Most megacap and growth stocks, which together lost $200 billion in market value on Monday, gained as Nvidia bounced back 2.3%.
In morning trading, the Dow Jones Industrial Average rose 504 points, or 1.3%, to 39,208. The S&P 500 and the Nasdaqboth gained 1.7%.Apple slipped 1.9%, extending a nearly 5% drop on Monday after Warren Buffett’s Berkshire Hathaway cut its stake in the iPhone maker by half.
Goldman Sachs in a note said investors typically profit when they buy after a 5% selloff in the S&P 500 index.Sphere will spend $80M to bring classic film to high-tech Vegas arena: sources US central bank policymakers pushed back on Monday against the notion that weaker-than-expected July jobs data means the economy is in recessionary freefall, but also warned that the Fed will need to cut rates to avoid such an outcome.
Ten of the 11 major S&P 500 sectors were trading higher, with consumer staples and information technology leading the gains.
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