Stocks accelerated their rebound after suffering heavy losses last week.
Investors are turning their attention to mega-cap earnings, hoping for a new rally catalyst.
Tesla is slated to report after Tuesday’s closing bell, followed by Meta on Wednesday.
This week’s equity comeback accelerated on Tuesday, as investors ready themselves for a number of major earnings reports.
Although dashed rate-cut outlooks pummeled markets last week, attention has now shifted to the upcoming reports of high-profile companies. Tesla is slated to publish after Tuesday’s closing bell, with many on Wall Street having misgivings about its performance, given its massive stock slide and first-quarter delivery disappointment.
Meta, Alphabet and Microsoft will follow later in the week. If earnings exceed expectations, investors are hoping to jump-start another rally, with the stock market’s 10% year-to-date gain through the end of March now cut by more than half.
Through Tuesday, around 20% of S&P 500 firms have reported earnings, with a majority beating expectations, FactSet data shows.
Here’s where US indexes stood at the 4:00 p.m. closing bell on Tuesday:
Here’s what else is going on:
In commodities, bonds, and crypto:
West Texas Intermediate crude oil jumped by 21.7% to $83.32 a barrel. Brent crude, the international benchmark, gained 1.62% to 88.41 a barrel.
Gold slid by 0.44% to $2,321.65 an ounce.
The 10-year Treasury yield fell nearly two basis points to 4.605%.
Bitcoin slid by 0.3% to $66,577.
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