Tech Rebounds in Late Trading on Surge in Meta: Markets Wrap
- Pinterest, Qualcomm and Ford Motor post strong results
- China pledge helps exporters; dollar index tops 5-year high
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U.S. equities rebounded from the worst rout since March, though ended well off session highs as a glut of earnings reports whipsawed sentiment.
Dip buyers powered the S&P 500 as much as 1.6% higher before a late-session rally left it higher by just 0.2%. The rally picked up in aftermarket trading as strong user numbers powered Meta Platforms Inc. to a 13% surge as of 4:15 p.m. in New York. Ford Motor Co., Pinterest Inc. and Qualcomm also advanced on solid results, helping lift the biggest ETF that tracks the Nasdaq 100 by almost 1%. The underlying index edged lower in cash trading.