Stock market today: S&P 500 snaps 6-day losing streak ahead of Big Tech earnings rush
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The S&P 500 rose 0.9% to break a six-day losing streak and climb back above the 5,000 level. The Dow Jones Industrial Average also gained 0.7%. The Nasdaq Composite rebounded 1.1%, led by shares of Nvidia, which rebounded more than 4% after sinking 10% on Friday. Tesla shares fell more than 3% as investors reacted to the EV maker's price cuts on vehicles in China. Bitcoin climbed more than 2% over the past 24 hours following the cryptocurrency's recent halving. UBS downgraded six of the 'Magnificent 7' stocks, including Apple and Nvidia, from Overweight to Neutral. President Biden's recent call for a tripling of tariffs on Chinese steel was just the latest example of how voters will have a choice this fall that is one of degree as opposed to changes in direction when it comes to China trade. Stocks opened higher on Monday, following their worst week of the year, as investors await a flood of earnings.
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