Market Insider

China rebound sets up Thursday trading

Traders work on the floor of the New York Stock Exchange.
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Stock futures rebounded Thursday as the twin fears of China and Greece receded for now and traders turned their attention to upcoming Fed speakers.

U.S. futures followed global equities markets higher after Chinese stocks rebounded overnight, with the Shanghai up nearly 6 percent in the biggest one day gain in six years. The government took more steps to stem the selling, including prohibiting selling by some large shareholders.

"There's definitely an issue if we see a further correction in the Chinese stock market," said Russ Koesterich, BlackRock's chief investment strategist.

Stocks were smacked hard Wednesday by concerns that China's economy will begin to feel the pain of a selloff that had erased more than 32 percent from . The meltdown in Shanghai and Shenzen bled into the more established Wednesday, raising fears foreign investors were starting to head for the exits. Hong Kong also rebounded Thursday.