Nasdaq wraps best day since November, Tesla surges 19%

GameStop Corp. jumped 26% for the sixth straight day of gains

U.S. equity markets ended Tuesday on a high note as bond yields eased off their highest level in over a year giving the Nasdaq Composite its best day since November.

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 34580.08 -59.71 -0.17%
SP500 S&P 500 4538.43 -38.67 -0.84%
I:COMP NASDAQ COMPOSITE INDEX 15085.471504 -295.85 -1.92%

The tech-heavy composite jumped over 3.6% or 464 points, while the S&P 500 added 1.4%.The Dow Jones Industrial Average gained a more modest  29 points or 0.1% giving up the bulk of earlier gains.

The rally comes a day after the Nasdaq slid into a correction, down at least 10% from its recent peak, as the 10-year yield climbed to a 13-month high of 1.59%.

On Tuesday, the benchmark yield was trading lower by 5 bps at 1.54%, falling below where it closed on Friday.

Ticker Security Last Change Change %
TSLA TESLA, INC. 1,014.97 -69.63 -6.42%
AAPL APPLE, INC. 161.84 -1.92 -1.17%
NFLX NETFLIX, INC. 602.13 -14.34 -2.33%

In stocks, mega-cap technology names that have been mauled amid the recent rise in bond yields were bouncing back with Tesla surging over 19%. Apple Inc. and Netflix Inc. also outperformed.

Ticker Security Last Change Change %
GME GAMESTOP CORP. 172.39 -9.17 -5.05%
AMC AMC ENTERTAINMENT HOLDINGS INC 29.01 -1.27 -4.19%

GameStop Corp. shares nabbed a sixth straight day of gains, seeing continued strength from Monday that developed after the company said Ryan Cohen, founder of online pet food supplier Chewy, would lead its e-commerce push. Fellow Reddit favorite AMC Entertainment Holdings Inc. will report after the closing bell Wednesday.

Ticker Security Last Change Change %
PTON PELOTON INTERACTIVE, INC. 43.55 -0.90 -2.02%

Elsewhere, Peloton Interactive Inc. announced plans to expand to the Asia-Pacific region. The company will begin selling its workout equipment in Australia later this year.

Ticker Security Last Change Change %
GPS GAP, INC. 16.72 +0.42 +2.58%

Apparel retailer Gap Inc. is considering selling its China business, according to Bloomberg News, citing people with knowledge of the matter.

Ticker Security Last Change Change %
DKS DICK'S SPORTING GOODS, INC. 110.87 -3.04 -2.67%

In earnings, Dick’s Sporting Goods reported better-than-expected quarterly earnings and revenue but warned full-year sales may not be as strong as previously anticipated.

Ticker Security Last Change Change %
SFIX STITCH FIX, INC. 23.17 +0.22 +0.96%

Personal styling platform Stitch Fix Inc. swung to a quarterly loss as holiday sales came in softer-than-expected. The company lowered its full-year revenue forecast due to shipping and processing delays.

In commodities, West Texas Intermediate crude oil fell $1.04  to $64.01 per barrel while gold spiked $38.90 to $1,716.60 an ounce.

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Overseas markets were mostly higher.

Britain’s FTSE 100 rose 0.16%, while France’s CAC 40 and Germany’s DAX 30 advanced 0.36% and 0.46%, respectively.

In Asia, China’s Shanghai Composite slumped 1.82%, Hong Kong’s Hang Seng climbed 0.81% and Japan’s Nikkei 225 gained 0.99%.