S&P 500 and Dow Jones Industrial Average opened higher on Tuesday as oil slides. In addition, Nasdaq Composite surged as chip stocks continue rebound.
Minutes into the trade, the Dow Jones Industrial Average rose 331.32 points or 0.67%, S&P 500 gained over 0.63%, while Nasdaq was up 0.76%.
On Monday, S&P 500 and Nasdaq rose 0.3%, Nasdaq Composite rose 0.86% as they clawed back some of the their losses from last week's tech rout. However, Dow Jones bucked the trend and fell 80.77 points.
Micron Technology was up 4%, adding 10% surges on Monday. This was after the shares fell 20% in the last two days of the last week. Nike Inc. and Amazon.com rose nearly 2%, while JPMorgan Chase & Co., Goldman Sachs Group Inc. and Boeing Co. rose nearly 1%. On the other hand, Salesforce Inc., Microsoft Corp. and Apple Inc. were among the losers for the day.
ALSO READ: US Strikes India-Crewed Tanker That May Have Been Iran-Bound
While, West Texas Intermediate futures fell 2.89% to trade above $88.66 per barrel. Brent crude pulled back 2.55% to around $91.85 a barrel.
As the US market opened, spot gold rose 0.2% to $4,339.62 an ounce. The Bloomberg Dollar Index fell 0.3%, with the British Pound rising 0.5% at $1.3401 and the Japanese yen was little changed at 160.18.
Bitcoin, the largest traded cryptocurrency fell 1.2% at $62,710.15.
After a short breather in the rally that lifted equities to record levels, investors are re-entering the market on hopes that strong corporate earnings will provide fresh momentum for stocks. OpenAI's confidential IPO filing and the oversubscription of SpaceX's share sale have reinforced confidence in the immense growth prospects of artificial intelligence and the strong investor appetite for the sector.
While AI has been a key driver of the market's gains, the sector remains susceptible to periodic corrections due to its rapidly evolving nature, Guillermo Hernandez Sampere, head of trading at MPPM told Bloomberg. He noted that sharp pullbacks are likely even as the long-term growth story remains intact.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
