The Nasdaq indexes rebounded from Monday’s rout as UnitedHealth Group’s earnings bolstered health-care firms. Adobe Inc.’s forecast lifted software makers as technology stocks rebounded before Netflix reports after markets close. BlackRock Inc.’s disappointing flows data sent its shares lower, while W.W. Grainger tumbled after warning on margins.
The dollar held near a two-week low and the 10-year Treasury yield traded around 3.16 percent as data showed U.S. factory production expanded in September. Oil pared losses amid tensions between the Saudi Arabia and the U.S. over the disappearance of a prominent journalist.
“The third quarter, which is now underway, would be the first sign if you’re looking for a smoking gun for either tariffs or tightening conditions,” Jurrien Timmer, director of global macro at Fidelity Investments, said by phone. “People at this point want to be relieved or are feeling that things aren’t as bad as last week suggested.”
Better results at the start of earnings season are giving many investors breathing room from concerns that a slowdown could be on the horizon. Netflix Inc. becomes the first large technology company to report after today’s close, while minutes from the latest Fed meeting should offer more clues a day later. In the background, traders are still grappling with continuing U.S.-China trade war rhetoric and geopolitical strains.
Elsewhere, the pound climbed as leaders struck a conciliatory tone a day after Brexit negotiations broke down. The Turkish lira was steady following seven days of gains after the country released U.S. pastor Andrew Brunson on Friday. In Asia, Japan’s equities outperformed, while Chinese shares retreated.
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Bloomberg
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