U.S. stock futures soared late Sunday, after Wall Street’s worst week since October.
After initially dropping more than 300 points, the Dow Jones Industrial Average YM00 futures,
rose about 75 points, or 0.2%, while the S&P 500 future ES00,
and future Nasdaq-100 NQ00,
both were positive as well.
Stocks plunged on Friday, with the top three indices registering their worst overall week and month since October, with volatile trades at several short companies such as GameStop GME,
and AMC Entertainment AMC,
generated a bubble worries.
Read: What the January market decline means for stock returns in 2021
“The Street is carefully buying back the positions that were squeezed last week after deleveraging hit the market ecosphere,” wrote Stephen Innes, Axi’s chief global markets strategist in a note on Sunday. “I think it is still advisable to remain cautious, as the feeling of risk tends to peak like in the next 48 hours amid concerns about the effectiveness of the COVID vaccine, especially with the toxic flow of Reddit Red Raiders in the minds of traders. ”
Last week, Dow DJIA,
closed 3.2% lower, the S&P 500 SPX,
fell 3.3% and the Nasdaq Composite COMP,
it was out of 3.5%. On a monthly basis, the Dow lost 2%, the S&P 500 fell 1.1% and the Nasdaq Composite rose 1.7%.