WASHINGTON (dpa-AFX) - Stocks have moved mostly higher over the course of the trading day on Tuesday, extending the rebound seen in the previous session. The tech-heavy Nasdaq has shown a notable advance, continuing to recover from the two-month closing low set last Friday.
Currently, the Nasdaq is just off its best levels of the day, up 247.28 points or 0.9 percent at 26,416.66. The S&P 500 is also up 35.83 points or 0.5 percent at 7,712.60, while the narrower Dow has bucked the uptrend and edged down 22.88 points or less than a tenth of a percent to 52,338.70.
Tech stocks continue to recover from the sharp pullback seen late last week amid renewed optimism about the artificial intelligence trade after AI giant Anthropic publicly filed for an initial public offering on Monday.
Potentially adding to the positive mood around AI, Nvidia (NVDA) and Meta (META) have announced they will partner to expand their work on Muse and the Muse family of models.
Under the partnership, Nvidia said it would invest $3 billion in Meta as part of the Facebook parent's plans to raise up to $95 billion through equity financing.
Concerns about debt-fueled AI infrastructure spending weighed heavily on the markets late last week, although traders have recently shown a propensity to quickly shrug off the worries.
A positive reaction to some of the latest earnings news has also generated buying interest, with shares of JetBlue (JBLU) soaring by 19 percent.
The spike by JetBlue comes after the company reported a wider than expected third quarter loss but said it expects further margin expansion in the fourth quarter.
Package delivery giant UPS (UPS) has also shot up by 3 percent after reporting third quarter results that exceeded analyst estimates and raising its full-year guidance.
On the other hand, a steep drop by shares of Boeing (BA) is weighing on the Dow, with the aerospace giant plummeting by 10 percent after reporting a wider than expected third quarter loss.
Overall positive sentiment may have been generated in reaction to a report from the Conference Board unexpectedly showing a substantial improvement in U.S. consumer confidence in the month of October.
The Conference Board said its consumer confidence index jumped to 91.7 in October from an upwardly revised 84.2 in September.
The sharp increase came as a surprise to economists, who had expected the consumer confidence index to dip to 80.4 from the 81.9 originally reported for the previous month.
Sector News
Computer hardware stocks have shown a substantial move to the upside on the day, with the NYSE Arca Computer Hardware Index spiking by 3.8 percent.
Networking and semiconductor stocks are also seeing significant strength, contributing to the jump by the tech-heavy Nasdaq.
JetBlue has also helped lead a rally by airline stocks, resulting in a 3.2 percent surge by the NYSE Arca Airline Index.
Gold stocks are also seeing considerable strength amid an increase in the price of the precious metal, while oil producer stocks have moved sharply lower.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region turned in yet another mixed performance on Tuesday. Japan's Nikkei 225 Index jumped by 1.7 percent, while China's Shanghai Composite Index slumped by 1.3 percent.
The major European markets have also turned mixed on the day. While the U.K.'s FTSE 100 Index is down by 0.8 percent, the German DAX Index and the French CAC 40 Index are both up by 0.6 percent.
In the bond market, treasuries continue to show a lack of direction after ending the previous session roughly flat. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by less than a basis point at 4.988 percent.
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