The S&P 500 recovered on Tuesday following a previous drop on Wall Street. Oil prices and bond yields were the main focus.
The Nasdaq Composite rose by 1.2%, while the S&P 500 increased by 0.7%. The Dow Jones Industrial Average rose 45 points.
West Texas Intermediate oil futures (WTI), which had earlier increased at the beginning of the week, fell by 4% Tuesday.
The traders are watching Israel’s expected retaliation for Iran’s missile attack and U.S. attempts to prevent a wider conflict in the area.
Stocks in the tech sector move higher
The shares of technology companies soared on Tuesday.
NVIDIA Corporation shares rose by more than 2% Tuesday. Apple’s shares also rose by 1.5%.
Meta Platforms and Tesla also saw a rise of nearly 1% on Tuesday.
Oracle Corporation shares also increased by more than 2%.
Super Micro Computer stock also rose by 4% on Monday, continuing the gains of Monday. The company’s shares surged after the announcement that it had deployed over 100,000 graphics processing units in the past.
Oil prices drop by more than 4%
The price of crude oil dropped by more than 4% Tuesday, as the fear of Israel’s retaliation towards Iran diminished.
Oil prices are up 13% since the attack on Israel by Iran last week.
Brent oil prices breached $80 a barrel for the first since August 30, as fears of Israel attacking Iran’s oil installations gripped the market.
Reports claim that US President Joe Biden advised Israel not to attack oil facilities in Iran. It is possible that this could be the reason why oil prices fell on Tuesday.
Brent oil is currently trading at $77.57 per barrel, a drop of 4.2%. West Texas Intermediate has fallen 4.4% to $73.73 a barrel.
DJT surges
The shares of Trump Media & Technology Group, or DJT, surged by nearly 5% Tuesday following Elon Musk’s surprise appearance during Donald Trump’s rally at Butler, Pa.
Elon Musk has publicly stated his support for Trump, the US presidential election next month. He is also the CEO of Tesla.
Musk has been offered a Cabinet position by Trump.
The US trade deficit declined more than expected in August
Exports increased, imports decreased and the US trade deficit with China also declined.
Commerce Department reports that the goods and services deficit totaled $70.4bn for the month. This is down 10.8% from July’s upwardly revised $78.9bn deficit.
CNBC reported that Dow Jones surveyed economists who were seeking $70.8 billion.
Exports increased by $5.3 billion or 2% and imports decreased by $3,2 Billion or 0.9%. The year-to date trade deficit is still higher.
Chinese stocks fall
Today, the US-listed Chinese stock fell after the country’s economist failed to offer any specific stimulus packages to revive its economy.
Bilibili, an online video company, fell by more than 13 percent while Nio, a car manufacturer dropped more than 9 percent from its previous close.
JD.com, Alibaba and other e-commerce firms also fell on Tuesday, by nearly 9% each.
This post S&P 500 gains with crude oil prices falling; NVIDIA Apple and Oracle rise could be updated as new information unfolds
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