Wall Street's main indexes were set to open higher on Tuesday, with investors buying into beaten-down banks and megacap growth stocks after a three-day selloff on concerns around aggressive monetary tightening and slowing economic growth.
Both the indexes have dropped about 16% and 26%, respectively, this year due to the war in Ukraine, China's COVID-19 lockdowns roiling global supply chains and rising bond yields as traders adjust to higher U.S. interest rates.
"So investors, in a sense, are searching for a catalyst right now to indicate that either the worst is behind us or there's more pain ahead."
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