S&P 500 futures bounce back after worst one-day slide in three months

It was the worst one-day decline in the S&P 500 since Sept. 26.

What’s driving markets

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 U.S. 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,” said Henry Allen, a Deutsche Bank strategist, in a note to clients.

Ahead of Friday’s release of November personal consumption expenditure index data, Thursday sees weekly jobless benefit claims, the third estimate of third-quarter GDP, the Philadelphia Fed manufacturing index and the leading economic index, a series that throughout the year has been forecasting a recession that hasn’t come.

Micron Technology
MU,
-4.24%
will be in the spotlight after the chipmaker’s results came in better than expected.