U.S. stocks rose on Tuesday, reversing earlier losses fueled by a sell-off in tech stocks. The Dow Jones Industrial Average increased by 0.3%, or 160.24 points, to close at 53,577.40, marking its third consecutive day of gains. The S&P 500 also climbed 0.3%, or 24.38 points, finishing at 7,677.24 points, while the Nasdaq gained 0.7%, or 171.11 points, closing at 26,151.30 points. The trading volume decreased to 14.32 billion shares, below the 20-session average of 16.4 billion.
The decline in bond yields provided relief to investors, with the 10-year Treasury yield dropping over 7 basis points to settle at 4.625%. Oil prices also eased, with West Texas Intermediate crude futures falling more than 3%. Consumer confidence fell to a seven-month low of 89.4 in August, a significant drop from the consensus estimate of 90.2, contributing to a cautious market sentiment.
Tech stocks were a primary driver of the gains, particularly ahead of NVIDIA Corporation’s quarterly results. Shares of NVIDIA rose 2.2%, while Micron Technology and Advanced Micro Devices gained 2.5% and 4.9%, respectively. Notably, 190 new highs and 79 new lows were recorded on the NYSE, and a 1.76-to-1 ratio favored advancing issues on the Nasdaq.
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