Home > Wall Street rebounds and oil advances, gold slips – Market update

Wall Street rebounds and oil advances, gold slips – Market update

  • Wall Street rose on Tuesday as markets moved higher after Monday’s downturn, even as investor confidence remains fragile amid further spread of the Omicron Covid strain.

  • Gold edged higher before slipping as investors sought gains in risk assets, while the US 10-yr yield is up to 1.468%.

  • Bitcoin is also up to lead broader recoveries for major cryptocurrencies, but BTC price has broken below $49,000 after touching intraday highs of $49,365 as of 2:10 EST.

After stock markets rebounded in Asia and European shares closed higher, US stocks are up amid broader upsides across the markets.

Omicron remains the overriding bearish factor even as investor sentiment picked up Tuesday to rekindle hopes of a Santa Claus rally.

The Nasdaq Composite has surged over 2% on the day to lead the market, with gains in major tech stocks buoying the outlook across most sectors. The Nasdaq 100 is also up nearly 2%, as major gainers include Atlassian with 10%; AMD with 6%, and Align Technologies with 5.4%.

JD.com is also up 7%, while the FAANG stocks are also green with over 1% in intraday gains for Apple and more than 2% for Microsoft, and 3.2% for electric car maker Tesla’s stock.

The other indexes are also seeing significant upside pressure. The S&P 500 is up 1.7% at 2:10 EST, while the Dow Jones Industrial Average has soared 1.6% to add over 400 points.

Wall Street rallies after European markets close higher

Stocks on Wall Street are rising on Tuesday after similar moves in the Asian and European markets. This follows Monday’s sell-off in both markets, with Japan’s Nikkei 225 and the pan-European Stoxx 600 all closing 2.08% and 1.42% respectively.

Britain’s FTSE 100 also closed higher after the government indicated it wasn’t unveiling new restrictions as Omicron cases appear to surge.

Gold slips as oil, Bitcoin see gains

Elsewhere in the market, gold prices have slipped 0.4% to $1,787.70 per ounce, while oil prices have moved +4% to 71.31 per barrel.

The US 10-year yield is up 7 basis points to 1.489%. 

In cryptocurrencies, Bitcoin's price has jumped 4.4% in the past 24 hours. The flagship cryptocurrency has an intraday high of $49,365.75 and is now positive over the past seven days at 4.2%, although the retreat below the $49,000 level could derail potential gains towards the $50,000 resistance level.

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