Global stocks stabilize ahead of Big Tech earnings and as China pledges to support its COVID-hit economy

China pledged to boost monetary support for its stricken economy on Tuesday as global stocks showed stability, although US index futures dipped ahead of the start of this week's Big Tech earnings.

The futures on the S&P 500 and the Nasdaq fell as of 4:20 a.m. The lower start to US trading could be due to this.

The index tracks markets in several developed and emerging nations.

The first-quarter earnings season will begin this week with results from Microsoft and Alphabet.

Jeffrey Halley, a senior market analyst at Oanda, said that the real meat in the sandwich will be the outlooks for the years to come.

The tolerance for tech stock under performance is minimal according to the chief strategist at SEB Research.

On Monday, the stock market rallied even before it was announced that the company was going to be sold to Musk.

Dan Lane, senior analyst at Freetrade, said that the market doesn't know if it's arrogance leading the way or genius. If he takes his eye off the ball for a while, it is worth it.

The key theme in financial markets is one of risk aversion, with concerns over global growth leading to sell-offs in risk assets, as anxiety about China's coronaviruses outbreak dragging into a fourth week has sparked growth concerns.

Matthew Ryan, senior market analyst at E, said that markets reacted to the news of possible new lockdowns on Monday in a classic "risk off" mode, with investors spooked that weaker demand in Asia could hurt global growth.

The Chinese central bank said it will ease monetary policy and support the economy, sparking some optimism in Asian equities.

The PBOC will step up the prudent monetary policy's support to the real economy, especially for industries and small businesses that have been hit hard by the swine flu, the People's Bank of China said on Tuesday.

The Hang Seng in Hong Kong was up 2% and the Tokyo Nikkei was up 0.4%. The index fell 1.4%.

Markets are worried about the pace of central bank tightening after Federal Reserve Chair Powell said a 50 basis point rate hike was on the table at the May meeting. The US economy had just begun to recover from the Pandemic and could potentially go into a recession.

Russian threats are affecting market sentiment. The Russian Foreign Minister warned of a Third World War after Lloyd Austin said the US wants to see Russia weakened.

European banks, including HSBC and UBS, had mixed results, but European equities rallied Tuesday.

The London's FTSE 100 rose. The Euro Stoxx 600 rose and the DAX added to its gains.

Oil prices traded in a narrow range from Monday's level as supply worries persist, with more buyers turning away from Russian oil even without a formal European embargo.

West Texas Intermediate fell 0.9% to 97.66 a barrel.

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