The S&P 500 rebounded on Tuesday after a previous decline on Wall Street, with attention on oil prices and bond yields.
The S&P 500 climbed 0.7%, while the Nasdaq Composite increased by 1.2%. The Dow Jones Industrial Average gained 45 points.
West Texas Intermediate (WTI) oil futures fell by 4% on Tuesday after an earlier increase at the start of the week.
Traders are closely watching Israel’s anticipated retaliation against Iran’s missile attacks and U.S. efforts to prevent a broader conflict in the region.
Tech stocks move higher
Shares of technology companies powered higher on Tuesday.
Shares of NVIDIA Corporation rose more than 2% on Tuesday. Apple’s stock also gained 1.5%.
Additionally, Meta Platforms, Tesla and Microsoft also rose nearly 1% each on Tuesday.
Shares of Oracle Corporation also rose more than 2%.
Meanwhile, Super Micro Computer’s stock rose 4%, extending Monday’s gains. Shares of the company surged after it said that the company deployed more than 100,000 graphics processing units recently.
Oil prices ease more than 4%
Crude oil prices eased more than 4% on Tuesday as fears of Israel’s retaliation against Iran decreased.
Since Iran attacked Israel last week, oil prices have risen 13% through Monday’s close.
Fears about Israel targeting Iran’s oil facilities gripped the market as Brent breached $80 per barrel on Monday for the first time since August 30.
However, reports claimed that US President Joe Biden has advised Israel against hitting oil facilities in Iran. This could be one of the reasons why oil prices have fallen on Tuesday.
At the time of writing, the price of Brent oil was $77.57 per barrel, down 4.2%, while that of West Texas Intermediate fell 4.4% to $73.73 per barrel.
DJT surges
Shares of Trump Media & Technology Group (DJT) surged nearly 5% on Tuesday, following Elon Musk’s surprise appearance at Donald Trump’s rally in Butler, Pa., over the weekend.
Elon Musk, who serves as the CEO of Tesla and owns social media platform X, has been outspoken about his support of Trump ahead of next month’s US elections.
Trump has even said he would consider a cabinet position for Musk.
US trade deficit fell more than expected in August
The US trade deficit fell more than 10% in August as exports rose, imports declined and the shortfall with China was down as well.
The goods and services imbalance totaled $70.4 billion for the month, down 10.8% from the upwardly revised $78.9 deficit in July, the Commerce Department reported Tuesday.
Economists surveyed by Dow Jones were looking for $70.8 billion, according to a CNBC report.
Exports rose $5.3 billion, or 2%, and imports fell by $3,2 billion, or 0.9%. However, the year-to-date trade deficit was still higher.
Chinese stocks fall
The US-listed Chinese stocks fell today after the country’s economic planner failed to offer specific further stimulus packages to revive the economy.
Online video company Bilibili tumbled more than 13%, while automaker Nio fell more than 9% from their previous close.
E-commerce companies, JD.com and Alibaba also tumbled nearly 9% and 7%, respectively on Tuesday.
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