Stock market today: US stocks rise as mega-cap earnings take the spotlight
Investors are betting on strong earnings among mega-cap leaders to help sustain the equity rebound, after stocks suffered heavy losses last week.
Brandon Bell via Getty Images
- Markets climbed higher as investors get ready for a line up of mega-cap earnings.
- Tuesday continued this week's steady rebound, after stocks fell sharply last week.
- Tesla will report on Tuesday, followed by Meta, Alphabet, and Microsoft later in the week.
Stocks ticked higher Tuesday morning, as a lineup of mega-cap earnings this week fuels hope for a market comeback.
That's after the equity rally tumbled sharply last week, with rate-cut outlooks crushed by hot economic data. As monetary policy isn't expected to ease any time soon, Treasury bond yields continued to rise higher Tuesday.
Investors are pinning their hopes on strong earnings to kickstart a new rally, with the stock market's 10% year-to-date gain through the end of March now cut by more than half.
On Tuesday, markets will watch for Tesla's report after the closing bell, though its recent performance has investors on edge. Tesla stock is down over 40% year-to-date, and a first-quarter delivery flop has eroded Wall Street confidence.
Meta's earnings are set to follow on Wednesday, after which Alphabet and Microsoft will report on Thursday.
Here's where US indexes stood at the 9:30 a.m. opening bell on Tuesday:
- S&P 500: 5,034.26, up 0.47%
- Dow Jones Industrial Average: 38,341.68, up 0.27% (+103 points)
- Nasdaq Composite: 15,544.24, up 0.6%
Here's what else is going on:
- The yield curve has been inverted for 18 months with no recession - but a slowdown still looms, a strategist says.
- Bubble tea's surging popularity has minted a number of Chinese billionaires.
- Investor Steve Cohen wants SEC approval for a 24-hour trading exchange.
In commodities, bonds, and crypto:
- West Texas Intermediate crude oil dropped by 0.5% to $81.50 a barrel. Brent crude, the international benchmark, slid 0.5% to 86.58 a barrel.
- Gold fell by 0.9% to $2,325.80 an ounce.
- The 10-year Treasury yield rose two basis points to 4.646%.
- Bitcoin was down 1% to $65,990.