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You are at:Home » Wall St rebounds after global stocks rout
Finance and Investing

Wall St rebounds after global stocks rout

Gazet InternationalBy Gazet InternationalAugust 6, 2024Updated:January 27, 20252 Mins Read
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Wall Street’s indexes rose over 1% Tuesday as investors sought bargains post-selloff, boosted by dovish Federal Reserve comments.

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All S&P 500 sub-indexes rose, with the real estate sector leading at a 1.8% increase.

Nvidia rebounded 4.4% after Monday’s losses, while Apple fell over 1%, extending a 5% drop after Berkshire Hathaway halved its stake.

Both the S&P 500 and Nasdaq fell over 3% last session due to weak economic data, raising U.S. recession concerns.

Goldman Sachs noted that investors typically profit by buying after a 5% selloff in the S&P 500 index.

“We’re getting a relief rally specifically because the yen depreciated a little bit overnight… so the selling pressure has abated, which provides an opportunity for the market to rise with some buyers coming to the table,” said David Waddell, CEO and chief investment strategist at Waddell & Associates.

Market concerns grew as investors unwound yen-funded trades after the Bank of Japan’s unexpected rate hike last week.

U.S. central bank policymakers dismissed recession fears from weak July jobs data, but warned rate cuts might be needed to prevent it.

The next major Fed event is Chairman Jerome Powell’s address at Jackson Hole on August 22-24.

Traders now see a 73.5% chance of a 50-basis-point September rate cut, down from 85%, expecting year-end rates at 4.25%-4.50%.

At 11:24 a.m. ET, the Dow rose 317.78 points (0.82%), while the S&P 500 and Nasdaq gained 1.34% and 1.42%, respectively.

Palantir Technologies rose 11.8% as it upgraded its annual revenue and profit forecasts again this year.

Uber surged 7.7% after exceeding Wall Street revenue and profit estimates, thanks to strong demand for ride-sharing and food delivery.

Caterpillar rose 3% after exceeding profit estimates, with higher equipment prices offsetting reduced North American demand.

Kenvue rose 13.2% after surpassing second-quarter profit and revenue estimates, driven by strong sales in essential health products.

Advancing issues outpaced decliners 2.29-to-1 on the NYSE and 1.65-to-1 on the Nasdaq.

While the S&P 500 had six new highs and five new lows, the Nasdaq Composite saw 25 highs and 96 lows.

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