The stock market continued to climb midday on Tuesday, with the Dow Jones Industrial Average and other major indexes showing gains in the wake of last week’s sell-off. Investors are feeling bullish as key economic indicators and earnings reports from major companies are anticipated. Nvidia and Alphabet are approaching important levels as they head into earnings.
In recent action, the Dow industrials rose 0.5% and the S&P 500 climbed 1%. Technology and communication services sectors saw gains while materials and consumer staples lagged. The Nasdaq posted the largest jump at 1.3%. All indexes are higher than Monday’s lows.
Key economic data, such as the first quarter GDP results and the Personal Income and Outlays report, are expected later in the week. Investors are closely watching these reports as they provide insight into the economy and potential actions by the Federal Reserve.
The tech sector, in particular, is in focus as big tech companies prepare to report earnings. The Philadelphia semiconductor index rose, rebounding from losses last week. Small caps and growth stocks also showed gains, contributing to the overall positive performance of the market.
Stocks on the Dow Jones index recorded mixed movements, with companies like Apple and General Motors showing gains, while others like Cadence Design Systems saw declines. Earnings reports from Magnificent Seven stocks like Tesla, Meta Platforms, Google-parent Alphabet, and Microsoft are anticipated this week.
Steel stocks also saw movement after earnings reports, with some companies missing estimates. Aerospace and defense company Heico broke out from a flat base, showing potential for growth.
Overall, the market is showing signs of recovery from last week’s downturn, with investors focusing on key earnings reports and economic data to gauge the direction of future movements.
