The Nasdaq advanced 0.4%, while the S&P 500 added 0.1%. The Dow Jones Industrial Average lagged, falling 32 points, or 0.1%.
Tech stocks lead gains
Technology stocks led the early gains, with AMD rising 1% and Nvidia gaining 0.7%. AMD’s shares rose after the company announced the acquisition of artificial intelligence firm World Labs. Meta Platforms also advanced 1.1%.
The gains came after Wall Street’s sell-off on Monday, when the Dow fell more than 300 points, while the S&P 500 and Nasdaq dropped 0.8% and 0.9%, respectively.
Treasury yields, oil prices in focus
Treasury yields wavered in early trading. The benchmark 10-year Treasury note yield was last up 2 basis points at 5.264% on Tuesday, while the yield on the 30-year Treasury was flat at 5.589%.
The 10-year yield remains near levels not seen since 2007, while the 30-year bond yield is hovering around a 2004 high.
A decline in oil prices helped mitigate investor concerns around yields. Brent crude shed more than 1% to trade around $103.97 a barrel, while West Texas Intermediate (WTI) crude slid 1.7% to $90.99.
Oil prices eased as Saudi Arabia resumed exports through its East-West pipeline, while US and Iranian officials met with mediators to resume talks.Anthropic IPO in focus
A Reuters report on a leaked Anthropic IPO prospectus showed the AI company is targeting a valuation of $2 trillion, more than double its estimated valuation of $965 billion. The prospectus also includes warnings that AI could pose “existential risks to humanity”. Anthropic has not yet made an official filing public.
Investors are also awaiting key US economic data on Tuesday, including the Job Openings and Labor Turnover Survey and the Conference Board’s consumer confidence numbers.
CarMax shares rose after the used auto dealer reported strong top- and bottom-line results.
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