Market Updates
Mega Cap Techs Drive Market Reversal, Twitter Says Yes to Musk
Barry Adams
25 Apr, 2022
New York City
The S&P 500 and Nasdaq Composite indexes made a reversal in the afternoon trading after crude oil prices and bond yields eased and investors hunted for bargains ahead of earnings from large tech companies.
The Nasdaq Composite fell to 12,727 and reversed to close up 1.3% to 13,004.85, a reversal of more than 2.5%.
The S&P 500 index also reversed earlier losses at mid-day and gained 2% to close up 0.6%.
Microsoft, Google parent Alphabet, Apple and other leading tech companies are scheduled to release earnings after the close tomorrow.
Coca-Cola closed nearly unchanged after reporting better-than-expected quarterly earnings and reaffirmed its outlook for $10.5 billion free cash flow in the year.
Oil complex stocks dropped as much as 6% and recovered to close down only 2% to 3% after crude closed down 3.5% near $100 a barrel price.
Bond yield eased and the 10-year U.S. Treasury closed at 2.822%.
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