Stocks rebounded midday on Tuesday, aiming to recover some of the losses from the previous day when the Dow Jones Industrial Average dropped nearly 400 points. Nvidia (NVDA) stood out as it attempted to maintain its winning streak in the stock market.
The Nasdaq composite surged by 1.2% while the S&P 500 strengthened by 0.7%. The Dow Jones Industrial Average also saw a slight uptick of 0.1%. Apple (AAPL) led the way among Dow stocks on Tuesday, with shares rising by 1.5% and moving back above the 50-day moving average.
Meanwhile, the small-cap Russell 2000 index edged up by 0.3%.
In terms of market activity, the New York Stock Exchange experienced lower volume while the Nasdaq saw increased activity compared to the previous day. The 10-year Treasury yield remained above 4%, settling at 4.02% midday. Additionally, crude oil prices dropped by 4.5% to $73.65 per barrel.
Investors should keep an eye on upcoming earnings reports, with several companies expected to release their third-quarter results later in the week.
Stocks such as Commvault Systems (CVLT) surged by 4.7%, breaking out of a flat base with a buy point of 157.13. The cybersecurity firm announced an expanded partnership with Google Cloud, boosting its stock. Alphabet’s (GOOGL) shares also rose by 0.7% in response to the news.
While hospital stocks like HCA Healthcare (HCA) and Tenet Healthcare (THC) faced declines, cruise line stocks like Carnival (CCL) and Royal Caribbean Group (RCL) saw gains.
Overall, market observations suggest a mix of stock performances based on sector-specific news and broader economic indicators. Keeping track of these developments can provide valuable insights for investors looking to navigate the stock market.
