‘The Claman Countdown’ panelists Jack Manley and Simeon Hyman discuss market sentiment and earnings as stocks take a major hit amid recession fears Monday.
Stocks pared earlier gains on Wednesday after Wall Street ended its three-day losing streak.
The Dow Jones Industrial Average rose more than 40 points, or 0.12%, while the Nasdaq Composite and S&P 500 were up 0.16% and 0.28%, respectively.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 39044.57 | +46.91 | +0.12% |
| SP500 | S&P 500 | 5255.3 | +15.27 | +0.29% |
| I:COMP | NASDAQ COMPOSITE INDEX | 16396.604034 | +29.75 | +0.18% |
The major indexes rebounded on Tuesday – paring some gains near the close – a day after U.S. recession fears triggered a global market sell-off. The Dow closed 293.66 points, or 0.76%, higher, while the Nasdaq Composite and S&P 500 finished up 1.03% and 1.04%, respectively.
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Tuesday’s gains followed a trading session that saw Wall Street’s worst day since 2022. The Dow had shed more than 1,000 points by Monday’s closing bell as part of the sell-off that was sparked by weak U.S. jobs data and concerns of a slowing of the world’s largest economy.
Dow Jones Industrial Average
“While Friday’s employment report was disappointing, it wasn’t the only worrisome economic indicator, only the latest,” said Greg McBride, Bankrate’s chief financial analyst. “Couple economic concerns with the cacophony of earnings disappointments and weak corporate outlooks, global unrest and currency gyrations, and you have the recipe for sudden volatility.”
Big technology names such as Nvidia and Amazon.com continued their recovery after falling sharply on Monday, rising about 2% each in premarket trading.
Chip stocks also continued to recover, with popular names like AMD gaining 2%, while Marvell Technology added 2.6%.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| NVDA | NVIDIA CORP. | 102.22 | -2.03 | -1.95% |
| AMZN | AMAZON.COM INC. | 163.12 | +1.19 | +0.74% |
| AMD | ADVANCED MICRO DEVICES INC. | 131.71 | +1.53 | +1.18% |
| MRVL | MARVELL TECHNOLOGY INC. | 57.48 | -0.74 | -1.27% |
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Japanese stocks continued their upward momentum, with the Nikkei 225 closing 1.19% higher. The index on Monday suffered its worst day since the 1987 Black Monday crash, falling 12%.
In Europe, the Stoxx 600 climbed 1.57% on Wednesday, while the U.K.’s FTSE 100 and Germany’s DAX indexes also posted gains.
Reuters contributed to this report