Stocks rose Tuesday as the benchmark 10-year Treasury yield rebounded, and investors eagerly anticipated a wave of earnings reports from major technology companies and other industry leaders.
The Dow Jones Industrial Average (^DJI), the S&P 500 (^GSPC), and the Nasdaq Composite (^IXIC) all posted gains of around 0.5%.
The 10-year yield (^TNX) hit 4.86%, recovering from a drop the previous day, indicating continued volatility in the market. Just the day before, the yield surpassed 5%, reaching its highest point since 2007, only to see a sharp reversal.
All eyes are on the large number of featured results posts. General Motors (GM) made waves by retracting its 2023 profit forecast due to rising costs related to the UAW strikes. Meanwhile, Spotify (SPOT) pleasantly surprised by posting profits, defying previous loss projections.
In the cryptocurrency world, bitcoin (BTC-USD) continued its upward trajectory, crossing the $35,000 mark, marking its highest point since the 2022 cryptocurrency market crash. Speculation is rife that the SEC is on the verge of approving an ETF linked to the digital token.
Also read: Tech Giants’ Earnings Drive Market Recovery and Bond Stability – Stock Market News Today