Tech stocks led a market rally as oil prices eased, with the Nasdaq jumping 1.5%.

From Nasdaq: 2024-10-09 09:37:00

U.S. stocks rebounded on Tuesday, led by a tech rally, as oil prices eased. The Dow Jones rose 0.3%, the S&P 500 gained 1%, and the Nasdaq jumped 1.5%. Consumer discretionary and tech stocks were the biggest gainers, while the fear-gauge CBOE Volatility Index was down. Investors await upcoming inflation data and the start of the quarterly earnings season.

Tech stocks drove the market rally, with the XLK, XLY, and XLC sectors all posting gains. Oil prices eased, leading to a decline in energy stocks. NVIDIA, Meta Platforms, and Broadcom saw notable increases. Investors are also anticipating the release of the consumer price index (CPI) report for September and the start of the earnings season with companies like JPMorgan Chase & Co. and Delta Air Lines set to announce their quarterly earnings.

Marathon Petroleum Corp and Valero Energy Corp encountered declines as oil prices softened, but Treasury yields eased, benefiting high-growth stocks. Shares of Valero Energy Corporation (VLO) slumped 5.3%, while Marathon Petroleum Corporation (MPC) ended 7.7% lower. Tech stocks soared with NVIDIA Corporation (NVDA) rising 4.1%, and Meta Platforms, Inc. (META) gaining 1.4%.

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Read more at Nasdaq: Stock Market News for Oct 9, 2024