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 | 51032.46 | +363.49 | +0.72% |
| SP500 | S&P 500 | 7580.06 | +16.43 | +0.22% |
| I:COMP | NASDAQ COMPOSITE INDEX | 26972.619981 | +55.15 | +0.20% |
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. | 435.79 | -6.31 | -1.43% |
| AAPL | APPLE INC. | 312.06 | -0.45 | -0.14% |
| NFLX | NETFLIX INC. | 86.02 | -0.34 | -0.39% |
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. | 21.18 | -0.50 | -2.31% |
| AMC | AMC ENTERTAINMENT HOLDINGS INC | 1.73 | +0.15 | +9.49% |
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. | 6.40 | +0.36 | +5.96% |
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 | NO DATA AVAILABLE | - | - | - |
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 | 227.57 | +1.26 | +0.56% |
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. | 3.56 | -0.13 | -3.52% |
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%.