|Day's Range||2,805.71 - 2,829.87|
|52 Week Range||2,346.58 - 2,940.91|
U.S. stocks rose and Treasury yields reversed course Tuesday afternoon, edging down slightly after a curve inversion on Friday spooked investors.
U.S. stocks ended Monday’s session mixed as investors continued to digest global growth concerns and the results of Special Counsel Robert Mueller’s long-anticipated report, which found no proof of coordination between the Trump campaign and Russia during the 2016 presidential elections.
Markets slid on Friday, when the U.S. Treasury yield curve inverted for the first time since 2007 and added to worries of a global economic slowdown. "The market still has no idea what the evolution of growth is going to be and we are getting these reactionary days like last week and bounce backs like today," said Michael Antonelli, market strategist at Robert W. Baird in Milwaukee. The high-growth tech sector, up 1.25 percent, was supported by Apple Inc and chipmakers, with the Philadelphia Chip index rising 1.55 percent.
U.S. stocks rallied and Treasuries fell as investor concern over an economic downturn showed signs of easing. Energy shares led gains in the S&P 500 Index as oil surged on Russia’s signal that it’s committed to output cuts. Meantime, Apple Inc. pared its advance after a judge recommended an iPhone ban.
Shares of Hunter Maritime Acquisition Corp. burst 148% higher in afternoon trade Tuesday to a record high, a day after rocketing 97%, although the Marshall Islands-based special purpose acquisition company (SPAC) didn't release any news since last week. The 2-day total gain this week is now 389%. Volume swelled Tuesday to 400,000 shares (volume was 165,000 shares on Monday), compared with the full-day average of about 91,000 shares. The company has yet to respond to a request for comment. Prior to this week's surge, the previous record close, since the company went public in February 2017, was $10.90 on April 7, 2017. The company said early Friday that it had completed a merger with China-based financial technology company NCF Wealth Holdings Ltd. As part of that deal, Hunter issued 200 million Class A common shares to the former NCF Wealth shareholders at the closing, Hunter Maritime said it plans to change its name to NCF Wealth Holdings Ltd. in the "coming weeks." The stock has now run up nearly 5-fold (up 366%) over the past 12 months, while the S&P 500 has gained 6.0%.
The Dow Jones Industrial Average added 0.5% Tuesday afternoon, extending a positive move it made at its 50-day moving average.
Benchmark U.S. Treasury yields rebounded off of 15-month lows on Tuesday while global stock markets broadly surged after a two-session swoon, as risk appetite improved after worries of an economic recession had clouded trading since late last week. Markets have been rattled since Friday, when the 3-month U.S. Treasury yield exceeded the yield on the 10-year note, an inversion of the yield curve that is widely seen as an indicator of a recession. “After a couple of days where investors focused solely on the chances of recession in the U.S. and concerns about slower growth, today is not surprisingly a day where they rethink those probabilities," said Kate Warne, investment strategist at Edward Jones in St. Louis.
The gains come after two sessions of declines, triggered by fears of slowing global economic growth and an inversion of the U.S. Treasury yield curve for the first time since 2007 that followed the Federal Reserve's stunning about-face on interest rate increases. The tech sector added 0.50 percent, helped by gains in Apple Inc and chipmakers, with the Philadelphia chip index also rising 0.50 percent.
U.S. stocks shook off some of their recent doldrums to trade higher Tuesday as energy and health care sectors buoyed the market. A resumption of U.S.-China trade negotiations also helped to reignite some optimism that the high stakes protracted dispute is coming to a close.
The sharp selloff in Carnival Corp.'s stock , in the wake of disappointing earnings guidance, has spilled over into shares of rival cruise operators. Royal Caribbean Cruises Ltd.'s stock shed 1.4% toward and 8-week low and Norwegian Cruise Line Holdings Ltd. shares slid 2.1% toward a 5-week low. Carnival's stock tumbled 8.7% toward an 11-week low after the cruise operator reported fiscal first-quarter earnings and revenue that beat expectations, but provided a second-quarter and full-year profit outlook that was below analyst projections. The stock was on track for the biggest one-day selloff since it plunged 9.5% on Dec. 20, after the company reported fourth-quarter results. The stock has now fallen on the day it reported the last five quarterly results, by a current average of 6.4%. Carnival's stock has tumbled 21.4% over the past 12 months, while the S&P 500 has gained 5.9%.
Technically speaking, the S&P 500 has weathered an aggressive late-month market downdraft, narrowly maintaining major support, writes Michael Ashbaugh.
U.S. stocks are up after upbeat global data. The Dow Jones Industrial Average has gained 0.70% to 25,695.70 at recent check, while the S&P 500 and Nasdaq Composite are both up 1%.
Major stock indexes held solid gains near midday Tuesday. The Nasdaq today was led by semiconductor stocks, which rebounded after two days of selling.
Shares of Viacom Inc. soared 9.5% in midday trade Tuesday, after the media affirmed its outlook, in the wake of the carriage agreement with AT&T Inc. . The gains add to the 3.9% rise on Monday, Viacom and AT&T issued a joint statement announcing the agreement. The company said in a filing with the Securities and Exchange Commission that it was "reaffirming its guidance for full-year domestic affiliate revenue growth." The stock had tumbled 9.5% last week, after Viacom warned of a disruption of service for those accessing its TV networks through AT&T's DirecTV. AT&T shares rose 1.8% on Tuesday, after rising 1.3% last week. Viacom's stock has rallied 12.1% year to date, while the S&P 500 has gained 12.5%
Altria stock was rising after an analyst argued that the headwinds facing tobacco stocks aren’t as worrisome as some think.
Earlier this year, the latest rumors about trade negotiations with China could sometimes send U.S. stocks off to the races or into the pits. With China talks simmering but not sizzling, interest rates now appear to be the main focus.
DEEP DIVE If you are looking for investment income, times are tough. Interest rates remain very low and long-term rates fell significantly after the Federal Reserve signaled it won’t raise rates anymore this year.
The Dow Jones industrials soared more than 200 points in today's stock market. Apple stock looked to regain its long-term 200-day line Tuesday.
The home-building sector was trading mostly lower Tuesday, in the wake of disappointing housing starts data and a warning of a wider-than-expected loss from roofing materials distributor Beacon Roofing Supply Inc. . The iShares U.S. Home Construction ETF fell 0.8%, with 31 of 48 components losing ground. Earlier, the Commerce Department reported February housing starts fell almost 9% to an annual pace of 1.16 million, below the average forecast of economists surveyed by MarketWatch of a seasonally adjusted rate of 1.21 million. And Beacon Roofing's stock tumbled 7.2% after the company said late Monday that it expected a fiscal second-quarter adjusted loss of 45 cents to 55 cents, compared with the current FactSet loss-per-share consensus of 39 cents, and the loss consensus of 25 cents a share at the end of February. The company blamed "extremely harsh weather conditions" for the miss. Meanwhile, shares of KB Home , which reports fiscal first-quarter results after the close, fell 0.6%, and Lennar Corp. , which reports before Wednesday's open, slumped 1.3%. The home construction ETF has rallied 16% year to date, while the S&P 500 has gained 13%.
With the Mueller investigation over, President Trump is set to focus on the economy. Yahoo Finance’s Editor-in-Chief Andy Serwer tells Alexis that you “can’t argue against the strength in the U.S. economy generally speaking.”