Traders work on the floor of the New York Stock Exchange during morning trading on September 23, 2024 in New York City.
Michael M. Santiago | Getty Images
The S&P 500 rebounded Tuesday after a losing session on Wall Street with the focus on oil prices and bond yields.
the Standard & Poor's 500 It rose 0.7% Nasdaq Composite rose 1.2%. the Dow Jones Industrial Average He added 45 points.
West Texas Intermediate Oil futures fell 4% on Tuesday after rising to start the week, as traders monitor Israel's expected retaliation over Iranian missile attacks and US efforts to avoid a broader war in the region.
“The war seems to be at the forefront of everyone’s minds,” said Robert Pavlik, senior portfolio manager at Dakota Wealth Management. “The bigger picture is the election and there is a lot of uncertainty surrounding taxes and how that will impact potential earnings in the future.”
Technology stocks rose on Tuesday, with Nvidia and Apple shares rising 4% and more than 1%, respectively. Meta Platforms, Tesla and Microsoft rose at least 1% each.
Stocks witnessed volatility this month with growing fears of escalating conflict in the Middle East. The rise in bond yields has also affected the market recently, with Treasury for 10 years The yield touched its highest level since August 1 on Tuesday.
The market rose slightly to end last week after the popular jobs report. The Dow Jones managed to set a new all-time closing high on Friday. But that enthusiasm faded this week as investors saw that the Fed now may not be as aggressive on future interest rate cuts as the labor market remains strong, pushing the major averages into a losing session on Monday.
Dakota's Pavlik added that short-term economic data pointed more to a resilient economy, reinforcing concerns that the Fed may “step back” on interest rate cuts from here.
