U.S. equity markets bounced back Wednesday after three days of heavy selling tipped the tech-heavy Nasdaq Composite into the fastest correction in its history.

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The Nasdaq was trading up 3.41% after three days of heavy selling resulted in a 10% drop from its record high set on Sept. 2. Meanwhile, the S&P 500 and the Dow Jones Industrial Average were higher by 2.71% and 2.33%, respectively.

TickerSecurityLastChangeChange %I:COMPNASDAQ COMPOSITE INDEX11157.71583+310.03+2.86%SP500S&P 5003415.16+83.32+2.50%I:DJIDOW JONES AVERAGES28146.84+645.95+2.35%

Looking at stocks, mega-cap tech stalwarts Alphabet Inc., Amazon Inc., Apple Inc. and Microsoft Corp. were grinding higher after the three-day selloff wiped out a combined $870 billion of market capitalization.

Tesla Inc. shares were seeing a bounce off their 50-day moving average after losing 33% of their value since closing at a record high on Aug. 31.

TickerSecurityLastChangeChange %GOOGALPHABET INC.1,561.88+29.49+1.92%AMZNAMAZON.COM INC.3,280.37+130.53+4.14%APPLn.a.n.a.n.a.n.a.MSFTMICROSOFT CORP.213.11+10.45+5.16%TSLATESLA INC.351.30+21.09+6.39%

Elsewhere, AstraZeneca Plc put its late-stage experimental COVID-19 vaccine trial on hold amid safety concerns after one of its participants experienced a suspected serious adverse reaction. The company is investigating whether the experimental drug was the cause of the illness.

French luxury brand group LVMH has tabled its $16.2 billion deal for jeweler Tiffany & Co. due to “recent developments” that may include the possibility of new U.S. tariffs on French goods and the purchasee’s request to postpone the deal’s deadline to Dec. 31. Tiffany plans to pursue legal action.

TickerSecurityLastChangeChange %AZNASTRAZENECA PLC53.99-0.71-1.30%LVMUYLVMH MOËT HENNESSY LOUIS VUITTON SE95.47+0.58+0.61%TIFTIFFANY & CO113.27-8.55-7.02%

Looking at earnings, workplace-messaging platform Slack Technologies Inc. reported an unexpected breakeven quarter and revenue that exceeded estimates, but its billing growth rate slowed.

Meanwhile, fitness apparel maker Lululemon Athletica Inc. reported earnings and revenue that topped expectations, but warned higher marketing costs would weigh on profit in its holiday quarter.

TickerSecurityLastChangeChange %WORKSLACK TECHNOLOGIES INC.24.83-4.49-15.31%LULULULULEMON ATHLETICA INC.316.72-33.08-9.46%

Looking at commodities, West Texas Intermediate crude oil jumped $1.43 to $38.19 a barrel and gold added $11.70 to $1,944.70 an ounce.

U.S. Treasurys were modestly lower, causing the 10-year note yield to climb 2 basis points to 0.704%.

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In Europe, Germany’s DAX was out front, up 2.07% while Britain’s FTSE and France’s CAC were higher by 1.39% and 1.4%, respectively.

Asian markets ended lower across the board with China’s Shanghai Composite down 1.86%, Japan’s Nikkei off 1.04% and Hong Kong’s Hang Seng weaker by 0.63%.

Source Link:
https://www.foxbusiness.com/markets/us-stocks-sept-9-2020

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