Nasdaq wraps best day since November, Tesla surges 19%
GameStop Corp. jumped 26% for the sixth straight day of gains
U.S. equity markets ended Tuesday on a high note as bond yields eased off their highest level in over a year giving the Nasdaq Composite its best day since November.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 42225.32 | +235.36 | +0.56% |
| SP500 | S&P 500 | 5670.97 | +37.90 | +0.67% |
| I:COMP | NASDAQ COMPOSITE INDEX | 17601.046243 | +151.16 | +0.87% |
The tech-heavy composite jumped over 3.6% or 464 points, while the S&P 500 added 1.4%.The Dow Jones Industrial Average gained a more modest 29 points or 0.1% giving up the bulk of earlier gains.
The rally comes a day after the Nasdaq slid into a correction, down at least 10% from its recent peak, as the 10-year yield climbed to a 13-month high of 1.59%.
On Tuesday, the benchmark yield was trading lower by 5 bps at 1.54%, falling below where it closed on Friday.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 282.71 | +14.25 | +5.31% |
| AAPL | APPLE INC. | 223.89 | +0.70 | +0.31% |
| NFLX | NETFLIX INC. | 935.52 | +7.14 | +0.77% |
In stocks, mega-cap technology names that have been mauled amid the recent rise in bond yields were bouncing back with Tesla surging over 19%. Apple Inc. and Netflix Inc. also outperformed.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GME | GAMESTOP CORP. | 22.65 | +0.03 | +0.13% |
| AMC | AMC ENTERTAINMENT | 2.75 | -0.03 | -1.08% |
GameStop Corp. shares nabbed a sixth straight day of gains, seeing continued strength from Monday that developed after the company said Ryan Cohen, founder of online pet food supplier Chewy, would lead its e-commerce push. Fellow Reddit favorite AMC Entertainment Holdings Inc. will report after the closing bell Wednesday.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PTON | PELOTON INTERACTIVE INC. | 6.31 | +0.09 | +1.45% |
Elsewhere, Peloton Interactive Inc. announced plans to expand to the Asia-Pacific region. The company will begin selling its workout equipment in Australia later this year.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GPS | NO DATA AVAILABLE | - | - | - |
Apparel retailer Gap Inc. is considering selling its China business, according to Bloomberg News, citing people with knowledge of the matter.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DKS | DICK'S SPORTING GOODS INC. | 211.33 | +4.71 | +2.28% |
In earnings, Dick’s Sporting Goods reported better-than-expected quarterly earnings and revenue but warned full-year sales may not be as strong as previously anticipated.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SFIX | STITCH FIX INC. | 3.41 | +0.09 | +2.71% |
Personal styling platform Stitch Fix Inc. swung to a quarterly loss as holiday sales came in softer-than-expected. The company lowered its full-year revenue forecast due to shipping and processing delays.
In commodities, West Texas Intermediate crude oil fell $1.04 to $64.01 per barrel while gold spiked $38.90 to $1,716.60 an ounce.
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Overseas markets were mostly higher.
Britain’s FTSE 100 rose 0.16%, while France’s CAC 40 and Germany’s DAX 30 advanced 0.36% and 0.46%, respectively.
In Asia, China’s Shanghai Composite slumped 1.82%, Hong Kong’s Hang Seng climbed 0.81% and Japan’s Nikkei 225 gained 0.99%.