Hey moomooers,
Good evening. Here is the latest Market Recap for you.
Wall Street rebounded Tuesday as Federal Reserve Chairman Jerome Powell vowed not to raise rates too quickly.
Stock to watch: $Peloton Interactive Inc(PTON.US)$, $GameStop Corp(GME.US)$, $Coinbase Global, Inc.(COIN.US)$, $NVIDIA Corp(NVDA.US)$, $CrowdStrike Holdings Inc(CRWD.US)$.
The blue-chip $Dow Jones Industrial Average(.DJI.US)$ gained 68.61 points to 33,945.58 after posting its best day since March on Monday.
The $S&P 500 index(.SPX.US)$ climbed 0.5% to end the day at 4,246.44.
The $Nasdaq Composite Index(.IXIC.US)$ erased earlier losses and climbed 0.8% to hit a fresh intraday record and finish at 14,253.27.
U.S. stock index futures were little changed during overnight trading on Tuesday after the S&P 500 closed just shy of a new record.
Futures contracts tied to the Dow Jones Industrial Average advanced 28 points. S&P 500 futures were flat, while Nasdaq 100 futures gained 0.07%.
What drove the market?
Wall Street rebounded Tuesday as Federal Reserve Chairman Jerome Powell vowed not to raise rates too quickly
Indexes hit their highs of the session as Powell answered questions from House members. There was no headline from Powell that looked to be clearly responsible for the gains, but the Fed chief was bullish on the economic comeback and maintained that inflation forces were temporary. There also could have been some relief buying from traders worried that Powell would be a bit more hawkish on rate increases than the central bank was last week.
Since we last met, the economy has shown sustained improvement.
Widespread vaccinations have joined unprecedented monetary and fiscal policy actions in providing strong support to the recovery. Indicators of economic activity and employment have continued to strengthen, and real GDP this year appears to be on track to post its fastest rate of increase in decades.
-Powell
Which stocks were in focus?
$Peloton Interactive Inc(PTON.US)$ — Shares of the stationary bike company jumped 8.4% after announcing the launch of a corporate wellness program Peloton aims to reach new users and grow its membership base. Businesses that sign up will be able to offer employees subsidized access to Peloton's digital fitness membership and its high-end cycles and treadmills.
$GameStop Corp(GME.US)$ — The video game retailer's shares gained 10% after the company said it sold 5 million additional shares, raising $1.13 billion in capital to accelerate growth. The original Reddit-favorite meme stock jumped as much as 12.7% at one point as investors were encouraged by the move and looked past the dilution of their stakes. This is the second stock sale GameStop has offered since the trading mania.
$Coinbase Global, Inc.(COIN.US)$ — Shares of Coinbase fell nearly 2% following bitcoin's price decline, but closed nearly unchanged amid bitcoin's comeback. Coinbase is the largest cryptocurrency exchange in the U.S.
$NVIDIA Corp(NVDA.US)$ — Shares of the chipmaker rose 2.5% after Raymond James reiterated its "strong-buy" rating on the stock and hiked its price target to $900 per share from $750. Analyst Chris Caso said even considering Nvidia's 23% rally over the last month, the company is showing signs of momentum and should be set for strong performance in several of its business segments in the quarters ahead.
$CrowdStrike Holdings Inc(CRWD.US)$ — Shares of CrowdStrike jumped 8% after Stifel upgraded the cybersecurity stock to a buy rating. Stifel hiked its price target for CrowdStrike to $300 per share, 26% higher than the stock's closing price on Monday.
Source: Bloomberg, CNBC
By Mia