US Stocks Bounce Back as Oil Prices Steady Amid Rising Anxiety
US stock futures were rangebound on Thursday following a three-day losing streak for the S&P 500 and Dow Jones Industrial Average. However, both indices ended higher on Wednesday after oil prices stabilized at $90-a-barrel. Dell Technologies led the gainers in the S&P 500, surging 16% to record its strongest single-day gain since May 29 following a $25 billion upward revision to its annual revenue guidance.
The company's strong quarterly earnings helped boost investor sentiment, while Microsoft released its Azure revenue data for the first time. The S&P 500 ended Wednesday 0.5% higher, with the Dow Jones Industrial Average gaining 0.6%. West Texas Intermediate crude steadied at the $90-a-barrel level.
Economic activity across the United States expanded at a modest pace from early July through late August, according to the Federal Reserve's August Beige Book. However, business contacts nationwide expressed heightened anxiety about persistent increases in input costs and rising fuel costs linked to Middle East instability.