The S&P 500 futures have recovered much of Tuesday’s selloff with technology stocks leading the way.
Rocket Cos. (RKT) is the current darling of Reddit’s WallStreetBets. The owner of Rocket Mortgage and Quicken Loans shot up 71% on Tuesday after strong earnings. Rocket stock was 38% sold short and covering helped fuel yesterday’s move.
In the last week of February, Lyft (LYFT) had their best week in ridership in over a year. Ridership in February increased 4% over January. The company is raising their Ebitda expectations to a loss to $135M from previous forecasts of a $145M to $150M loss.
Earnings include DLTR, MRVL, SNOW, SPLK, VRM, AEO, FIZZ, and WEN.
The economic calendar include ADP @ 8:15am ET, Final Services PMI @ 9:45am ET, ISM Services PMI @ 10:00am ET, Oil @ 10:30am ET, and Beige Book @ 2:00pm ET. Fed speakers include Evans @ 1:00pm ET.
Volatility remains elevated but should contract if the bulls push higher.
Size bias is long into the US session open on relatively light Globex volume.