Stock market today: S&P 500 climbs as health care, tech gain; Nvidia earnings loom
* U.S. stocks bounce back from Monday technology sell-off
* U.S. bond yields off Monday lows
(Updates with early U.S. market activity; changes dateline;
previous LONDON)
By Caroline Valetkevitch
NEW YORK, June 4 (Reuters) - Global stock indexes climbed on
Tuesday as investors weighed the possibility of an interest rate
cut from the Federal Reserve, while yields on 10-year U.S
Treasuries moved higher.
Stocks held early gains and Treasury yields briefly trimmed
their increase after Fed Chairman Jerome Powell said the central
bank will respond "as appropriate" to the risks posed by a
global trade war and other recent developments.
His remarks followed St. Louis Fed President James Bullard's
comments late on Monday that a rate cut "may be warranted soon."
Strategists said Powell's comments suggested the Fed is
considering its options.
"Investors are taking comfort in what appears to be a Fed
that is contemplating cutting rates if the economy materially
slows down,” said Michael Geraghty, equity strategist at
Cornerstone Capital Group in New York.
In a brief statement included as part of a speech on broader
monetary policy issues, Powell said the Fed was "closely
monitoring the implications" of a trade dispute.
The United States' trade war with China and other countries
has been escalating in recent weeks.
On Wall Street, stocks bounced back from a sell-off in
technology stocks a day earlier, when the Nasdaq also confirmed
a correction.
Worries about a clamp-down on the world's internet and
social media giants and mounting recession jitters remained in
the background for investors.
The Dow Jones Industrial Average .DJI rose 383.44 points,
or 1.54%, to 25,203.22, the S&P 500 .SPX gained 36.39 points,
or 1.33%, to 2,780.84 and the Nasdaq Composite .IXIC added
117.79 points, or 1.61%, to 7,450.80.
The pan-European STOXX 600 index .STOXX rose 0.39% and
MSCI's gauge of stocks across the globe .MIWD00000PUS gained
0.84%.
In U.S. Treasuries, yields on benchmark 10-year Treasury
notes US10YT=RR were up 4.00 basis points at 2.121% after
falling to 2.061% on Monday, which was their lowest level since
September 2017.
Jitters over the global economy have pushed investors into
top-rated government bonds and other safety plays in recent
weeks.
The dollar index .DXY rose 0.13%, with the euro EUR=
down 0.05% to $1.1234.
The Japanese yen weakened 0.21% versus the greenback at
108.31 per dollar.
In the oil market, U.S. crude CLcv1 rose 0.49% to $53.51
per barrel and Brent LCOcv1 .
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Record low RBA cash rate https://tmsnrt.rs/2QFJt4n
Yields, oil and stocks all locked in slide https://tmsnrt.rs/2QJ5GOZ
Asian stock markets https://tmsnrt.rs/2zpUAr4
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