On Tuesday, stocks rebounded sharply from Monday's sell-off.
 | TUE, OCT 05, 2021 | | | | DOW | | NAME | LAST | CHG | %CHG | | AAPL | 141.11 | +1.97 | +1.42% | | MRK | 81.60 | -1.50 | -1.81% | | MSFT | 288.76 | +5.65 | +2.00% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | AAPL | 141.11 | +1.97 | +1.42% | | F | 14.29 | -0.06 | -0.42% | | BAC | 44.22 | +0.88 | +2.03% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AAPL | 141.11 | +1.97 | +1.42% | | FB | 332.96 | +6.73 | +2.06% | | AMD | 101.81 | +1.47 | +1.47% | |
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On Tuesday, stocks rebounded sharply from Monday's sell-off. The trading session was a win for economically sensitive stocks and Big Tech: Both cohorts enjoyed gains despite an uptick in bond yields. Higher yields bode well for bank stocks, but can dent the valuations of tech names. The major averages closed off their highs and failed to make back all of Monday's losses. The Nasdaq is still off by 0.9% this week. Helping sentiment around the recovery, the Institute for Supply Management services PMI for September rose to 61.9 from 61.7 in August, beating estimates. "Well, October is sure living up to its reputation as the most volatile month of the year. Today's better-than-expected services data is nice, but with Washington drama still swirling, we expect the October roller-coaster market to stick around for a bit longer," Ryan Detrick of LPL Financial told CNBC.  Private payroll data will be released on Wednesday with ADP's September employment report due out at 8:15 a.m. ET. This will be a precursor to the highly anticipated nonfarm payrolls report for last month, which is set to be released on Friday. Jobs data, along with inflation readings, are used by the Federal Reserve to track the economic recovery from the coronavirus pandemic and to gauge when it can start to wind back emergency stimulus measures, starting with tapering asset purchases. The Fed said in its September meeting that it would look to pull back its bond purchases soon. |
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