Dow jumps 500 points, Nasdaq over 2%

10-year Treasury yield hovers at 2.9% – highest since 2018

U.S. stocks picked up momentum in the final hour of trading Tuesday as investors digested a fresh round of earnings, rising bond yields and a downgrade to global growth estimates by the International Monetary Fund, which cited inflation and Ukraine as worsening headwinds. 

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 44296.51 +426.16 +0.97%
SP500 S&P 500 5969.34 +20.63 +0.35%
I:COMP NASDAQ COMPOSITE INDEX 19003.651134 +31.23 +0.16%

The Dow Jones Industrial Average tacked on just about 500 points or 1.5%, while the S&P 500 and Nasdaq Composite rose 1.6% and 2.1%, respectively. 

Consumer discretionary and large-cap tech led the gains even as the 10-year yield rose to its highest level since 2018, at 2.9%. Energy stocks slipped as oil dipped down to the $102 per barrel level.

Ticker Security Last Change Change %
XLY CONSUMER DISCRETIONARY SELECT SECTOR SPDR ETF 218.10 +3.13 +1.46%
QQQ INVESCO QQQ TRUST - USD DIS 505.79 +0.81 +0.16%
XLE ENERGY SELECT SECTOR SPDR ETF 97.26 +0.12 +0.12%

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US stocks

U.S. stocks were slightly higher as the flood of financial earnings will continue, with Dow members Travelers, Truist Financial and Fifth Third Bancorp posting results. (Courtney Crow/New York Stock Exchange via AP / Associated Press)

In earnings, Johnson & Johnson reported earnings per share of $2.67, beating the $2.56 per share Refinitiv estimate. It announced it is suspending its COVID-19 vaccine sales guidance due to global supply surplus and demand uncertainty. 

Ticker Security Last Change Change %
JNJ JOHNSON & JOHNSON 155.15 -0.34 -0.22%
MRNA MODERNA INC. 41.11 +2.86 +7.48%

Separately, Moderna reported its "COVID-19 booster platform" was effective in trials. 

Ticker Security Last Change Change %
TWTR NO DATA AVAILABLE - - -

Investors continue to eye Twitter after The Wall Street Journal reported that private equity firm Apollo Global may be eyeing a bid. This follow's the company's plan to make it more difficult for someone to take over the company after Tesla CEO Elon Musk offered $43 billion for the social media giant. 

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Ticker Security Last Change Change %
NFLX NETFLIX INC. 897.79 +0.31 +0.03%

In the afternoon, the spotlight will turn to Netflix when the streaming giant becomes the first of the big-cap consumer/tech titans to post January-March results.

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Analysts surveyed by Refinitiv expect earnings-per-share to slip 23% from a year ago to $2.89 on a 10.7% jump in revenue to $7.93 billion. Analysts are predicting 2.5 million new subscribers for the March quarter, matching Netflix’s own forecast and down 37% from 3.98 million in the previous year's first quarter.

Netflix CEO Reed Hastings

Netflix CEO Reed Hastings. (Getty Images / Getty Images)

In addition, watch for numbers from Dow member and computer services company IBM on Tuesday after the close of trading. 

Ticker Security Last Change Change %
IBM INTERNATIONAL BUSINESS MACHINES CORP. 222.98 +0.66 +0.30%

In other commodities, gold settled at $1,955.70 an ounce. 

Ticker Security Last Change Change %
GLD SPDR GOLD SHARES TRUST - USD ACC 249.85 +3.22 +1.31%

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The Associated Press contributed to this report.