NEW YORK: Wall Street stocks opened slightly higher on Tuesday after a day of losses, as traders looked ahead to the release of key economic data this week.
In early trading, the Dow Jones Industrial Average rose 0.10 percent, the tech-rich Nasdaq Composite gained 0.80 percent and the broad-based S&P 500 index advanced 0.36 percent.
“We’re seeing a very modest little bounce under the surface,” Adam Sarhan of 50 Park Investments told AFP.
“There is still money being invested in stocks and the environment is still strong.”
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“The market’s a forward-looking mechanism,” he added.
Markets are awaiting Wednesday’s monthly report on private-sector jobs, followed by the inflation figures for September on Friday.
Expectations that the US Federal Reserve will lower borrowing costs next week have buoyed markets recently, helping them recover early November’s losses driven by tech bubble fears.
The US market was weighed down Monday by declines in some technology and crypto stocks.
“Mega-cap tech names are mostly higher this morning against a quiet backdrop of news flow,” Briefing.com analysts said in a note.
On Tuesday, the “Magnificent Seven” of major players in the technology sector were mostly trading in positive territory, including Nvidia (+3.10 percent), Tesla (+0.63 percent) and Alphabet (+0.93 percent).
Stocks associated with the cryptocurrency sector also rebounded.
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