US equities rebounded on Tue from last week’s bloodbath. The Dow Jones Industrial Average gained 641.47 pts or 2.15% to close at 30,530.25. The broader S&P 500 index rose 2.45%. The tech-heavy Nasdaq Composite advanced 2.51%. The small cap Russell 2000 gained 1.7%.
Last week, energy was the worst performing S&P sector, dropping 17.16% and giving up almost half of its annual gain. WTI crude oil prices plunged 9.21% to $109.56 from $120.67 a barrel last week.
On Tue, energy was the best-performing sector in the S&P 500, up 5.1%. The front-month Brent and WTI futures closed up 52 cents at US$114.65/bbl and $1.09 at US$110.65/bbl respectively.
Megacap tech stocks mostly gained on Tue, including Apple (AAPL US, +3.28%), Microsoft (MSFT US, +2.46%) Amazon (AMZN US, +2.32%), Alphabet (GOOGL US, +4.11%) and Nvidia (NVDA US, +4.32%). Meta Platforms (META US, -4.09%) bucked the trend.
Tesla (TSLA US, +9.35%) shares rose on Tue after billionaire Elon Musk said that the electric carmaker will cut its salaried workforce by about 10%.
The yield on the 10-year Treasury note notched up 4.93 basis points (bps) to 3.2749%, while the yield on the 2-year Treasuries rose 1.78 bps to 3.1963%.
The ICE dollar index (DXY), which measures the strength of the greenback against a basket of currencies, fell 0.25% to 104.435.
The most actively traded US gold futures (Aug) contracts settled down $1.80, or 0.05%, at US$1,838.80/oz. July silver, which is the most actively traded silver futures, rose 18.1 cents, or 0.8%, to end at US$21.768/oz.
Bitcoin (XBTUSD) rose 2.1% to end at US$20,838.46 on Tue.
European equity markets finished higher on Tue. The UK FTSE gained 0.42%, France's CAC 40 rose 0.75%, while the German DAX advanced 0.2%.