U.S. Stocks Pull Back Sharply After Seeing Initial Strength

Stocks moved higher early in the session on Tuesday but pulled back sharply over the course of the trading day. The major averages all moved to the downside on the day, with the tech-heavy Nasdaq leading the way lower.

The major averages climbed off their worst levels going into the close but remained firmly in the red. The Nasdaq tumbled 375.30 points or 1.9 percent to 19,489.68, the S&P 500 slumped 66.35 points or 1.1 percent to 5,909.03 and the Dow fell 178.20 points or 0.4 percent to 42,528.36.

The sharp pullback by stocks came amid a notable increase by treasury yields, with the yield on the benchmark ten-year note surging to its highest closing level in eight months.

The jump by treasury yields, which led to concerns about the outlook for interest rates, came following the release of some upbeat U.S. economic data.

The Institute for Supply Management released a report showing its reading on U.S. service sector activity increased by more than expected in the month of December.

The ISM said its services PMI climbed to 54.1 in December from 52.1 in November, with a reading above […]

U.S. Stocks Pull Back Off Best Levels But Close Mostly Higher

Stocks showed a strong move to the upside early in the session on Monday but gave back ground over the course of the trading day. The major averages pulled back well off their highs of the session, although the Nasdaq and the S&P 500 managed to remain in positive territory.

The Nasdaq jumped 243.30 points or 1.2 percent to 19,864.90 and the S&P 500 climbed 32.91 points or 0.6 percent to 5,975.38. The narrower Dow, on the other hand, edged down 25.57 points or 0.1 percent to 42,706.56.
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The early rally on Wall Street partly reflected continued strength among tech stocks after contract electronics giant Foxconn reported record fourth quarter revenue amid strong AI server demand.

Foxconn is an assembly partner with AI darling and market leader Nvidia (NVDA), which shot up by 3.4 percent on the day. Chipmaker Micron (MU) also posted a standout gain, skyrocketing by 10.5 percent.

Early buying interest was also generated in reaction […]