US sharemarkets rose sharply on Tuesday, with all three major indices posting their strongest gains since May. The Dow Jones Industrial Average added 1,125 points, or 2.49%, to close at 46,341.51. The S&P 500 climbed 2.91% to 6,528.52, while the Nasdaq Composite advanced 3.83% to 21,590.63.
Despite the rebound, the Nasdaq remains more than 10% below its recent high, while the Dow and S&P 500 are still down more than 8% and 6%, respectively.
Technology stocks led gains, with the Technology Select Sector SPDR Fund rising more than 4%. Nvidia gained 5.6%, Microsoft rose 3.1%, while Meta Platforms, Alphabet and Tesla also recorded strong advances.
Oil and commodities
Oil prices remained elevated despite mixed moves during the session. Brent crude rose 4.94% to settle at US$118.35 a barrel, its highest close since June 2022. West Texas Intermediate crude declined 1.46% to US$101.38 a barrel.
Market performance
Tuesday marked the final trading day of the month, with US markets posting declines over the period. The S&P 500 fell 5.1% in March, its worst monthly performance since 2022. The Dow declined 5.4%, while the Nasdaq lost 4.8%.
For the quarter, the Nasdaq fell more than 7%, the S&P 500 dropped 4.6%, and the Dow declined 3.6%. The Russell 2000 small-cap index rose 0.6% over the same period.
Australian Market Outlook
Australian shares are set to open sharply higher, tracking gains on Wall Street. S&P/ASX 200 futures were up 130 points, or 1.5%, to 8,643.
Locally, S&P Global will release Australia’s March manufacturing PMI at 9am AEDT, followed by February building approvals at 11.30am. Internationally, manufacturing and services data is due across major economies, with US private payrolls and retail sales scheduled later in the week.
