The Nasdaq jumped 216.90 points (1.3%) to 17,382.94 and the S&P 500 climbed 40.44 points (0.7%) to 5,525.21 while the narrower Dow inched up 20.10 points (0.1%) to 40,113.50.
University of Michigan released a report showing consumer sentiment in the U.S. deteriorated modestly less than previously estimated in the month of April. It’s consumer sentiment index for April was upwardly revised to 52.2 from a preliminary reading of 50.8. Economists had expected the index to be unrevised. Despite the upward revision, the consumer sentiment index is still down sharply from 57 in March and marks its lowest level since hitting 51.5 in July 2022.
T-Mobile (TMUS) plummeted by 11.2% after the telecom company reported first quarter earnings and revenues that exceeded estimates but weaker than expected "postpaid" phone subscriber additions. Intel(INTC) plunged by 6.7% after the semiconductor giant reported better than expected first quarter results but provided disappointing guidance for the current quarter.
Google parent Alphabet (GOOGL)rose by 1.7% after the company reported first quarter results that exceeded expectations on both the top and bottom lines.
Networking stocks turned into one of the market's best performances, with the NYSE Arca Networking Index surging by 2.4%. Software stocks emerged significantly strong, as reflected by the 1.4% gain posted by the Dow Jones U.S. Software Index. Pharmaceutical and semiconductor stocks saw considerable strength while gold and airline stocks notably moved downwards.
Asia-Pacific stocks moved mostly higher. Japan's Nikkei 225 Index shot up by 1.9%, while Hong Kong's Hang Seng Index rose by 0.3%. The major European markets moved upwards. The German DAX Index advanced by 0.8%, the French CAC 40 Index climbed by 0.5% and the U.K.'s FTSE 100 Index inched up by 0.1%.
In the bond market, treasuries extended the notable advance seen in the previous session. As a result, the yield on the benchmark ten-year note which moves opposite of its price, fell 3.9 bps to 4.26%.