On Tuesday, April 8th, major stock indexes on Wall Street rebounded significantly from previous sharp declines, with tech stocks leading the gains. The United States is set to negotiate with its trading partners on tariff issues and may reach an agreement to lower tariffs, boosting investor confidence.
The Dow Jones Industrial Average surged by 1,419 points at the opening bell on Tuesday, up 3.7%; the S&P 500 Index rose by 3.8%; and the Nasdaq Composite Index climbed by 4.3%. These three major indexes are poised to see their best performance since November 2022.
Stocks of AI chip giant Nvidia and Meta Platforms, the parent company of Facebook, both rose by 5%, while Tesla’s stock price increased by 4%.
The technology sector surged by 3.5%, with indices tracking banking stocks and semiconductor stocks rising by 4% and 3.6% respectively.
The CBOE Volatility Index, known as Wall Street’s “fear gauge,” retreated to 38.59 points on Tuesday after hitting its highest level since August last year on Monday.
Meanwhile, oil prices also rebounded, driving gains in energy stocks.
Market confidence was boosted by information released by U.S. President Trump and Treasury Secretary Bennett on Tuesday morning.
Trump mentioned in a post on the social media platform Truth Social that he had a great conversation with the acting president of South Korea and expressed hope and possibility for a great agreement between the two countries.
Treasury Secretary Bennett told CNBC that about 70 countries have contacted the U.S. to initiate tariff negotiations.
“If they come up with practical proposals, I think we can ultimately strike some good deals,” he said.
White House National Economic Council Director Kevin Hassett stated in an interview with Fox News on Tuesday that numerous countries are making “a lot of requests for negotiations.” President Trump is prioritizing negotiations with allies and trading partners like Japan and South Korea, with whom he has recently engaged in talks.
Earlier, the U.S. stock market experienced significant declines and intense volatility over three trading days due to tariff concerns.
Following the global market plunge, other stock markets also saw rebounds on Tuesday. The benchmark Nikkei 225 index in Japan rose by 6.03% to close at 33,012.58 points. European stock indexes traded higher on Tuesday, bouncing back from four consecutive days of losses. As of 3:05 PM GMT on Tuesday, the German DAX index rose by 1.4%, the UK’s FTSE 100 rose by 0.9%, and the French CAC 40 rose by 1.8%.
(This article referenced reports from Reuters and CNBC)