U.S. stock index futures pointed to a sharply higher open on Wednesday after a highly-volatile session for China's Shanghai Composite, with investors left largely unimpressed by the stimulus measures from the People's Bank of China.
The New York Stock Exchange invoked Rule 48 for a third straight session, after implementing the rule on Monday and Tuesday, Dow Jones reported. The goal of the rule is to ease market volatility.
Before this week, Rule 48 was most recently invoked in January 2015. In all, Rule 48 has been invoked 67 times since it was approved in 2007, according to an NYSE spokeswoman. The goal of the rule is to ease market volatility.
Futures extended gains, with the Dow indicating a higher open, rising more than 350 points and implying a plus-450 point open after China's central bank said on Wednesday it had injected 140 billion yuan ($21.8 billion) into the interbank money market via short-term liquidity operations (SLOs).
The Peoples' Bank of China fired a double-barrelled easing shot on Tuesday—lowering interest rates and the reserve requirement ratio (RRR) by 25 basis points and 50 basis points respectively—but this was not enough to reassure markets of slowing growth fears.
Investors are finding it difficult to know which direction to turn, with global indices flipping wildly between gains and losses after brutal selling seen at the start of the week. China's benchmark Shanghai Composite finished down 1.3 percent after fluctuating throughout the day.