Nasdaq, S&P, Dow climb as Wall Street rebound picks up steam ahead of Tesla results

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Wall Street on Tuesday continued its rebound from its worst week in over a year, helped by an advance in technology stocks ahead of key quarterly reports from "Magnificent 7" members over the next few...

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The tech-heavy NASDAQ Composite (COMP:IND) and the benchmark S&P 500 (SP500) added more than 1% each in mid-day trade, with the former rising 1.52% to 15,686.09 points and the latter gaining 1.18% to 5,069.54 points. The blue-chip Dow (DJI) climbed 0.65% to 38,486.81 points. Of the 11 S&P sectors, nine were in the green, led by Communication Services and Technology. Treasury yields retreated as investors snapped up bonds. Traders will be keeping an eye on a record $69B 2-year note auction in the afternoon. \"Given the attractive level of yields and a more limited risk for yields to retrace higher, we think (the) auction will be digested smoothly,\" JPMorgan's Jay Barry and Jason Hunter said. \"Two-year yields have risen 38bp since the March auction and are sitting near their highest levels since the fall, as (overnight index swap) markets are now not pricing in a full cut until the November FOMC meeting. At these levels, we think there is more limited room for the front end to continue to reprice in a hawkish manner compared with what we’ve seen over the last three months,\" Barry and Hunter added. The longer-end 30-year yield (US30Y) was down 1 basis point to 4.70%, while the 10-year yield (US10Y) was down 3 basis points to 4.58%. The shorter-end more rate-sensitive 2-year yield (US2Y) was down 4 basis points to 4.94%. See live data on how Treasury yields are doing across the curve at the Seeking Alpha bond page.  The S&P (SP500) last Friday posted its worst weekly performance since early March last year. But the gauge rebounded on Monday, with sentiment boosted by an easing of worries over a wider Middle East conflict, and a rebound in Treasury yields following a sustained bond sell-off. Market participants are now looking ahead to key earnings numbers from Tesla (TSLA) later today, Facebook-owner Meta Platforms (META) on Friday, and Microsoft (MSFT) and Google-parent Alphabet (GOOG) (GOOGL) on Thursday. Their performance will be a further test of the current bull run in equities.  A Deutsche Bank chart on Monday showed how every member of the \"Magnificent 7\" club was well off their peaks for 2024, with six of the seven names at least 7% below their respective YTD highs. Markets also received a lift on Tuesday from post-earnings gains in GE Aerospace (GE) and General Motors (GM).  GE Aerospace (GE), reporting its first results since the final breakup of the legacy industrial conglomerate known as General Electric, saw its stock hit a record high after it raised its annual profit guidance. Meanwhile, General Motors (GM) drove higher after the \"Detroit Three\" carmaker smashed quarterly revenue estimates by more than a billion dollars and saw a strong retail deliveries performance for its electric vehicle (EV) portfolio. \"After GM puts up big numbers. No problems selling cars or EVs...this sets up a no excuses (quarter) for Tesla (TSLA). All about the optics of the conference call,\" Ross Gerber, co-founder of Gerber Kawasaki Wealth & Investment Management, said on X (formerly Twitter).  Conversely, PepsiCo (PEP) slipped and was the top percentage loser on the NASDAQ Composite (COMP:IND). The decline came despite the snacks and soft drinks behemoth delivering a quarterly organic revenue growth beat. Turning to Tuesday's economic calendar, data from S&P Global showed that U.S. business activity continued to increase in April, though it indicated only a slight expansion and one that was the softest since December. Then, according to data from the Richmond Federal Reserve's regional survey, Fifth District manufacturing activity remained slow in April. Finally, new home sales in March jumped past the consensus estimate.   More on the markets  Biggest stock movers today: SPOT, GM, DHR, IBRX, NVS, and more 4 stocks to watch on Tuesday: TSLA, UPS and more Commodity Roundup: Gold, silver suffer aggressive, but 'healthy' correction - Saxo Bank","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2429117520"}