Stock market news live updates: Stocks rebound to close higher as investors weig...
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Stock market news live updates: Stocks rebound to close higher as investors weigh flurry of earnings reports
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U.S. stocks rallied Tuesday, clawing back from a rough start to the week as investors assessed a deluge of earnings reports for clues on how corporate America has fared against a backdrop of war in Eastern Europe and rising inflationary pressures.
[Click here to read what's moving markets heading into Wednesday, April 20]
The S&P 500 advanced 1.6% to mark its best day in a month, and the Dow Jones Industrial Average closed the session out 500 points higher. The tech-heavy Nasdaq Composite extended gains to 2.2% after settling at a one-month low on Monday along with the S&P 500.
Meanwhile, Treasury yields continued their climb, with the 10-year U.S. benchmark hitting 3% for the first time in three years.
“The bond market, you could argue, is way out ahead of the Fed in a way the stock market is playing wait-and-see,” Interactive Brokers' chief strategist Steve Sosnick told Yahoo Finance Live on Tuesday. “Maybe the stock market is actually, in this case, saying 'I’m not going to fight the Fed,' and the bond market in fact is.”
The International Monetary Fund (IMF) said Tuesday that the global economic recovery will “slow significantly” this year due to Russia's invasion of Ukraine. IMF officials downgraded their forecasts for economic growth, projecting global GDP will rise 3.6% in 2022 (a downgrade from January’s projection of 4.4%) and another 3.6% in 2023 (also a downgrade from the last projection of 3.8%).
“This crisis unfolds while the global economy was on a mending path but had not yet fully recovered from the COVID-19 pandemic,” said IMF Economic Counsellor Pierre-Olivier Gourinchas.
Quarterly results from 69 companies in the S&P 500 are in the queue for investors to digest through Friday. Big names on the docket of earnings set for release this week include United Airlines (UAL), American Express (AXP) and Tesla (TSLA).
Netflix (NFLX) — the first tech giant to report earnings this week — revealed an unexpected drop in net subscribers, a closely-watched metric for investors, in its results out Tuesday after the bell. The subscriber losses, the first for the company in over a decade, came as Netflix navigated an exit from Russia and an increasingly saturated North American market.
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