Stocks were rising Wednesday as tech stocks in the U.S. rebounded from their recent selloff.
The tech-heavy Nasdaq Composite futures climbed 1.2%. The gain in tech helped boost S&P 500 futures, which rose 0.8%. Dow Jones Industrial Average futures rose 205 points, or 0.7%. The 10-Year Treasury yield kept rising, ticking up to 0.98% from 0.95%.
While the mood of the market has been solid during the last few days— the S&P 500 is up 9.4% since October 30 counting Wednesday morning’s move—the rally had been led by value stocks. But it was tech taking the lead Wednesday. Apple (AAPL) has risen 1.4% after falling 2.5% since Thursday, while Amazon (AMZN) has advanced 1% after dropping 8.6% over that period.
Investors are also buying a dip in high-priced tech stocks, especially as some of the secular growth trends. Zoom Video Communications (ZM) stock bounced 4% Wednesday after falling 25% in the past two days.
Here were some of the biggest movers Wednesday:
Lyft (LYFT) shares rose 5% to $37.91 after the company beat revenue and earnings estimates. Lyft reported a loss of 89 cents a share, beating estimates for a 90 cent loss. Revenue came in at $499.7 million, beating estimates of $489 million. The positive vaccine news has also lifted the stock this week, as the shares are up 27% this week, counting Wednesday’s premarket move.
Alibaba (BABA) shares were down as much as 1% before that loss moderated to just 0.3% to $266. This comes as the company’s Singles Day gets under way.
Tapestry (TPR) rose 4.8% to $27.25 after getting an upgrade at Cowen to Outperform from Market Perform and a raised price target to $30 from $25.
State Street (STT) rose 1.7% to $71.23 after Deutsche Bank raised its price target to $80 from $67 and upgraded the stock to Buy from Hold.
Write to Jacob Sonenshine at Jacob.Sonenshine@barrons.com