Stock futures are flat after markets claw back some losses from weeks of selling

The major averages jumped in regular trading hours in an attempt to claw back some of their recent losses.

The futures contracts for the S&P 500 and the Dow Jones Industrial Average were the only ones to change.

The stock market surged on Tuesday, with the blue chip index gaining 641 points, or 2%. The S&P 500 had its best day of the year. It was the benchmark index's worst weekly performance in over a year.

Following its tenth week of losses in the last 11 weeks, the index advanced on Tuesday.

The stock market has recently been weighed down by fears of a recession. The Fed raised interest rates by three-quarters of a percentage point last week.

As the Fed tries to cool inflation, it moved.

The risks of a hard landing are rising in our base case, but we don't see a U.S. or global recession in '22 or '23

The firm said that even if the economy does slip into a recession, it should be shallow.

The risks of a recession for the U.S. economy are more front- loaded, according to Goldman.

The firm said in a note to clients that they are increasingly concerned that the Fed will feel compelled to respond forcefully to high headline inflation and consumer inflation expectations if energy prices rise further.

Tuesday's rally raises the question of whether the action is short-term relief or a change in sentiment. The strength was broad. The energy sector was the leader on the day with a 5.8% gain.

The actions taken by the Federal Reserve have had time to work through the system, according to a note to clients.

Powell will testify before Congress on Wednesday and Thursday. After the market closes on Wednesday, the results will be posted by the home builder.