Nasdaq 100 gains post U.S. retail sales data; Apple, Tesla and Nvidia bounce back from a tech slump

Nasdaq Composite futures were down by amlmost 1 per cent before market opens on Wednesday.

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Tuesday's broad rally followed weeks of selling on the U.S. stock market that last week saw the S&P 500 sink to its lowest level since March 2021.

The US stock market saw a broad-based rally during Tuesday trading session with Nasdaq 100, S&P 500 and Dow Jones Industrial Average recording decent gains. The Nasdaq 100 gained 2.62 per cent to 12,564.10 points, while Dow Jones Industrial Average rose 1.34 per cent to 32,654.59 points and S&P 500 gained 2.02 per cent to 4,088.85 points.

Tuesday’s broad rally followed weeks of selling on the U.S. stock market that last week saw the S&P 500 sink to its lowest level since March 2021.

Nasdaq Composite futures were down by amlmost 1 per cent before market opens on Wednesday.

A key factor spreading positive sentiment in the market was the strong retail sales data in April that eased worries about slowing economic growth. Investors were cheered by data showing U.S. retail sales increased 0.9% in April as consumers bought motor vehicles amid an improvement in supply and frequented restaurants as well.

Ten of the 11 major S&P sector indices advanced, with financials, materials, consumer discretionary and technology all gaining more than 2%.

The S&P 500 rose to the highest closing level in more than a week amid a broad-based rally, as solid economic data boosted risk sentiment. Some of the tech heavyweight stocks of Nasdaq 100 like Apple Inc., Tesla Inc. and Nvidia Corp. bounced back from a tech-led selloff while Advanced Micro Devices Inc. rose 8.73 per cent

US stocks also got impetus after Federal Reserve Chair Jerome Powell commented on the outlook for higher interest rates. Powell said that the US central bank will keep raising interest rates until there is clear and convincing evidence that inflation is in retreat but had earlier indicated that 0.75 per cent rate hike is off the table for now.

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