The stock market saw a rebound today as the S&P 500 rose 26.11 points, or 0.5%, to 5,104.76 after falling 1% the day before. The Dow Jones Industrial Average also saw gains, rising 75.86 points, or 0.2%, to 38,661.05, while the Nasdaq composite rose 91.95 points, or 0.6%, to 16,031.54.
Leading the charge in the market were tech giants Nvidia and Meta Platforms, with Nvidia rising 3.2% and Meta Platforms bouncing back 1.2% after a previous slide. These companies, along with other Big Tech stocks, have been driving the S&P 500 to record highs, but the pressure is on for them to justify their high stock prices.
Cybersecurity company CrowdStrike also saw a significant jump of 10.8% after reporting stronger-than-expected profits for the latest quarter and providing a positive forecast for upcoming profits. On the other hand, troubled New York Community Bancorp received a lifeline of over $1 billion from investors, including former U.S. Treasury Secretary Steven Mnuchin, leading to a 7.5% increase in its stock price.
In the bond market, Treasury yields edged lower as Federal Reserve Chairman Jerome Powell spoke about interest-rate policy before a House of Representatives committee. Powell reiterated the need for greater confidence in inflation moving toward the Fed’s target of 2% before considering any rate cuts.
Overall, the market remains cautiously optimistic, with traders eyeing June as the likeliest time for a potential rate cut. The latest job openings data and the Fed’s “Beige Book” report on economic conditions support the current stance of patience on future policy decisions.
In international markets, indexes were mixed with modest moves in Europe and Asia. Hong Kong’s Hang Seng index saw a 1.7% jump, while Chinese officials expressed confidence in achieving their economic growth targets for the year.
