Big Tech Helps Wall Street Rebound From Losses

Jumps for Big Tech stocks helped US stock indexes claw back some losses from the day before, when worries that interest rates may stay high for a while rocked Wall Street, per the AP.

• The benchmark S&P 500 rose 38 points, or 0.7%, to 5,199.
• The Dow slipped 2 points to 38,459.
• The tech-focused Nasdaq gained 271 points, or 1.6%, to 16,442.

Big Tech stocks led the way. Apple was the strongest single force pushing the market upward, as it climbed 3.8% to trim its loss for the year so far. Nvidia rose 3.4% to bring its gain for the year so far to nearly 82%, as it keeps riding a frenzy around artificial-intelligence technology. Amazon gained 1.8% to set a record after topping its prior high set in 2021. In the bond market, which has been driving much of Wall Street's action, Treasury yields were holding relatively steady following a mixed batch of data on the US economy and speculation about when the European Central Bank may cut interest rates. It held its main rate steady after a meeting in Germany.

On the losing side, CarMax dropped to one of the largest losses in the S&P 500 after it reported weaker profit for its latest quarter than analysts expected. Fastenal fell 6.6%. The distributor of fasteners and other industrial and construction supplies reported profit and revenue for the first quarter that fell just shy of analysts' expectations.

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