US equities rallied on Tuesday. The S&P500 (+1.44%) and the Dow (+1.50%) recovered as Nasdaq surged 2% to a fresh all-time
high. The correction of the coronavirus sell-off and the rush towards technology stocks were the major catalysts. Disney’s results were
better than thought thanks to the striking launch of Disney+ in the fourth quarter. Tesla surged another 13.73%, eBay jumped 8.78% after
Intercontinental Exchange made a takeover offer that could value the company to $30 billion and more, Apple and Microsoft rose 3.30%, even
Facebook which recently fell from grace advanced 2.76%.
Snap tumbled 15% in the after trading, however, after its revenue and first
quarter forecast missed estimates. Other than Snap, it was a fine day for the US equities.
Asian stocks followed up on the US session
gains. All markets traded in the green except Malaysia. Shanghai’s Composite advanced 1.65% despite news that the coronavirus deaths
topped 500. Nikkei gained 1.43%, ASX 200 +0.39% and Kospi +0.60%.
But futures for European stock indices remained on the backfoot
after a solid Tuesday session. FTSE and DAX futures edged lower hinting that the European equity markets could retrace a part of yesterday’s
gains at the open.
By Ipek Ozkardeskaya
