US Stock Market Today: Wall Street rebounds on growing bets of Fed rate cuts
As of 10:15 a.m. Eastern Time, the S&P 500 rose 0.5%, the Dow Jones Industrial Average was up 0.4%, and the Nasdaq Composite was 1% higher.
Wall Street rebounded on Tuesday on growing bets of rate cuts by the Federal Reserve ahead of fresh inflation data later this week, and as both bond yields and Bitcoin stabilize.
The market remains focused on the upcoming release of the Personal Consumption Expenditures (PCE) Index on Friday — the Federal Reserve's preferred measure of inflation — which will be a critical data point influencing the final decision on interest rates.
Bitcoin, which tumbled below $85,000 on Monday climbed above $90,000.
As of 10:15 a.m. Eastern Time, the S&P 500 rose 0.5%, the Dow Jones Industrial Average was up 0.4%, and the Nasdaq Composite was 1% higher.
At the opening bell, the Dow Jones Industrial Average rose 127.6 points, or 0.27%, to 47,416.91. The S&P 500 rose 18.3 points, or 0.27%, to 6,830.96, while the Nasdaq Composite rose 103.8 points, or 0.45%, to 23,379.749.
In the bond market, the 10-year yield rose to 4.11% from 4.09% late on Monday. The 2-year yield eased to 3.52% from 3.54%.
Key Stock Movers
MongoDB stock jumped 25.1% after the database company delivered stronger quarterly results than expected.
United Natural Foods shares climbed 10.6% after the firm reported a stronger profit than expected.
Signet Jewelers stock dropped 3.5% after the company’s forecast for revenue fell short of analysts’ expectations.
Crypto stocks bounced back following Bitcoin’s gain.
Shares of Strategy jumped 7.3%, Coinbase Global gained 4.8%, and Robinhood Markets rose 4%.
Procter & Gamble stock fell 2.5% after the consumer packaged goods giant flagged a hit from the US government shutdown.
Warner Bros Discovery rose about 1% after reports said that it received a second round of bids, including an offer from Netflix.
Bullion Market
Gold prices declined on Tuesday as investors took profits following a six-week high in the previous session.
At 09:58 a.m. ET (1458 GMT), spot gold lost 0.3% to $4,219.96 per ounce. US gold futures for February delivery were down 0.5% at $4,253.10 per ounce.
In other metals, silver retreated from the record high of $58.83 hit on Monday. It fell 0.4% to $57.42 per ounce.
Platinum slipped 2% to $1,624.20, and palladium gained 0.7% to $1,434.29.
Crude Oil
Oil prices on Tuesday held onto most of the previous day’s gains as the market watched for US President Donald Trump’s next steps on Venezuela, and assessed the fallout from damage to a crude export terminal in the Black Sea.
Brent was near $63 a barrel after rising 1.3% in the previous session, while West Texas Intermediate traded above $59.
