US stocks rebound as tech stocks rally
The S&P 500 finished Tuesday up 1%, rebounding from its worst session in over a month on Monday. The tech-heavy Nasdaq 100 outperformed the market and rose 1.6%, while the Russell 2000 gained a modest 0.1%.
The rally was led by big tech. The technology sector ETF was the best performer of the day, up 1.9%. All Magnificent Seven stocks advanced, and Nvidia surged 4%, logging its fifth straight session of gains. The VanEck Semiconductor ETF rose 1.7% as Wall Street continued to place bullish bets on AI.
While the rest of the market cheered, energy, the only sector that gained over the past week, slid 2.6%.
Energy joined oil futures in losses. The November WTI crude settled down 4.6% on Tuesday, after rising for five sessions in a row due to the tension in the Middle East. This came as militant group Hezbollah endorsed Lebanon’s ceasefire efforts with Israel. The global benchmark, December Brent crude, dropped 4.6% as well. However, both benchmarks were still up more than 8% so far this month.
Treasury yields changed little as rate cuts expectations stabilized. Traders are still overwhelmingly pricing in a 86.7% chance of a 25-basis-point rate cut during the Federal Reserve’s November meeting, slightly up from Monday.
