Nasdaq battles back as bond yields ease
2 min readU.S. equity markets battled higher Tuesday as bond yields eased off their highest level in over a year.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
I:DJI | DOW JONES AVERAGES | 32072.63 | +270.19 | +0.85% |
SP500 | S&P 500 | 3900.54 | +79.19 | +2.07% |
I:COMP | NASDAQ COMPOSITE INDEX | 13126.474182 | +517.31 | +4.10% |
The Dow Jones Industrial Average gained 286 points, or 0.9%, while the S&P 500 and the Nasdaq Composite advanced 1.79% and 3.15%, respectively.
The rally comes a day after the Nasdaq slid into a correction, down at least 10% from its recent peak, as the 10-year yield climbed to a 13-month high of 1.59%.
On Tuesday, the benchmark yield was trading lower by 5 bps at 1.54%, falling below where it closed on Friday.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
TSLA | TESLA, INC. | 674.38 | +111.38 | +19.78% |
AAPL | APPLE, INC. | 121.51 | +5.15 | +4.43% |
NFLX | NETFLIX, INC. | 510.70 | +17.37 | +3.52% |
In stocks, mega-cap technology names that have been mauled amid the recent rise in bond yields were bouncing back with Tesla Inc., Apple Inc. and Netflix Inc. outperforming.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
GME | GAMESTOP | 240.23 | +46.51 | +24.01% |
AMC | AMC ENTERTAINMENT HOLDINGS INC | 10.47 | +1.18 | +12.65% |
GameStop Corp. shares were on track for a sixth straight day of gains, seeing continued strength from Monday that developed after the company said Ryan Cohen, founder of online pet food supplier Chewy, would lead its e-commerce push. Fellow Reddit favorite AMC Entertainment Holdings Inc. will report after the closing bell Wednesday.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
PTON | PELOTON INTERACTIVE, INC. | 116.05 | +14.70 | +14.50% |
Elsewhere, Peloton Interactive Inc. announced plans to expand to the Asia-Pacific region. The company will begin selling its workout equipment in Australia later this year.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
GPS | GAP | 29.14 | +0.32 | +1.09% |
Apparel retailer Gap Inc. is considering selling its China business, according to Bloomberg News, citing people with knowledge of the matter.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
DKS | DICKS SPORTING | 72.06 | -4.69 | -6.11% |
In earnings, Dick’s Sporting Goods reported better-than-expected quarterly earnings and revenue but warned full-year sales may not be as strong as previously anticipated.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
SFIX | STITCH FIX | 48.50 | -20.02 | -29.22% |
Personal styling platform Stitch Fix Inc. swung to a quarterly loss as holiday sales came in softer-than-expected. The company lowered its full-year revenue forecast due to shipping and processing delays.
In commodities, West Texas Intermediate crude oil fell 23 cents to $64.82 per barrel while gold spiked $32.70 to $1,710.70 an ounce.
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Overseas markets were mostly higher.
Britain’s FTSE 100 rose 0.16%, while France’s CAC 40 and Germany’s DAX 30 advanced 0.36% and 0.46%, respectively.
In Asia, China’s Shanghai Composite slumped 1.82%, Hong Kong’s Hang Seng climbed 0.81% and Japan’s Nikkei 225 gained 0.99%.