By Victor Reklaitis, MarketWatch
U.S. stocks looked poised to step higher at the open Wednesday, with stock futures adding to earlier gains after China unveiled fresh stimulus measures.
S&P 500 futures were up 26.20 points, or 1.4%, to 1,899, as equities try to halt a punishing six-session skid driven in large part by worries about China.
Dow Jones Industrial Average futures advanced by 205 points, or 1.3%, to 15,924, while those for the Nasdaq 100 tacked on 53 points, or 1.3%, to 4,081.50.
On Wednesday after the close of trading in Chinese markets, the People's Bank of China said it will inject $21.80 billion into the financial system in a new easing effort (http://www.marketwatch.com/story/chinas-central-bank-to-pump-140-bln-yuan-into-economy-in-fresh-easing-bid-2015-08-26). That follows the central bank's interest-rate cut on Tuesday, which initially helped give a lift to U.S. stock market before its sharp reversal to the downside (http://www.marketwatch.com/story/wall-street-set-to-rebound-after-massive-selloff-futures-rally-3-2015-08-25) in the late afternoon. The S&P 500 index ended 1.4% lower and the Dow Jones Industrial Average settled with a 1.3% loss.
Some strategists were downbeat early Wednesday. While the S&P and Dow "are set to open in the green," Asian and European stocks have dropped and "it's unlikely U.S. will go against this trend," said Nour Al-Hammoury, chief market strategist at ADS Securities, in a note. European equities were down but off their session lows (http://www.marketwatch.com/story/european-stocks-pull-lower-as-chinese-growth-concerns-persist-2015-08-26), while the Shanghai Composite closed lower (http://www.marketwatch.com/story/asia-markets-seesaw-after-chinas-easing-moves-disappoint-2015-08-26) for a fifth straight day.