U.S. Stocks Move Back To The Upside Amid Rebound By Bitcoin

(RTTNews) - Stocks have moved mostly higher during trading on Tuesday, regaining ground following the pullback seen in the previous session. The major averages have all moved back to the upside, with the tech-heavy Nasdaq leading the charge.

Currently, the major averages are just off their highs of the session. The Nasdaq is up 232.12 points or 1.0 percent at 23,508.04, the S&P 500 is up 37.22 points or 0.6 percent at 6,849.85 and the Dow is up 293.16 points or 0.6 percent at 47,582.49

The strength on Wall Street comes amid a substantial rebound by Bitcoin, as the cryptocurrency is soaring by more than 6 percent after moving sharply lower on Monday.

Bitcoin's rally along with notable gains by major AI players Nvidia (NVDA) and Oracle (ORCL) may be an indication of renewed risk appetite.

Semiconductor stocks have helped lead the markets higher, with the Philadelphia Semiconductor Index jumping by 1.9 percent.

Considerable strength is also visible among airline stocks, as reflected by the 1.8 percent gain being posted by the NYSE Arca Airline Index.

Software stocks are also turning in a strong performance on the day, driving the Dow Jones U.S. Software Index up by 1.5 percent.

Meanwhile, gold stocks are moving sharply lower along with the price of the precious metal, resulting in a 3.6 percent plunge by the NYSE Arc Gold Bugs Index.

The rebound by the broader markets comes even as traders look ahead to the release of some key U.S. economic data in the coming days.

On Wednesday, payroll processor ADP is scheduled to release its report on private sector employment in the month of November.

Economists currently expect private sector employment to edge up by 10,000 jobs in November after rising by 42,000 jobs in October.

The data could impact the outlook for interest rates ahead of the Federal Reserve's monetary policy meeting next week.

CME Group's FedWatch Tool is currently indicating an 89.4 percent chance the Fed will cut rates by another quarter point, up from 63.0 percent a month ago.

Reports on service sector activity, personal income and spending and consumer sentiment may also attract attention in the coming days.

In overseas trading, stock markets across the Asia-Pacific region moved mostly higher on Tuesday. South Korea's Kospi surged by 1.9 percent, while Hong Kong's Hang Seng Index edged up by 0.2 percent and Japan's Nikkei 225 Index closed just above the unchanged line.

Meanwhile, the major European markets have turned mixed over the course of the session. While the German DAX Index is up by 0.4 percent, the U.K.'s FTSE 100 Index is marginally lower and the French CAC 40 Index is down by 0.3 percent.

In the bond market, treasuries have climbed back near the unchanged line after seeing early weakness. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is up by less than a basis point at 4.102 percent