Stocks rose after their longest drop of the year, as bond market volatility eased and traders digested a slew of earnings. Microsoft rose in late trading after reporting earnings, while Alphabet, Google's parent company, fell.
The S&P 500 ended a five-day losing streak, while the Nasdaq 100 gained 1%. Forecasts from Verizon Communications, 3M, and General Electric all raised the stock. Meta Platforms was taken down after being sued by California and a group of states over claims of harmful youth marketing. Following Monday's high volatility, Treasury 10-year yields fell slightly. Bitcoin briefly surpassed the $35,000 mark. Oil fell below $84 per barrel.
Investors hoping for good news during earnings season are putting their faith in big tech. The S&P 500's five largest companies - Apple, Microsoft, Alphabet, Amazon, and Nvidia - account for roughly a quarter of the benchmark's market capitalization. According to analyst estimates compiled by economists, their earnings are expected to rise 34% from a year ago on average.
