U.S. stocks are up in positive territory around noon on Tuesday with the technology sector turning in a fine performance, rebounding strongly after previous session’s losses. Several stocks from the energy sector are exhibiting weakness due to the decline in oil prices.
With key earnings announcements set to pour in from this week, and crucial economic data, including readings on consumer price and producer price inflation due this week, the market is likely to see hectic activity, looking past the developments on the geopolitical front.
Among the major averages, the Dow is up 76.66 points or 0.18 percent at 42,030.90 a little before noon. The S&P 500 is at 5,741.28, gaining 45.34 points or 0.8 percent, while the Nasdaq is up 228.04 or 1.27 percent at 18,151.94.
NVIDIA is gaining 3.5 percent. Palo Alto Networks is climbing nearly 5 percent. Netflix, Adobe, Airbnb, Autodesk and Intuit are up 2 to 3 percent.
Delta Airlines, Broadcom, United Airlines Holdings and Humana are also sharply higher.
PepsiCo is gaining about 1.3 percent. The company announced today that its bottom line came in at $2.930 billion, or $2.13 per share, compared with $3.092 billion, or $2.24 per share in last year’s third quarter. The numbers, however, beat the Street estimates.
Moderna, ON Semiconductor, Global Foundries are notably lower. Marathon Oil, ConocoPhillips, Valero Energy and Super Micro Computer are also weak.
On the economic front, the trade deficit in the US narrowed to $70.4 billion in August 2024, the lowest in five months, from an upwardly revised $78.9 billion in July. Exports increased 2% to a record high of $271.8 billion, while imports dropped 0.9% to $342.2 billion.
In overseas trading, Asian stocks declined on Tuesday, with Hong Kong markets leading regional losses as China’s National Development and Reform Commission pledged more measures to boost the Chinese economy but gave little in the way of details.
The dollar consolidated near a seven-week high while gold edged down slightly after a Federal Reserve official urged a cautious path on interest-rate cuts.
Investors looked ahead to key U.S. inflation readings and the release of the Fed’s latest meeting minutes this week for additional clues on the Fed’s rate trajectory.
The major European markets drifted lower as Middle East worries persisted and China’s state planner announced no new plans for major stimulus.
U.S. Stocks Recover From Recent Losses; Nasdaq Outperforms
2024-10-08 16:05:25
