Stock gains accelerated Wednesday afternoon as investors braced for chipmaker Nvidia (NVDA)’s after-market results.
Just before 2pm EST, the Nasdaq (^IXIC) jumped nearly 1.8%, the S&P 500 (^GSPC) rose 1.2%, and the Dow Jones Industrial Average (DJI) rose 0.7%.
Stocks lost momentum on Tuesday with the Dow losing around 0.5% as higher Treasury yields continued to weigh on equity markets.
Early Wednesday, the yield on the 10-year Treasury note (^TNX) was near 4.21%, about 14 basis points from the 16-year high reached earlier this week.
Retail stocks continued to be the focus of most of the week’s big moves early Wednesday, with Foot Locker (FL) stock dropping as much as 30% after a disappointing quarter as the company cut its earnings and forecast for the year.
Peloton (PTON) stock also fell more than 20% early Wednesday after post-seat recall costs and high subscriber pressure weighed on the exercise bike maker.
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