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  3. US markets end higher as traders look to pick up technology stocks at reduced levels

US markets end higher as traders look to pick up technology stocks at reduced levels

29 Jan 2025 Evaluate

The US markets ended higher on Tuesday with Nasdaq settling higher by over two percent as some traders looked to pick up technology stocks at somewhat reduced levels following the sell-off seen in the sector during Monday's trading. Shares of Nvidia (NVDA) soared by 8.8 percent after the AI darling and market leader plunged by 17.0 percent in yesterday's session. Meanwhile, traders looked ahead to the Federal Reserve's monetary policy announcement on Wednesday. The Fed is almost universally expected to leave interest rates unchanged, but traders are likely to pay close attention to the accompanying statement for clues about the outlook for rates. On the sectoral front, Software stocks turned in some of the market's best performances on the day, resulting in a 3.0 percent surge by the Dow Jones U.S. Software Index. Considerable strength was also visible among brokerage stocks, as reflected by the 1.3 percent gain posted by the NYSE Arca Broker/Dealer Index.

On the economic data front, a report released by the Commerce Department unexpectedly showed a steep drop by new orders for U.S. manufactured durable goods in the month of December amid a nosedive by orders for transportation equipment. The Commerce Department said durable goods orders plunged by 2.2 percent in December after tumbling by a revised 2.0 percent in November. Street had expected durable goods orders to climb by 0.8 percent compared to the 1.2 percent slump that had been reported for the previous month. However, excluding the steep drop by orders for transportation equipment, durable goods orders rose by 0.3 percent in December after edging down by 0.2 percent in November. Ex-transportation orders were expected to increase by 0.4 percent.

Dow Jones Industrial Average rose 136.77 points or 0.31 percent to 44,850.35, Nasdaq surged 391.75 points or 2.03 percent to 19,733.59 and S&P 500 was up by 55.42 points or 0.92 percent to 6,067.7. 


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