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Premarket – Tesla shares climb and S&P 500 futures inched up on early Wednesday

U.S. stock futures rose Wednesday, a day after Wall Street’s wild ride that saw the Nasdaq claw back nearly all of a nearly 4% loss to close down just 0.5%. The S&P 500 reversed a 1.8% decline to close up slightly, breaking a five-session losing streak. The Dow Jones Industrial Average wiped off a drop of 360 points, or more than 1%, to close modestly higher for the third straight session.

Tesla shares were higher by 4% in premarket trading after it was revealed Ark Invest’s Cathie Wood bought a ton more of her biggest holding during Tuesday’s selling. Wood bought more than $120 million worth of Tesla shares for the flagship Ark Innovation ETF, according to the firm’s website.

Bitcoin, which some view as a barometer of speculation in financial markets, rebounded back above $50,000 after more buying of the cryptocurrency from Square.

On Wednesday, the Food and Drug Administration’s staff endorsed Johnson & Johnson’s single-shot Covid-19 vaccine for emergency use, bringing the third vaccine to the U.S.

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