Futures are surging

For the second day in a row, US stock futures are surging.

Near 7:15 am ET, Dow futures were up 300 points, S&P 500 futures were up 39 points, and Nasdaq futures were up 84 points.

Wednesday morning’s rally in US futures follows an ugly day on Tuesday, which saw stocks rally sharply early in the day before a huge sell off in the final hour of trading. All told, the Dow fell more than 600 points from its peak on Tuesday to the market close.

On Tuesday, all 3 major US indexes closed in the red.

Overnight, it was another wild session in China, as stocks in China rallied, tanked, rallied, and then slide into the close.

In Europe, stocks were lower. And as Business Insider’s Mike Bird notes, European bourses were closed before the real ugly part of the US session started, so perhaps the decline there is a bit of catch up.

The economic calendar is light on Wednesday, with durable goods orders the only headline data point expected this morning.

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