Five Things You Need to Know to Start Your Day: Asia
Muhammad Yunus, a Nobel Peace Prize-winning economist, on his way to attend a court hearing in Dhaka, Bangladesh, on May 2, 2024.
Photographer: Fatima Tuj Johora/BloombergGood morning. US stocks rebound as dip buyers emerge. Harris taps Walz as her running mate. Yunus named as head of Bangladesh’s interim government. Here’s what’s moving markets. — Isabelle Lee
A renewed wave of dip buying spurred a rally in US stocks following Monday’s rout. All major groups in the S&P 500 rose, with the gauge finishing 1% higher. Nvidia jumped 6.6% to lead gains in chipmakers. The “Magnificent Seven” index rose, as did the Russell 2000. Following a surge in volatility, traders emerged to scoop up bargains left after a plunge that sent major benchmarks to technically “oversold” territory and a semblance of calm returned to markets Tuesday. Treasury 10-year yields jumped back up to around 3.9%, while the yen led losses in developed world currencies, bitcoin climbed and oil rebounded.