The durability of the rally, which lifted all 11 S&P 500 sectors on Tuesday, remains to be seen, however. Turbulent times are likely to continue, analysts say.
Wall Street rebounds this Wednesday after the New York square broke a streak of tthree days of losses in the previous sessionInvestors are also looking to recoup losses suffered earlier in the week.
The Dow Jones Industrial Average rose 275 points, or 0.7%. The S&P 500 gained 1.4%, and the Nasdaq Composite gained 1.9%.
Nvidia, Meta Platforms and Advanced Micro Devices climb more than 2%. Tesla, Apple and Microsoft are also performing well. Meanwhile, Super Micro Computer shares are down 14% after the server company’s fiscal fourth-quarter earnings missed analysts’ estimates. Airbnb is down 14% after posting disappointing second-quarter results.
The precedent on Wall Street
Wall Street is coming off a strong session. The S&P 500 and Nasdaq rose 1%, while the 30-stock Dow added nearly 300 points. The Dow and S&P 500 had their worst session since 2022 on Monday, driven by recession concerns and the unravelling of the yen carry trade.
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But the durability of Tuesday’s rally, which lifted all 11 S&P 500 sectors, remains to be seen. Turbulent times are likely to continue, according to Quincy Krosby, chief global strategist at LPL Financial.
“The lingering question now is whether the concerns that pushed the market into a sell-off have eased,” he said. “Bouts of volatility are expected to continue as August and September give way to a quieter seasonal period, however, it is important to remember that there are always opportunities on the other side of the storm.”
Source: Ambito
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