The Dow is Bouncing Back, Facebook is Rebounding-See What Else is Happening in The Stock Market Today

The stock market was rallying on Tuesday after Monday’s tech-driven selloff, as Facebook shares appear poised to recoup some of their big losses.

The Dow Jones Industrial Average rose 167 points, or 0.5%, after the benchmark fell 323 points on Monday. S&P 500 futures rose 0.4%, while Nasdaq Composite futures, which supported most of Monday’s sales, rose 0.4%.

“Futures are enjoying a modest rebound after yesterday’s declines after a generally quiet night of news,” writes Tom Essaye, founder of Sevens Report Research.

Big tech stocks were helping the major indices rebound from heavy losses. The Nasdaq was rising from a level where buyers had previously intervened during a summer selloff. In mid-July, the index began to rebound from a sell-off when it hit 14,274. The index closed at 14,255 before futures rose on Tuesday.

Facebook (FB) was up 1.2%, while Amazon.com (AMZN) and Apple (AAPL) were up 0.5% and 0.4%, respectively. Recently, there has been a turnover in value stocks, and out of fast-growing tech stocks, as rising bond yields mean greater confidence in economic growth, which is a particular boost for stocks. of value.

Facebook has faced mounting reputational and regulatory concerns following the leak of internal documents by a whistleblower to The Wall Street Journal. On Monday, it experienced outages on several of its platforms.

Abroad, Tokyo’s Nikkei 225 fell 2.2% as traders reacted to Wall Street’s underperformance, while in Europe stocks rallied as the pan-European Stoxx 600 rose 0.6%.

Monday’s sell-off was felt across the board and came as a result of family pressure, with the S&P 500 falling 1.3%, marking the third time in five sessions that it has lost more than 1%. Investors remained concerned about inflation, supply chain issues depressing earnings, the future of central bank stimulus, and US political friction over the debt ceiling and the $ 3.5 reconciliation package. trillion stuck.

The price of oil rose after the OPEC + group of state producers agreed yesterday to maintain plans to increase crude production by 400,000 barrels a day in November. Prices rose again on Tuesday, with WTI crude futures contracts rising 1% to more than $ 78 a barrel.

Looking ahead, the market is focusing on the September US jobs report which will arrive at the end of the week. Investors want to see people return to work when the benefits related to the pandemic end.

High crude prices look to have boosted major oil companies, with BP (BP) up 1.5% and Royal Dutch Shell (RDS.A) rising 0.9% in London. Marathon Oil (MRO) gained 2.3%.

PepsiCo (PEP) stock gains 0.9% after reporting a profit of $1.79 a share, beating estimates of $1.73 a share, on sales of $20.2 billion, above expectations for $19.4 billion.

Digital Realty Trust (DLR) stock fell 0.9% after getting downgraded to Neutral from Outperform.

Albertsons Cos . (ACI) stock dropped 4% after getting downgraded to underperform from Market Perform at BMO.

Columbia Sportswear Company (COLM) stock dropped 1.7% after getting downgraded to Neutral from Buy at Bank of America.

AstraZeneca (AZN) rose 1.4% in London after the pharmaceutical company submitted an emergency-use authorization request to the Food and Drug Administration for a preventative treatment of symptomatic Covid-19.