Stock futures pointed to opening gains on Thursday, following the worst one-day decline in three months.
There wasn’t any clear fundamental trigger for Wednesday’s sell-off, setting the stage for a better day on Thursday. But the market has been rallying hard and fast, with the S&P 500 up 22% this year.
“The turnaround happened around 90 minutes before the close, and although there wasn’t an obvious catalyst that was responsible, we had just seen the fastest advance for the S&P 500 in over 3 years, so maintaining that momentum was always likely to prove difficult,” Deutsche Bank said.