Stock futures were slightly higher during overnight trading as the major averages attempted to recover from Wednesday’s heavy losses, which saw the S&P 500 tumble more than 2%.
Futures contracts tied to the Dow Jones Industrial Average rose 0.13%, pointing to a 75-point gain at the open on Thursday, while S&P 500 futures advanced 0.08%. Nasdaq 100 futures dipped 0.06%.
Stocks continued their September swoon on Wednesday, with all of the major averages registering steep losses. The Dow Jones Industrial Average closed 525.05 points, or 1.9%, lower, reversing a 176-point gain from earlier in the session. The S&P 500 declined 2.4%, while the Nasdaq Composite shed 3%.
“There wasn’t one specific reason to explain the selling, and in many ways the slump was a continuation of price action that’s been underway since the start of the month,” said Adam Crisafulli of Vital Knowledge. He noted that the tech trade, which cracked earlier in September, has yet to recover. “Psychology around the group shifted and it’s no longer the stalwart source of support it once was. Meanwhile, investors still aren’t…