Nasdaq jumps as falling Treasury yields lift growth stocks; Twitter height

  • Twitter jumps on Musk news to resume acquisition at $54.20/share
  • Rivian Jumps In Reaffirm Showing Fiscal Year Deliveries; raise peers
  • US job opportunities post biggest 2.5-year drop in August
  • Indexes rise: Dow 2.42%, Standard & Poor’s 2.63%, Nasdaq 2.92%

(Reuters) – The Nasdaq led Wall Street higher on Tuesday, boosted by the growth of big companies and technology stocks as US Treasury yields fell, while Twitter Inc. jumped on reports Elon Musk is proposing to go ahead with his original bid for the social media company. .

If gains are made, the Nasdaq Composite (nineteenth) The index is set for its best one-day performance since July 27.

Data showed that US job opportunities, a measure of labor demand, fell by more than 2-1/2 years in August. Read more

Register now to get free unlimited access to Reuters.com

With interest rate-sensitive tech and technology-related stocks lifted, US 10-year Treasury yields fell for a second day after jobs data and a surprise move by the Reserve Bank of Australia to slow the pace of rate hikes.

“The tremors came in less than expected and indicate a weak labor market,” said Thomas Hayes, chairman and managing director at New York-based Great Hill Capital.

“If Friday’s NFP report confirms, it may give the Fed a cover to slow its tightening.”

However, Governor Philip Jefferson said inflation is the Fed’s most serious problem and “may take some time” to address, and San Francisco Fed President Mary Daly said the central bank needs to raise rates further. Read more Read more

See also  Stock futures rose as investors prepared for July inflation report

Market leader Megacap such as Apple Inc (AAPL.O)Microsoft Corporation (MSFT.O)Alphabet Corporation (GOOGL.O) And Nvidia Inc (NVDA.O) Leading between 2% and 5%, while the Philadelphia SE Semiconductor Index advanced (.sox) It jumped 4.1%.

Billionaire Elon Musk is proposing to go ahead with his original offer of $54.20 per share to cash in on Twitter Inc. (TWTR.N) The private sector, two sources familiar with the matter said, sent the social media company’s shares up 12.7%. Read more

Tesla Corporation (TSLA.O)Musk’s electric car company pared some early gains but was still trading 1.5% higher. Read more

At 12:52 p.m. ET, the Dow Jones Industrial Average (.DJI) The Standard & Poor’s 500 Index rose 713.98 points, or 2.42%, to 30,204.87 points (.SPX) The index rose 96.88 points, or 2.63%, to 3,775.31 points, and the Nasdaq Composite Index (nineteenth) Up 315.72 points, or 2.92%, at 11,131.15.

Banks like Citigroup (CN)Morgan Stanley and Goldman Sachs shares jumped about 5%, boosting the banking index (.SPXBK) by 4%.

Indicative of the broad nature of the gains, only nine stocks on the S&P 500 (.SPX) The index has been trading in the negative territory.

Stocks rebound in the first trading session of the fourth quarter on Monday after the S&P 500 (.SPX) The lowest close in nearly two years on Friday capped its worst monthly performance since March 2020.

Rivian Automotive Company (Rivno) It jumped 12.1% after the electric car maker said it produced 7,363 units in the third quarter, up 67% from the previous quarter, and maintained its full-year target of 25,000. Read more

See also  US GDP falls 1.4% as the economy contracts for the first time since early in the pandemic

Advance issues outnumbered losers by 9.87 to 1 on the New York Stock Exchange and by 4.81 to 1 on the Nasdaq.

The S&P recorded a new 52-week high and a new low, while the Nasdaq recorded 41 new highs and 45 new lows.

Register now to get free unlimited access to Reuters.com

Additional reporting by Medha Singh, Ankika Biswas and Bansari Mayor Kamdar in Bengaluru; Editing by Anil de Silva, Aaron Kuyer and Sriraj Kalovila

Our criteria: Thomson Reuters Trust Principles.

Leave a Reply

Your email address will not be published.