Nasdaq, S&P, and Dow head higher as stocks look to rebound
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While the market indices edged lower on Tuesday, things appear to be turning around on Wednesday as major market averages opened up in the green.
Early on and the tech focused Nasdaq Composite (COMP.IND) jumped 1.2%. Furthermore, the S&P 500 (SP500) picked up 1% and the Dow (DJI) climbed higher by 0.6%.
In the bond market yields are higher with the shorter end U.S. 2 Year Treasury yield (US2Y) up 3 basis points to 4.09%. At the same time the U.S. 10 Year Treasury yield (US10Y) gained 2 basis points to 3.59%.
Helping boost sentiment were fresh earnings from the retail and tech sectors. Lululemon (LULU) is up around 15% following a strong sales forecast, while Micron (MU) got a lift with the chipmaker "confident" about its long-term outlook.
On the economic calendar, mortgage applications rose for the fourth time as the index went to +2.9%. Moreover, pending home sales rose in February for the third straight month to +0.8% M/M to 83.2.
Moreover, Fed Vice Chair of Supervision Michael Barr will also appear before the House Financial Services Committee to testify on the regulatory response to the series of recent U.S. bank failures.
Among active stocks, shares of Macy's dipped as CEO Jeff Gennette announced his intention to retire by early 2024.