Futures contracts tied to the major U.S. stock indexes crept higher in the overnight session Wednesday, just hours after persistent pressure on tech stocks pushed the Dow Jones Industrial Average to its worst day since January.
Dow futures jumped more than 101 points, while Nasdaq futures and those tied to the S&P 500 also inched higher.
An announcement that Colonial Pipeline has restarted its operations at 5 p.m. ET on Wednesday calmed some investors who had been concerned about its continued ability to supply the East Coast with gasoline.
The company said in a statement that it could take “several” days for the supply chain to return to normal service, but that it would move as much gasoline, diesel and jet fuel as is safely possible as it works to restore normal operations after a hack cause it to suspend service last week.
U.S. stocks pulled back during Wednesday’s regular session, led to the downside by technology shares as key inflation data showed higher-than-expected price pressures.
The Dow fell 681 points, or 1.99%, to notch its single-worst session since January. The blue-chip index clinched its worst day since February on Tuesday. The S&P 500 lost 2.1%, its biggest one-day drop since February, while the tech-heavy Nasdaq Composite slid 2.6%.