Stock futures rise as Wall Street tries to recover following Tuesday’s sharp losses: Live updates

U.S. stock futures traded higher Wednesday, as Wall Street tries to recover from steep losses seen in the previous session. 

Dow Jones Industrial Average futures rose by 105 points, or 0.3%. Futures linked to the S&P 500 climbed 0.4% along with Nasdaq-100 futures.

Shares of Costco fell 2% in the premarket. For its fiscal fourth quarter, the membership club reported comparable sales grew 1.1% year over year, but advanced 0.2% in the U.S. Separately, Costco beat analysts’ expectations on the top and bottom lines for the period.

On Tuesday, the 30-stock Dow fell 388 points, or 1.14%, in its worst day since March. The S&P 500 declined 1.47%, while the Nasdaq Composite slid 1.57%. 

These losses came after new home sales and consumer confidence data missed economists’ estimates. The Conference Board’s consumer confidence index also fell more than expected.

“Consumers remain worried about inflation and the impact of higher borrowing costs. This also weighed on housing market activities as mortgage rates tick higher,” said U.S. Bank Asset Management senior investment strategist Rob Haworth. “However, still-high accumulated consumer savings balances, a strong labor market and solid wage growth are providing some support as we near the fourth quarter of the year.”

The market is currently living up to its “seasonally weak September,” said Blanke Schein Wealth Management’s chief investment officer Robert Schein. Indeed, the S&P 500 is off 5.2% in September, while the Dow is down 3.2%. The Nasdaq is the laggard of the three, losing nearly 7% this month.

Schein expects the volatility to extend into October, before a shift. “Earnings season begins in mid-October and if earnings results are better-than-feared, that just may be the catalyst needed to end this market correction,” he said.

Economic reports on deck Wednesday include August’s durable goods orders. Economists expect they declined 0.5%, according to Dow Jones. Payrolls company Paychex will issue its earnings report before the bell, followed by a highly-anticipated quarterly release from Micron Technology after the close.