Dow Sees Good Gains, Nasdaq Tests One Month Low

The US stocks edged up yesterday, witnessing a good intraday recovery. The S&P 500 climbed well off its worst levels of the day and into positive territory, although the Nasdaq remained in the red. The S&P 500 added 9.18 points or 0.2 percent to 5,836.22, while the Nasdaq fell 73.53 points or 0.4 percent to a one-month closing low of 19,088.10.The Dow Jones added 358.67 points or 0.9 percent at 42,297.12. Weakness in the tech sector weighed on the sentiments early in the session, as AI darling and market leader Nvidia (NVDA) witnessed heavy correction.

Broadly speaking, US stocks stayed cautious as markets focused on trajectory for interest rates following last Friday's stronger-than-expected monthly jobs report. Market will eye consumer and producer price inflation reports now to get more clarity on inflation outlook. Risk sentiment was mostly curbed as the US dollar index hit its highest in more than two years while U.S. Treasury 10-year yields also hit a 14-month high.

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