4:08pm: Wall Street rebounds
The three major stock indexes finished Tuesday’s trading session in the green, snapping a three-day losing streak.
The Nasdaq added 1% at 16,366 points, the S&P 500 was up 1% at 5,240 points and the Dow Jones was up 0.8% at 38,997 points.
Attention after the bell will turn to earnings reports from Airbnb Inc (NASDAQ:ABNB, ETR:6Z1), Rivian Automotive Inc (NASDAQ:RIVN) and Super Micro Computer Inc (NASDAQ:SMCI), among others.
12:35pm: Stocks in positive territory
US stocks bounced back from a three-day rout in the early afternoon on Tuesday.
The Nasdaq added 1.7% at 16,475 points, the S&P 500 was up 1.6% at 5,271 points and the Dow Jones added 1.2% at 39,150 points.
Major movers included Uber Technologies Inc (NYSE:UBER, ETR:UT8) and Planet Fitness (NYSE:PLNT), which both added more than 9% on better-than-expected quarterly earnings reports.
IG chief market analyst Chris Beauchamp commented that Monday’s selloff was the unwinding of a growth panic in US markets.
“The Fed has been right to avoid any silly talk of an emergency rate cut, and the selloff in tech stocks has helped to trim some of the exuberance that we saw back in June and early July,” Beauchamp said.
"Stocks usually find the going tougher in August and September, so further declines of a more gentle sort would be entirely consistent with a normal year, though investors shouldn't discount the possibility that yesterday's slump marked a reset for the time being, with dip buyers likely to add cautiously if this rebound gathers pace."
11:05am: ‘Monopolist’ Google steady
Shares of Google-owner Alphabet Inc (NASDAQ:GOOG) traded modestly higher, bouncing back from earlier losses as the search giant lost a landmark competition case.
“After having carefully considered and weighed the witness testimony and evidence, the court reaches the following conclusion: Google is a monopolist, and it has acted as one to maintain its monopoly,” US federal judge Amit Mehta ruled.
Google plans to appeal the decision.
Alphabet shares were up 0.3% at about $161 late morning after falling about 5% pre-market.
9.37am: US stocks lift at the open
Wall Street has opened higher, recuperating some of yesterday's losses in a sell-off that has sparked fears about a US recession.
These fears may have been quelled in the meantime, for now, all three of the US's key indexes have opened in the green or flat.
The tech-heavy Nasdaq has kicked off trading 120 points higher, helped by a 3.7% rise in Nvidia
Meanwhile, the S&P 5000 lifted 21 points to 5,209, while the Dow Jones held flat at 38,697.
Whether the US stocks remain in the green throughout the session or move downward like those in Europe appears to be the focus of analysts today.
"Market turbulence often presents lots of opportunities, but there is still excess froth to be shed as the unwinding of leveraged carry trades persists for now," Fawad Razaqzada| market analyst at City Index said.
"With a quieter US economic calendar ahead, there will be fewer new recessionary signals to unsettle traders, and the potential for supportive comments from Federal Reserve officials could ease market pressure.
"For now, the greenback has rebounded, helped in part by the stronger ISM services PMI that was released on Monday."
8.31am: Wall Street looks to recover
US stocks are set to open higher today, staging a recovery from yesterday, the worst session in nearly two years.
The Nasdaq, which suffered a 575-point drop on Monday, is set to open nearly 160 points higher at 18,163.
Meanwhile, the Dow Jones is set to rise 212 points to 39,072, while the S&P is predicted to increase 40 points to 5,255.
Investors will be holding their breath at the open, nevertheless, with hopes that the markets can push forward in the green rather than what has happened in Europe, where leading indexes have fallen for a third consecutive session.
“It’s too early to say the low is in,” wrote Keith Lerner, Truist’s co-chief investment officer.
“There has been damage done, and the repair process will likely take time. However, the risk/reward appears to be gradually improving as the market’s bar for positive surprises resets lower.”