U.S. stocks looked set to rebound on Wednesday as investors shook off weak data from a day ago and focused on signs of easing tensions in Hong Kong and the retrenchment of a host of other anxiety-inducing political problems.
How did the markets fare?
Futures for the Dow Jones Industrial Average YMU19, +0.83% gained 190 points to 26,311, a gain of 0.7%, those for the S&P 500 index ESU19, +0.87% added 21.85 points to reach 2,927.50, rising 0.7%, while Nasdaq-100 futures NQU19, +1.10% gained 72,50 points, or 1%, at 7,690.25
On Tuesday, the Dow DJIA, -1.08% fell 285.26 points, or 1.1%, to 26,118.02, while the S&P 500 index SPX, -0.69% dropped 20.19 points, or 0.7% to 2,906.27. The Nasdaq Composite Index COMP, -1.11% declined 1.1% to 7,874.15, a drop of 88.72 points.
At session lows, the Dow had fallen 425.06 points, or 1.6%, the S&P 500 was down 34.61 points, or 1.2%, while the Nasdaq shed as many as 115.56 points, or 1.5%.
What drove the market?
Upbeat news from Hong Kong has set the tone for buying after Chief Executive Carrie Lam said she would withdraw a China extradition bill that sparked months of protests in the region and raised worries that those conflicts could eventually hurt the business environment and global financial markets.
Although the removal of the extradition bill only meets one of five demands from protesters, mostly young students, it has given investors some cause to cheer.
Hong Kong stocks jumped 3.9% on the reports, as gauged by the Hang Seng Index HSI, +3.90%, marking its biggest one-day gain since November.
Meanwhile, the U.K. Parliament late Tuesday took steps toward preventing a no-deal exit from the European Union. Newly inaugurated