(Reuters) – U.S. Stock Index Futures stabilized on Tuesday after a sharp sell-off on Wall Street during the previous session. Investors assessed the effect of a rise in oil prices, and Western sanctions against Russia for its invasion in Ukraine.

On Monday, the Nasdaq closed down 20% from its Nov. 19, record-high close. This confirms that tech-heavy Index has been in bear market ever since reaching this record high.

Dow confirms that it is in correction since its Jan. 4 peak. When an index closes below 10% of its record-setting closing level, it is called a correction.

Meanwhile, the benchmark lost $1.08 trillion on Monday, according to Howard Silverblatt, senior index analyst at S&P Dow Jones Indices, as investors worried over soaring crude prices on a possible ban of Russian oil imports fueling higher inflation.

The rebound in premarket trades was led by travel and leisure stocks which were the worst hit during the prior session’s plunge. United Airlines Holdings Inc (NASDAQ:) Inc rose 2.4%, and Carnival Corp (NYSE:) Corp rose 3.7%, respectively.

Recent rallies by oil and gas producers were extended. Marathon Oil Corp (NYSE: ) gained 1.1%. The S&P 500 energy sector has climbed 36.9% so far this year, the best performing sector.

JPMorgan Chase & Co (NYSE:), Bank of America (NYSE:) and other big U.S. banks rose 1% each, tracking , which climbed above 1.80% after hitting a two-month low on Monday. [US/]

Tesla (NASDAQ) Inc increased 0.7% as the electric vehicle manufacturer sold more vehicles made in China during February according to China Passenger Car Association.

At 06:39 AM. ET was up 90 points or 0.27%. ET was up 14.5 point or 0.35%. ET was up 7.25points or 0.05%.

U.S. stocks had a rough start to 2022. Rising geopolitical tensions exacerbated a selloff that was fueled in part by fears about Federal Reserve policy tightening to combat inflation.

Ukrainians boarded buses on Tuesday in order to flee Sumy, an eastern Ukrainian city under siege. It was their first attempt at evacuation through a Russian humanitarian corridor after many failed attempts.

CBOE’s volatility index dropped after it closed at its highest point since Jan 2021.