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U.S. stock markets saw a strong recovery on Tuesday, with both the S&P 500 and the Nasdaq 100 climbing over 2%, nearly offsetting Monday’s losses. Investors took advantage of recent volatility to buy the dip, showing continued confidence in the U.S. economy’s ability to avoid a recession.
Gains were observed in both small-cap and blue-chip stocks, reflecting broad improvement in market sentiment.
The CBOE Volatility Index (VIX), often referred to as the market’s fear gauge, decreased by almost 40% on Tuesday after spiking 65% on Monday.
According to the FedWatch Tool, the likelihood of a 50-basis-point interest rate cut decreased to 90% Monday to 64% Tuesday.
As traders reassess Fed rate cuts, Treasury yields increased during the day, with the 10-year yield rising by 11 basis points to 3.9% and the two-year yield climbing 9 basis points to 4.01%.
The rebound of the U.S. dollar was supported by rising yields and diminished expectations of a larger Federal Reserve rate cut in September. The dollar increased by 0.8% against the low-yielding Japanese yen, breaking a streak of five consecutive days of losses.
In terms of macroeconomic data, the day was relatively quiet, with only June’s trade figures making news. The U.S. trade deficit narrowed to $73.1 billion in June 2024 from a revised 20-month high of $75 billion in May, slightly above market forecasts of a $72.5-billion gap. Exports increased by 1.5% to $265.9 billion, the second-highest on record, while imports grew by a more modest 0.6% to $339 billion.
Gold and oil prices both decreased by 0.7% and 0.8%, respectively, marking their fourth consecutive session of declines.
Bitcoin (CRYPTO: BTC) rebounded by 4.9% after experiencing a 7% drop on Monday.
Major Indices | Price | 1-day %chg |
Nasdaq 100 | 18,312.03 | 2.3% |
S&P 500 | 5,295.41 | 2.1% |
Russell 2000 | 2,081.01 | 1.9% |
Dow Jones | 39,301.11 | 1.5% |
According to Benzinga Pro data:
Stocks reacting to company earnings included:
Companies reporting after the close are Airbnb, Inc. (NASDAQ:ABNB), Coupang, Inc. (NYSE:CPNG), Devon Energy Corporation (NYSE:DVN), Amgen, Inc. (NASDAQ:AMGN), Cirrus Logic, Inc. (NASDAQ:CRUS), Exelixis, Inc. (NASDAQ:EXEL), Fortinet, Inc. (NASDAQ:FTNT), GoPro, Inc. (NASDAQ:GPRO), Illumina, Inc. (NASDAQ:ILMN), Jack in the Box Inc. (NASDAQ:JACK), IAC Inc. (NASDAQ:IAC), Tripadvisor, Inc. (NASDAQ:TRIP), Reddit, Inc. (NYSE:RDDT), Rivian Automotive, Inc. (NASDAQ:RIVN), Sunrun Inc. (NASDAQ:RUN), Wynn Resorts, Limited (NASDAQ:WYNN) and Super Micro Computer, Inc. (NASDAQ:SMCI).
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Posted In: $BTC ABNB ADTN AMGN CAT CEG CPNG CRUS CSX DIA DUK DVN EXEL EXPD FOXA FTNT GFS GPRO H IAC