The Dow Jones Industrials recovered from Monday’s losses in a big way, bouncing 271.99 points to 33,972.27
The S&P 500 restocked 25.94 points to 3,975.38, boosted by shares of Best Buy, which popped nearly 9% after the company hiked its 2023 fiscal outlook and beat earnings expectations.
The NASDAQ ticked higher 30.28 points to 11,054.79, but was weighed down by Zoom and Dollar Tree, which each slipped about 9%, Zoom reporting disappointing earnings and Dollar Tree suffering a lower-than-expected outlook.
China saw its first deaths in the mainland from COVID since May over the weekend. It prompted fears among investors that the country could bring back restrictions meant to slow virus spread, which would hurt business.
Economic reports due out include the Philadelphia Fed’s nonmanufacturing business outlook survey and the Richmond Fed’s manufacturing index.
Investors are also watching for earnings reports from HP Inc and Nordstrom after the bell. The stock market will be closed on Thursday for the Thanksgiving holiday and will close early on Friday.
Prices for the 10-year Treasury climbed, lowering yields to 3.78% from Monday’s 3.83%. Treasury prices and yields move in opposite directions.
Oil prices stayed soared $1.60 to $81.64 U.S. a barrel.
Gold prices brightened $5.20 to $1,744.80 U.S. an ounce.