The Nasdaq Composite Index on Tuesday opened firmly higher Tuesday, as the technology-laden benchmark attempted to shake off three straight sessions of sharp losses sparked by disappointing quarterly updates from some of the most popular tech and internet-related companies.
The Nasdaq was up 0.7% at 7,683, the S&P 500 index rose 0.4% at 2,813, while the Dow Jones Industrial Average climbed 90 points, or 0.4%, at 25,398.
Tuesday's early trading action comes after the Nasdaq put in its third straight drop, underpinned by weaker-than-expected outlooks and results from Netflix Inc. and Facebook Inc. with shares of both companies falling into bear-market territory, defined as a drop of at least 20% from a recent peak. That unraveling has rattled confidence in the so-called FAANG stocks, which includes Facebook, Amazon.com Inc. Apple Inc. Netflix and Google-parent Alphabet Inc. which have helped to drive the overall market higher.
Apple is slated to report its quarterly results after the end of regular trade Tuesday and investors are hoping that the Cupertino, Calif.-based iPhone maker will be able to drive the tech and internet-sector from out of its recent doldrums. Wall Street also will watch the start of the Federal Reserve's two-day policy meeting, which kicks of later in the session. Investors also bought government bonds, as the Bank of Japan announced it would keep its ultra-easy monetary policy in place.
Source : Marketwatch