Wall Street Rebounds After Selloff, VIX Falls, Dollar Surges Against Yen: What’s Driving Markets Tuesday? – Airbnb (NASDAQ:ABNB)

U.S. stock exchange saw a strong healing on Tuesday, with both the S&P 500 and the Nasdaq 100 climbing up over 2%, almost balancing out Monday’s losses. Financiers benefited from current volatility to purchase the dip, revealing ongoing self-confidence in the U.S. economy’s capability to prevent an economic crisis.

Gains were observed in both small-cap and blue-chip stocks, showing broad enhancement in market belief.

The CBOE Volatility Index (VIX), typically described as the marketplace’s worry gauge, reduced by practically 40% on Tuesday after surging 65% on Monday.

According to the FedWatch Tool, the possibility of a 50-basis-point rate of interest cut reduced to 90% Monday to 64% Tuesday.

As traders reassess Fed rate cuts, Treasury yields increased throughout the day, with the 10-year yield increasing by 11 basis indicate 3.9% and the two-year yield climbing up 9 basis indicate 4.01%.

The rebound of the U.S. dollar was supported by increasing yields and reduced expectations of a bigger Federal Reserve rate cut in September. The dollar increased by 0.8% versus the low-yielding Japanese yen, breaking a streak of 5 successive days of losses.

In regards to macroeconomic information, the day was reasonably peaceful, with just June’s trade figures making news. The U.S. trade deficit narrowed to $73.1 billion in June 2024 from a modified 20-month high of $75 billion in Might, somewhat above market projections of a $72.5-billion space. Exports increased by 1.5% to $265.9 billion, the second-highest on record, while imports grew by a more modest 0.6% to $339 billion.

Gold and oil rates both reduced by 0.7% and 0.8%, respectively, marking their 4th successive session of decreases.

Bitcoin BTC/USD rebounded by 4.9% after experiencing a 7% drop on Monday.

Tuesday’s Efficiency In Major United States Indices, ETFs

According to Benzinga Pro information:

• The SPDR S&P 500 ETF Trust SPY was trading 2.2% greater to $528.42.
• The SPDR Dow Jones Industrial Average DIA increased 1.7% to $393.21.
• The tech-heavy Invesco QQQ Trust Series QQQ increased 2.4% to $445.63.
• The iShares Russell 2000 ETF IWM increased 1.9% to $206.06.
• All 11 sectors of the S&P 500 saw gains, with the Innovation Select Sector SPDR Fund XLK blazing a trail, increasing by 3.1%. The Healthcare Select Sector SPDR Fund XLV saw the tiniest gain, up 1.4%.

Tuesday’s Stock Movers

• Nvidia Corp. NVDA rallied over 6%, snapping 3 straight session of losses.
• Meta Platforms Inc. META skyrocketed over 5%, marking its finest one-day rise in a month.

Stocks responding to business profits consisted of:

• ADTRAN Holdings, Inc. ADTN, down by almost 18%,
• Caterpillar, Inc. FELINE, up 3.8%,
• Constellation Energy Corporation CEG, up 6.9%,
• CSX Corp. CSX, up 3.7%,
• Duke Energy Corporation DUK, up 2.3%,
• Expeditors International of Washington, Inc. EXPD, down 4.4%,
• Fox Corporation FOXA, up 6.7%,
• GLOBALFOUNDRIES Inc. GFS, down 1%,
• Hyatt Hotels Corporation H, down 0.7%,
• Lucid Group, Inc. LCID up 9%,
• Molson Coors Drink Business TAP, up 6.8%,
• Palantir Technologies Inc. PLTR up 12.3%,
• Uber Technologies, Inc. UBER, up 11%
• Teradata Corporation TDC down about 14%,
• WK Kellogg Co KLG down 6.7%,
• Yum! Brands, Inc. YUM up 3.7%,
• ZoomInfo Technologies Inc. ZI, down almost 19%.

Business reporting after the close are Airbnb, Inc. ABNB, Coupang, Inc. CPNG, Devon Energy Corporation DVN, Amgen, Inc. AMGN, Cirrus Reasoning, Inc. CRUS, Exelixis, Inc. EXEL, Fortinet, Inc. FTNT, GoPro, Inc. GPRO, Illumina, Inc. ILMN, Jack in package Inc. JACK, IAC Inc. IAC, Tripadvisor, Inc. JOURNEY, Reddit, Inc. RDDT, Rivian Automotive, Inc. RIVN, Sunrun Inc. RUN, Wynn Resorts, Limited WYNN and Super Micro Computer System, Inc. SMCI

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