Wall Street ends higher, aided by tech buying
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The news: Wall Street's major indices ended higher, recouping some of the previous session's losses, as investors bought back in to technology stocks and shifted their focus to the start of third-quarter earnings season.
The numbers: Among the main indices: the Dow Jones rose 0.30%, the S&P 500 gained 0.97%, while the Nasdaq added 1.45%. Only two of the 11 S&P sectors ended lower.
The context: Heavyweight tech names were buoyant, helping to push both the Nasdaq and the S&P 500 back above levels they finished at last week.
Nvidia was the pick of the so-called Magnificent Seven tech stocks, climbing 4.1% for its largest one-day percentage increase in a month. There were also gains for Apple, Tesla and Meta Platforms, which all rose between 1.4% and 1.8%.
PepsiCo gained 1.9% after the snack maker trimmed its forecast for annual sales growth, but reported adjusted earnings per share above estimates.
However, the materials sector ended in negative territory, dropping 0.4% as metal prices slipped on waning optimism over China's stimulus measures.
US-listed shares of Chinese companies also slid, tracking losses in domestic stocks. Shares of Alibaba Group, JD.com and PDD Holdings slumped between 5.4% and 7.5%.
Energy was the heaviest decliner though, slipping 2.6% in its biggest one-day loss since 20 August, as oil prices retreated following Monday's rally.
The source: Reuters
