US Equities Off Lows Thanks to Tech Rebound

August 6, 2019 Share Print 0

U.S. stocks bounced back on Tuesday, led by gains in technology shares, as China stepped in to stabilize the yuan, a day after Wall Street’s main indexes racked up their steepest one-day percentage fall of the year.

The benchmark S&P 500 .SPX and Nasdaq .IXIC lost at least 3% each on Monday, their sixth straight day of losses, after China let the yuan drop sharply, prompting the U.S. Treasury Department to label Beijing as a currency manipulator.

China’s move to fix the yuan at a slightly stronger rate overnight, however, allayed fears of an escalating trade war, which has been fueled by President Donald Trump’s threat to slap a new round of tariffs on Chinese imports last week.

via Reuters

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.