U.S. stocks rose Tuesday as the major averages attempted to recover from 3 days of heavy selling that brought the S&P 500 to its lowest level in more than a year.
The Dow Jones Industrial Average was last up 470 points, or 1.5%. The S&P 500 and Nasdaq Composite climbed 1.8% and 2.6%, respectively.
On the earnings front, shares of Peloton Interactive plummeted 17.8% after reporting a wider-than-expected loss in the recent quarter. AMC’s stock rose 6.6%, while Novavax dropped about 20% on the back of recent quarterly earnings.
All the major averages traded in the green, led by Walt Disney, Microsoft, Salesforce and Apple which added more than 2% each. Technology has suffered some of the greatest losses in recent weeks as investors continued to rotate out of growth areas and into safe havens like consumer staples and utilities as fears of a recession loom.
Tuesday’s moves came as Treasury yields eased from multiyear highs. The benchmark 10-year Treasury note yield, which hit its highest level since late 2018 on Monday, traded roughly 9 basis points lower, hitting below the 3% mark.
On Monday, the S&P 500 dropped below the 4,000 level to a low of 3,975.48, marking the index’s weakest point since March 2021. The broad market index dropped 17% from its 52-week high as Wall Street struggled to recover from last week’s losses.
The Dow dropped 1.99%, down more than 12% from 52-week highs. The S&P 500 fell 3.2% and the tech-heavy Nasdaq Composite lost 4.29%, off more than 27% from 52-week highs.
“We still think a local bottom in equities is due in the next two weeks, but we’d await clearer signs of any even temporary stabilization in risk sentiment,” according to Citi’s Ebrahim Rahbari.
Continued fears of rising inflation fueled Monday’s market declines, with tech stocks taking the brunt of the beating. Shares for Meta Platforms and Alphabet fell 3.7% and 2.8%, respectively, while shared of Tesla dropped more than 9%.
“The sentiment has been very bearish for the last few months, if not the last few weeks for sure, and an inability to rally…tells you everything that you need to know about the current state of the market, meaning the bears are in control,” said Adam Sarhan, founder and CEO of 50 Park Investments.
As the sell-off in equities continues some investors and analysts point to value stocks as a good hedge amid rising rates.
“Despite our expectation of falling inflation and sustained growth, we believe investors should brace for further equity volatility ahead amid significant moves in key economic variables and bond markets,” wrote Mark Haefele of UBS. “We continue to favor areas of the market that should outperform in an environment of high inflation.”
Coinbase, Roblox, RealReal and Allbirds are expected to report earnings after the bell.
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