U.S. stock market futures strengthened on Tuesday as bank stocks rose again. Dow Jones futures gained 346 points, or 1%. S&P 500 futures added 1.2%, while Nasdaq-100 futures rose 1.1%.
Bank shares rebounded slightly after taking a beating during Monday's trading session. The SPDR S&P Regional Banking ETF (KRE) rose more than 9% in premarket trading. Shares of First Republic Bank rose nearly 50% in extended trading, after closing up nearly 62% on Monday. Shares of KeyCorp added nearly 15% in a rebound from the release following a 27% decline.
The consumer price index rose 0.4% in February compared to January, matching the consensus estimate of economists polled by Dow Jones. An annual increase of 6% was also in line with economists' expectations. The "core" CPI, which strips out volatile food and energy prices, rose slightly from the previous month to economists' expectations of 0.5%, while a year-on-year increase of 5.5% was in line with their expectations.
On Monday, shares of the Dow Jones fell after plans to prevent depositors at Silicon Valley Bank failed to prop up the bank's shares, as did the S&P 500. The Dow Jones lost 90.50 points, or 0.28%, while the broader market index lost 0.15 %.
The tech-heavy Nasdaq Composite bucked the trend, rising 0.45%, as some investors bet the decline in Silicon Valley Bank could mean a pause in future interest rate hikes from the Federal Reserve.
Elsewhere, GitLab shares fell 31% in trading after the open-source software firm issued weaker-than-expected first-quarter revenue guidance.
