Investing.com – Wall Street futures pointed to a recovery at the U.S. open on Tuesday after two days of declines that wiped a record $3.01 trillion off the face of global equities as results in the U.K.’s referendum on its membership in the European Union (EU) shocked markets with a decision to leave, known as a Brexit.
The blue-chip Dow futures gained 194 points, or 1.14%, by 10:50AM GMT, or 6:50AM ET, the S&P 500 futures rose 21 points, or 1.07%, while the tech-heavy Nasdaq 100 futures traded up 46 points, or 1.11%.
According to Howard Silverblatt from S&P Dow Jones Indices, the S&P 500 lost $317 billion on Monday bringing its two-day loss total to $974 billion, the third worst drop in its history.
In this context, global stocks were rebounding on Tuesday and reversals were seen in most asset classes.
Sterling moved away from a 31-year low, while safe-haven assets such as gold or the yen gave up some of their recent gains.
Oil too staged a recovery from seven-week lows with sentiment further bolstered by concerns over supply disruption in Norway, where about 755 workers on seven oil and gas fields could go on strike from Saturday if a new wage deal is not agreed before a Friday deadline.
U.S. crude futures gained 2.74% to $47.60 by 10:51AM GMT, or 6:51AM ET, while Brent oil traded up 2.53% to $48.98.
Meanwhile, Tuesday’s economic calendar will see the release of the third estimate for first quarter GDP, expected to rise to 1%, at 12:30GMT, or 8:30AM ET.
There are also S&P/Case Shiller home prices at 13:00GMT, or 9:00AM ET, followed by consumer confidence data, at 14:00GMT, or 10:00AM ET.
In company news, IHS Inc (NYSE:IHS) reporting earnings-per-share of $1.60, beating the consensus forecast by 12 cents.
Nike was scheduled to report earnings after the market close.