10-year Treasury was 2.858 percent on Monday, compared with 2.829 on Friday.

Saroliya added, "Whatever we think about the precise triggers - be it higher rates driven by inflation surprises or a messy liquidation of volatility-sensitive investments - what's evident yet again is that psychology exerts a disproportionate impact on markets".

Traders are reacting to renewed volatility, concerns over rising Treasury yields, worries ahead of Wednesday's US consumer inflation report and earnings. Inflation and interest-rate fears sparked a stock market rout after U.S.jobs data was released on February 2.

Investor attention is focused on the question of inflation.

The S&P 500 is down 9.3 percent from the record high it set January 26. Brent crude, used to price worldwide oils, advanced 43 cents to $63.22 a barrel in London.

In other energy trading, wholesale gasoline fell 2 cents to $1.68 a gallon.

Twenty-First Century Fox picked up 66 cents, or 1.9 percent, to $36.40 after The Wall Street Journal reported that cable and internet provider Comcast is still interested in buying Fox's entertainment divisions and could make another offer.

Restaurant Brands International, the owner of Burger King and Tim Hortons, jumped $3.80, or 6.7 per cent, to $60.31 after a strong fourth-quarter report, and McDonald's gained $3.24, or 2 per cent, to $164.04. Heating oil fell 2 cents to $1.84 a gallon. The futures on gold rose by 0.81% to 1,326.30 United States dollars per ounce.

METALS: Gold rose $10.70 to $1,326.40 an ounce. In Japan, the Tokyo Stock Exchange was closed for a national holiday.

Frankfurt's DAX led with a 1.6% advance. The Shanghai Composite jumped 0.8%, Hong Kong's Hang Seng Index slipped 0.2%.

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