Wall Street regains some ground after big stocks rout

by Shubham Batra and Shashwat Chauhan, Reuters

Wall Street’s main indexes rose in volatile trading on Tuesday, as investors looked for bargains after a rout in the previous session, while dovish rate commentary from Federal Reserve officials also lifted the mood.

Most megacap and growth stocks, which together lost $200 billion in market value on Monday, gained as Nvidia, opens new tab bounced back 2.3%.

Apple, opens new tab slipped 1.9%, extending a nearly 5% drop on Monday after Warren Buffett’s Berkshire Hathaway, opens new tab cut its stake in the iPhone maker by half.

Both the S&P 500 and the Nasdaq Composite, opens new tab posted losses of at least 3% each in the previous session after weak economic data raised worries of a U.S. recession and the unwinding of sharp positions of carry trades that fund high-yielding assets.

 

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