Tech stocks bounced back Tuesday after sharp losses Monday. A big intraday gain faded for the Nasdaq composite, but buyers lifted the index to a solid gain in afternoon trading. Nike (NKE) was a top performer in the Dow Jones today, while Take-Two Interactive (TTWO) and KLA (KLAC) raced ahead in the Nasdaq 100.
Stock futures were sharply lower overnight after the U.S. officially labeled China a currency manipulator. But futures rallied powerfully and turned higher after China’s central bank fixed its yuan exchange rate higher than expected. Stocks fell sharply Monday after China let the yuan fall to 7 per U.S. dollar for the first time since 2008.
The Nasdaq composite was up 1.5% in afternoon trading. The Dow Jones Industrial Average and S&P 500 delivered gains of 1.1% to 1.3%, respectively. Volume was tracking lower than Monday’s levels in the stock market today.