The markets came roaring back today as the Dow 30 added 406, the S&P 500 gained 36, and the Nasdaq 100 popped 107.
Last week was the worst week for the markets in over two years, and for now it seems investors are enjoying the opportunity to buy the dip. Interest rates took a break today as investors turned their attention back to the markets.
Commodities were leaders today. The metals and mining space, along with energy, were the sector leaders. After suffering strong pullbacks over the last few weeks, the metals and miners added 3% and energy popped 2%.
Under Armour (UA ) is set to report earnings after the close today. There is no doubt this will be an important earnings for the company. The company has had its worst year as a public company. The CEO has promised that a "pivot" in the strategy should pay off. The stock was higher today by 6% ahead of this, but many speculated that this was simply short covering into the release.
Apple (AAPL ) was the led the Dow today, adding 4%. Boeing (BA ) came in a close second with a 3.5% gain. Both stocks have now recovered more than half of last week's declines. The Dow has regained at least half of last week's declines thanks to today's moves alone.
Amazon (AMZN ) announced they will lay off of some employees at their Seattle headquarters to focus more attention to growing businesses. The layoffs affect Amazon's toys, books, and groceries divisions, so they can add more to the Alexa, AWS, and digital entertainment divisions. This may be the first look at how next quarters earnings will shape up. The stock was higher by 3.77% today.