Major US equity indices recovered ground on Tuesday, propelled by gains in tech stocks, a day after anxieties regarding the disruptive power of artificial intelligence (AI) triggered a market downturn.
At 10:10 a.m. ET, the Dow Jones Industrial Average rose 289.29 points, or 0.59%, to 49,093.35, the S&P 500 gained 19.31 points, or 0.28%, to 6,857.06, and the Nasdaq Composite was up 114.05 points, or 0.50%, to 22,741.33.
In the AI sector, the artificial intelligence firm Anthropic unveiled ten innovative methods for corporate clients to integrate its systems into vital operational sectors. This announcement followed previous software rollouts from the startup that had recently incited a selloff among established technology companies.
The AI lab said that these latest plug-ins resulted from collaborative efforts with various partners, including Salesforce, FactSet, and Thomson Reuters, the parent entity of the Reuters news service.
Within the fixed-income market, Treasury yields edged upward following a report indicating that US consumer sentiment grew more robustly than market analysts had anticipated. Consequently, the 10-year Treasury yield climbed to 4.04%, rising from its 4.03% closing level on Monday.
Key Stock Movers
Advanced Micro Devices (AMD) shares climbed 6.8% after the firm announced a multi-year deal where it will supply chips to help power Meta Platforms’ AI ambitions. Meta Platforms slipped 1.2%.
According to the deal, Meta also got the right to buy up to 160 million shares of AMD stock for 1 cent each, depending in part on how many chips Meta ultimately buys.
Among the megacap stocks, Apple gained 3%, Alphabet and Nvidia lagged with a near 1% fall each.
Salesforce stock advanced 3.4%.
IBM stock recovered a sliver of its 13.1% drop from Monday to rise 4.1% on Tuesday.
Blue Owl Capital shares lost 1.2%.
Home Depot stock surged 3.8% after the retailer reported stronger profit and revenue than Wall Street expected.
Keysight Technologies stock soared 18.1% after the firm topped analysts’ expectations for quarterly profit and revenue.
Bullion Market
Gold prices fell on Tuesday, as profit-taking and a firmer US dollar weighed on the market.
By 9:33 a.m. ET (1433 GMT), spot gold shed 2.1% to $5,119.67 per ounce. US gold futures for April delivery lost 1.7% at $5,138.30.
The US dollar gained 0.3% against other currencies.
Among other metals, spot silver fell 2% to $86.45 per ounce. Spot platinum slipped 1.6% to $2,119.29 per ounce, and palladium lost 1.4%, to $1,719.29.
Crude Oil
Oil prices rose on Tuesday, as the market assessed risks to supply from any military escalation between the United States and Iran.
Brent crude futures were up 38 cents, or 0.5%, at $71.87 a barrel at 1427 GMT, while US crude futures climbed 40 cents, or 0.6%, to $66.71 a barrel.
Brent is trading at its highest since late July, while WTI is at its firmest since early August.
Oman’s Foreign Minister Badr Albusaidi said on Sunday Tehran and Washington will hold a third round of nuclear talks on Thursday in Geneva.
