- Stocks accelerated their rebound after suffering heavy losses last week.
- Investors are turning their attention to mega-cap earnings, hoping for a new rally catalyst.
This week's equity comeback accelerated on Tuesday, as investors ready themselves for a number of major earnings reports.
Although dashed rate-cut outlooks pummeled markets last week, attention has now shifted to the upcoming reports of high-profile companies. Tesla is slated to publish after Tuesday's closing bell, with many on Wall Street having misgivings about its performance, given its massive stock slide and first-quarter delivery disappointment.
Meta, Alphabet and Microsoft will follow later in the week. If earnings exceed expectations, investors are hoping to jump-start another rally, with the stock market's 10% year-to-date gain through the end of March now cut by more than half.
Through Tuesday, around 20% of S&P 500 firms have reported earnings, with a majority beating expectations, FactSet data shows.
Here's where US indexes stood at the 4:00 p.m. closing bell on Tuesday:
- S&P 500: 5,070.54, up 1.2%
- Dow Jones Industrial Average: 38,503.95, up 0.69% (+263.71 points)
- Nasdaq Composite: 15,696.64, up 1.59%
Here's what else is going on:
- Gold could hit $3,000 as China's central bank keeps up its buying spree, economist David Rosenberg said.
- A 72% decline in Cathie Woods' ARK fund is accelerating an investor exit.
- Some retail investors got in on Nvidia early. Here's how they're spending their massive profits.
- Markets should ready for a steep decline and a debt-led financial crisis, Leon Cooperman warns.
- The US considers cutting off Chinese banks from financial markets amid worrying trade with Russia.
In commodities, bonds, and crypto:
- West Texas Intermediate crude oil jumped by 21.7% to $83.32 a barrel. Brent crude, the international benchmark, gained 1.62% to 88.41 a barrel.
- Gold slid by 0.44% to $2,321.65 an ounce.
- The 10-year Treasury yield fell nearly two basis points to 4.605%.
- Bitcoin slid by 0.3% to $66,577.