Stock market is on the rebound after a disastrous day on Wall Street

Stock futures were pointing to a slightly higher open for US stocks following a sharp drop Wednesday that sent the Nasdaq into a correction.

All four FANG stocks were up about 2% in premarket trading.

Tesla (TSLA) is poised for a particularly strong day, up more than 10% in premarket trading. The company reported by far its most profitable quarter in history late Wednesday, lessening concerns of a looming cash crunch that had been weighing on shares.

Southwest fell 7% but American Airlines rose 5% after the companies posted their earnings reports Thursday morning.

The Dow tumbled more than 600 points on Wednesday. The Nasdaq lost 4%, its worst one-day percentage drop in more than seven years.

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