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Nvidia Leads Morning Gainers As Tech Stocks Attempt Rebound
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Stocks opened lower across the board on Tuesday, following a historic two-day sell-off that erased the vast majority of 2018’s gains. But the markets quickly bounced back in early morning hours, thanks in part to an attempted rebound from large-cap tech stocks—including Facebook , Apple (AAPL - Free Report) , and Nvidia (NVDA - Free Report) .
The tech-heavy Nasdaq, along with the battered Dow, bounced more than 1% higher in early morning trading Tuesday. The broader S&P 500 moved modestly higher after opening about 1% lower. All three of these indexes are attempting to recover after the recent sell-off dragged stocks down to levels not seen since late December.
Nvidia led the large-cap tech gainers on Tuesday morning, surging as much as 3.3% in early hours. The popular graphics chipmaker is slated to release its latest quarterly earnings results on Thursday afternoon. This previously red-hot stock was one of the hardest hit by the sell-off, shedding about 15% over the past two trading periods.
Shares of Facebook marched nearly 1% higher by 10 a.m. EST, while Apple gained about 2%. Video streaming giant Netflix (NFLX - Free Report) was another stock hoping to lead tech’s recovery, moving about 2.5% shortly after a modestly-lower opening.
Other Wall Street favorites, including e-commerce giants Amazon (AMZN - Free Report) and Alibaba (BABA - Free Report) , also attempted to bounce back today. Amazon moved about 1% into the green, while Alibaba popped slightly before returning to Monday’s close.
Whether Tuesday morning’s gains last throughout the day remains to be seen. The modest recovery comes on the back of Dow’s largest single-day point drop in history on Monday (also read: Dow Plummets as 2018's Runaway Gains Disappear).
Tensions are high around the global markets as renewed concerns about inflation and rising interest rates have ushered in the return of volatility. Last Friday, the Bureau of Labor Statistics reported that the U.S. economy added 200,000 jobs last month—a strong result that exceeded estimates. But the jobs report also indicated that wage growth has picked up, stoking fears that inflation is on the rise.
Meanwhile, the rug got pulled out from underneath traders shorting certain volatility indexes. A major crash in a popular volatility trading instrument that is designed to deliver the inverse daily return of the CBOE’s Volatility Index, the Daily Inverse VIX Short Term ETN , was liquidated by Credit Suisse on Tuesday morning.
Want more analysis from this author? Make sure to follow @Ryan_McQueeneyon Twitter!
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Image: Bigstock
Nvidia Leads Morning Gainers As Tech Stocks Attempt Rebound
Stocks opened lower across the board on Tuesday, following a historic two-day sell-off that erased the vast majority of 2018’s gains. But the markets quickly bounced back in early morning hours, thanks in part to an attempted rebound from large-cap tech stocks—including Facebook , Apple (AAPL - Free Report) , and Nvidia (NVDA - Free Report) .
The tech-heavy Nasdaq, along with the battered Dow, bounced more than 1% higher in early morning trading Tuesday. The broader S&P 500 moved modestly higher after opening about 1% lower. All three of these indexes are attempting to recover after the recent sell-off dragged stocks down to levels not seen since late December.
Nvidia led the large-cap tech gainers on Tuesday morning, surging as much as 3.3% in early hours. The popular graphics chipmaker is slated to release its latest quarterly earnings results on Thursday afternoon. This previously red-hot stock was one of the hardest hit by the sell-off, shedding about 15% over the past two trading periods.
Shares of Facebook marched nearly 1% higher by 10 a.m. EST, while Apple gained about 2%. Video streaming giant Netflix (NFLX - Free Report) was another stock hoping to lead tech’s recovery, moving about 2.5% shortly after a modestly-lower opening.
Other Wall Street favorites, including e-commerce giants Amazon (AMZN - Free Report) and Alibaba (BABA - Free Report) , also attempted to bounce back today. Amazon moved about 1% into the green, while Alibaba popped slightly before returning to Monday’s close.
Whether Tuesday morning’s gains last throughout the day remains to be seen. The modest recovery comes on the back of Dow’s largest single-day point drop in history on Monday (also read: Dow Plummets as 2018's Runaway Gains Disappear).
Tensions are high around the global markets as renewed concerns about inflation and rising interest rates have ushered in the return of volatility. Last Friday, the Bureau of Labor Statistics reported that the U.S. economy added 200,000 jobs last month—a strong result that exceeded estimates. But the jobs report also indicated that wage growth has picked up, stoking fears that inflation is on the rise.
Meanwhile, the rug got pulled out from underneath traders shorting certain volatility indexes. A major crash in a popular volatility trading instrument that is designed to deliver the inverse daily return of the CBOE’s Volatility Index, the Daily Inverse VIX Short Term ETN , was liquidated by Credit Suisse on Tuesday morning.
Want more analysis from this author? Make sure to follow @Ryan_McQueeney on Twitter!
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Click here for the 6 trades >>