Wall Street rebounds after Monday’s bleeding and waiting for more business results

Wall Street rebounds after Mondays bleeding

Wall Street returns to the green after its sharp falls on Monday that caused the worst day of the Dow Jones in eight months. The three main US indices were clearly splattered by the red that has adorned the rest of the world markets due to the redoubled fear of the Covid-19 crisis. At the close of the session on Tuesday, Netflix is also expected to present its accounts for this second fiscal quarter.

“We continue to have a constructive view of stocks,” says JP Morgan’s Dubravko Lakos-Bujas. In fact, this expert has raised the target price that the S&P 500 can reach by the end of the year, from 4,400 to 4,600 points.

As for oil, the two reference barrels, Brent and West Texas, continue below the barrier of 70 dollars after the agreement of the Organization of Petroleum Exporting Countries and its allies (OPEC +) was announced on Monday. to increase crude oil production and supply.

“Although oil prices may continue to trade volatilely, with intermittent rises and testing the level of $80 per barrel in the coming months, we do not foresee a runaway market in the short term, nor further depletion,” they assert from RBC Capital Markets.

At the business level, the so-called ‘reopening titles’ thus lead to the rebound this Tuesday after being the ‘ugly duckling’ of the bags in the previous session. Those who also rebound, but not much, are the banks and investors who continue to have an eye on the bond market.

Likewise, IBM shares rose 3% after quarterly results that have beaten expectations and showed the highest growth in its turnover in the last three years. Netflix, which is accountable to the market at the close of this Tuesday, is trading slightly down.

The results of UBS, which obtained a 63% higher net profit thanks to “favorable market conditions,” were also released on Tuesday morning, according to the company. As a result, the stock market rallied above 3%.

In other markets, bitcoin has hit monthly lows and lost $30,000 between the latest hit by Chinese regulators, the notices of the US Treasury Secretary, Janet Yellen, on stablecoins and the generalized falls of the stock markets by fear of the advance of coronavirus infections. Right now it falls above 3%.

In addition, the euro depreciates 0.29% and changes to 1.1764 dollars, while the ounce of gold rebounds 0.80%, to 1,823 dollars. Finally, the yield on the 10-year Treasury bond eases to 1,146%.