Key facts
- US stocks rose, with the S&P 500 gaining 0.3% and the Dow Jones Industrial Average up 1%.
- Oil prices, after reaching six-month highs, closed lower with Brent down 0.7% and WTI down 1.8%.
- Longer-dated US Treasury yields fell 5 basis points, while short-term yields rose 2 basis points.
- SpaceX shares rose 3% in post-market trading following its third-quarter results.
US stocks rose on Tuesday, recovering from earlier global weakness as a sharp pullback in oil prices from six-month highs eased inflationary concerns. The reversal in oil also contributed to a decline in longer-dated Treasury yields. The S&P 500 gained 0.3%, the Dow Jones Industrial Average added 1%, and the small-cap Russell 2000 index rose 1.7%. Healthcare stocks were among the biggest gainers, while communication services lagged. SpaceX shares saw a 3% increase in post-market trading following the release of its third-quarter financial results. In commodities, Brent crude futures closed down 0.7% and WTI down 1.8% after both had earlier touched fresh six-month peaks. The dollar broadly weakened against major currencies, with sterling and the Canadian dollar reaching multi-week and one-month highs, respectively. In bonds, Japanese yields slid, and US long-dated yields fell 5 basis points, though short-dated yields edged up 2 basis points. South Korea's Elice shares plunged 32% on their debut, adding to investor concerns about AI spending, while other 'neocloud' firms like Iren, CoreWeave, and Nebius also saw significant declines.