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Stocks showed a strong move back to the upside during trading on Wednesday, partly offsetting the sell-off seen in the previous session. The major averages all moved higher on the day, with the tech-heavy Nasdaq leading the rebound.
After plunging by 1.8 percent Tuesday’s trading, the Nasdaq surged 203.55 points or 1.3 percent to 15,859.15. The S&P 500 also jumped 47.45 points or 1.0 percent to 5,000.62, while the Dow climbed 151.52 points or 0.4 percent at 38,424.27.
The rebound on Wall Street partly reflected bargain hunting, with some traders seeing the sharp pullback on Tuesday as a buying opportunity amid ongoing optimism about the outlook for the markets.
While yesterday’s hotter-than expected inflation data further pushed back interest rate cut expectations, signs of continued strength in the economy is still expected to benefit the markets in the longer term.
The Federal Reserve is also still likely to begin lower interest rates sometime in the coming months even if traders have to wait until June.
Nonetheless, the major averages remained well off their recent highs ahead of the release of an avalanche of data before the start of trading on Thursday.
The slew of data due to be released tomorrow includes reports on weekly jobless claims, retail sales, industrial production and import and export prices.
Among individual stocks, shares of Lyft (LYFT) skyrocketed by 35.1 after the ride-hailing company reported better than expected fourth quarter results and provided upbeat guidance.
Investing platform Robinhood (HOOD) also spiked by 13.0 percent after reporting fourth quarter results that exceeded analyst estimates on both the top and bottom lines.
On the other hand, shares of Akamai Technologies (AKAM) plunged by 8.2 percent after the server network provider reported better than expected fourth quarter earnings but weaker than expected revenues.
Sector News
Computer hardware stocks showed a strong move back to the upside on the day, with the NYSE Arca Computer Hardware Index soaring by 3.4 percent to a record closing high.
Substantial strength also emerged among tobacco stocks, as reflected by the 3.3 percent spike by the NYSE Arca Tobacco Index.
Semiconductor, networking and biotechnology stocks also saw considerable strength, contributing to the rebound by the tech-heavy Nasdaq.
Most of the other major sectors also rebounded on the day, with notable strength visible among steel, housing and airline stocks.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly lower on Wednesday. Japan’s Nikkei 225 Index slid by 0.7 percent and South Korea’s Kospi slumped by 1.1 percent, although Hong Kong’s Hang Seng Index bucked the downtrend and advanced by 0.8 percent.
Meanwhile, the major European markets have moved to the upside on the day. While the German DAX Index has risen by 0.4 percent, the French CAC 40 Index and the U.K.’s FTSE 100 Index are both up by 0.7 percent.
In the bond market, treasuries regained ground following the sell-off seen in the previous session. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, slid 4.9 basis points to 4.267 percent.
Looking Ahead
The avalanche of U.S. economic reports due to be released Thursday could lead to early indecision on Wall Street, as the vast amount of data may provide a mixed view of the economy.
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