Technology stocks put in a strong showing on Tuesday morning and pushed Wall Street almost 1 per cent higher.
The S&P 500 was up 0.8 per cent within the first hour of trade, while the Dow Jones Industrial Average gained 0.9 per cent and the Nasdaq Composite added 1.1 per cent.
Technology was the best-performing sector in the S&P 500, up 1.7 per cent. Netflix, up 7.2 per cent, did a lot of the heavy lifting, after delivering a solid quarterly result after the closing bell on Monday.
The benchmark’s next-best sectors were consumer cyclicals, up 1 per cent, and industrials, up 0.9 per cent. Telecommunications, down 0.25 per cent, consumer staples, down 0.1 per cent, and energy, which was flat, were the worst performers.
Goldman Sachs and Johnson & Johnson, the two major companies that reported forecast-beating first-quarter earnings this morning, had given up pre-market gains and were down 0.9 per cent and 1.7 per cent, respectively.
Tesla, which late on Monday denied its most recent shutdown of its Model 3 production line was related to safety issues, was down 1 per cent.
US Treasuries were a touch weaker, with yields (which move in the opposite direction to bond prices) slightly higher.
The dollar index, a measure of the greenback’s performance against a weighted basket of global currencies, was up 0.2 per cent to 89.61, bouncing off yesterday’s close, which was its lowest this month.
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