Tech stocks attempted a rebound after Monday's devastating crash triggered by DeepSeek, as investors show interest in dip-buying the hardest-hit names.
Shares of Nvidia Corp. (NASDAQ:NVDA) climbed by over 6% after plunging 17% and erasing nearly $600 billion in market capitalization the previous day, following a series of reassuring comments suggesting that DeepSeek's development may not be as detrimental to the semiconductor giant as initially feared.
The Nasdaq 100 gained 1.6% after a 2.9% drop the day before, outperforming other major indices.
Notably, General Motors Co. (NYSE:GM) tumbled 8.5%, despite slightly beating Street expectations on earnings, as the automaker failed to provide updates on the potential impact of Trump tariffs, leaving investors in limbo.
The dollar strengthened after multiple overnight reports indicated that Treasury Secretary Scott Bessent is considering universal tariffs of 2.5%, with gradual increases up to 20%, allowing countries room to negotiate with President Donald Trump’s administration. Treasury yields rose about 3 basis points across the curve, reflecting slight investor nervousness and inflation concerns in the bond market.
In macro news, the Conference Board’s consumer confidence retreated in January, with the index dropping 5.4 points to 104.1. All five components of the index weakened, though the sharpest decline came from consumers’ assessments of the current economic situation.
Gold climbed 0.8% to $2,760 per ounce, sitting less than one percentage point away from record highs.
In commodities, natural gas extended its sharp decline, down 5.4% after shedding over 7% on Monday, while oil remained steady at $73 per barrel.
The crypto market stabilized after Monday's tech-driven turmoil weighed on sentiment toward digital assets. Bitcoin (CRYPTO: BTC) has reclaimed the $102,000 level, up 2.9%.
Tuesday’s Performance In Major US Indices, ETFs
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Tuesday’s Stock Movers
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