The Dow added more than 1,000 points, covering yesterday's 971-point drawdown
Stocks bounced back in a big way today. The Dow pared yesterday's selloff, while the Nasdaq reclaimed 16,000, with both indexes snapping four-day losing streaks. The S&P 500 enjoyed outsized gains as well, after Treasury Secretary Scott Bessent reportedly told investors there "will be a de-escalation” in China trade tensions.
Bessent's comments helped spark a rally in tech stocks with China exposure. Investors are also keeping an eye on the earnings docket, with Tesla (TSLA) reporting after the close. While the Cboe Volatility Index (VIX) tumbled as stocks rallied, it remained above the psychologically-significant 30 level.
Continue reading for more on today's market, including:
- 3 crypto stocks enjoying Bitcoin's (BTC) surge.
- Now may be the time to buy the dip in JPMorgan stock.
- Plus, defense stocks in focus; Verizon's earnings; and homebuilding name to watch.
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5 Things to Know Today
- The International Monetary Fund (IMF) said tariff increases mark a new era that sets global economies for a slowdown that impacts the U.S. (Wall Street Journal)
- Meta Platforms' (META) core online advertising business could lose $7 billion in 2025 year because of President Trump’s China tariffs. (CNBC)
- These 2 defense stocks sank after earnings.
- Verizon stock brushed off a quarterly win.
- Hs this homebuilding stock finally found a bottom?
Gold Nabs Fresh Record Before Cooling Off
Oil prices moved higher on Monday, after the U.S. issued new U.S. sanctions against Iran. The broader market rally also helped push black gold higher. May-dated West Texas Intermediate (WTI) crude fell $1.23, or 2%, to finish at $64.27 per barrel.
Gold prices settled lower, but not before scoring another record high of $3,509.90. The small loss came on the heels of potentially easing trade tensions between the U.S. and China. June-dated gold fell 0.2% to close at $3,419.40 an ounce.