US equity futures staged a rebound after the worst two-day slump since February as technical levels continued to exert outsize influence on the stock market.
December contracts on the S&P 500 Index climbed ~1.4%, compared with the cash market’s 2.1% decline. Futures on the Nasdaq 100 gained 1.5%, while contracts on the Dow Jones Industrial Average climbed 0.9%.
In Europe, the Stoxx 600 Index jumped as much as 1%, the highest intraday raise since late July, with all the subgroups in green. Basic resources shares led gains in Europe.
Stock trading turned extra volatile Thursday as the S&P 500 neared and then fell through its 200-day moving average, a chart line that has put a floor under several selloffs earlier this year. The cash benchmark closed almost 1.4% below the level Thursday, the most since 2016. Futures for the benchmark index are still trading below their own 200-day mark.