US equities rose on Tuesday led by a jump in technology shares along with a rise in oil prices lifting energy shares as investors turned their attention away from the trade issues going on in the market momentarily. Apple shares which have come under investor scrutiny the past couple of days were the best performer on the Dow rising 2.53 percent following UBS increasing their price target for the stock to $250 from $215. On Wednesday the company will begin revealing its new products to investors through a series of product launches.
Energy shares were given a boost by a 2 percent jump in oil prices on the back of supply restrictions following US sanctions on Iran restricting exports along with a slower than expected forecast for US crude oil production in 2019.The S&P 500 sector rose 0.98 percent and with Exxon Mobile shares rising 1.38 percent while its peers Chevron and Hess Corp rose 0.47 percent and 2.94 percent respectively.
Moving back into tech, some of the bigger companies that were in the headlines last week rebounded as Netflix shares rose 2.2 percent, Amazon shares jumped 2.5 percent and Twitter shares finished the trading session 1.2 percent higher.
Some of the notable movers include Tesla shares, which for the past few days have seen increased volatility fell 2.12 percent after an analyst labelled the stock “no longer investable”. Activision Blizzard shares rose 7.1 percent following a broker suggesting strong demand for videogames in the holiday period will boost sales. Western Digital shares slipped 3.6 percent after analysts warned that falling NAND chip prices would hit the company.
Home Depot and Lowe’s Companies shares were up 1.5 percent and 1.6 percent, respectively as Hurricane Florence, which was upgraded to Category 4 was expected to hit the Carolina coast later this week. Home improvement companies could potentially see a boost in sales following the aftermath of the natural disaster.
In currency markets, the US dollar edged higher. The dollar index was up 0.09 percent at 95.239, the euro initially rose 0.4 percent to $1.16445 before returning to $1.15865 and the Australian dollar was down 0.16 percent to $0.7101 following concerns a damaged Chinese economy that could hurt local exporters.
Chart of the day: Activision Inc. (ATVI) daily chart