Major stock indexes staged an impressive recovery Tuesday, recovering from sharp losses, as earnings reports remained on the front burner. In stock news today, solid earnings reports boosted Dow components McDonald’s (MCD), Verizon (VZ) and United Technologies (UTX), while weak results hit Dow stocks Caterpillar (CAT) and 3M (MMM).
After plunging 2.8% intraday, the Nasdaq composite ended with a loss of 0.4%. The S&P 500 and Dow Jones industrial average closed with losses of around 0.5%, while the Russell 2000 small-cap index dropped 0.7%. Preliminary data showed volume on the NYSE and Nasdaq coming in significantly higher than Monday’s levels.
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Another software stock, Cadence Design Systems, gapped above its 50-day moving average, soaring 15% on strong earnings.
Cadence was a top gainer in the Nasdaq 100 along with Tesla, which jumped nearly 13%. Shares of the electric-car maker were strong after Citron Research turned positive on the company. Results from Tesla are due Wednesday after the close.
In other stock news today, several top growth stocks in the IBD 50 took hits again early Tuesday but many recovered with the broad market. Innovator IBD 50 (FFTY) was down nearly 3% in the morning, weighed down by weakness in Veeva Systems (VEEV) and MedPace (MEDP), but the exchange-traded fund recovered for a loss of around 0.8%.
At the New York Mercantile Exchange, U.S. crude oil futures settled at $66.43 a barrel, down 4.2%, after Saudi Arabia eased supply fears by saying it would not restrict output.
Meanwhile, the relentless selling in marijuana stocks continued after pot was legalized in Canada last week. Shares of Tilray (TLRY) lost 1.5% after plunging nearly 16% Monday. Aurora Cannabis (ACB), meanwhile, had a rocky debut on the NYSE today.
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