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Stocks rebounded — after entering a correction yesterday — as Senate Minority Leader Chuck Schumer opted not to block a funding bill last night. That made it likely that the U.S. government won’t shut down this Saturday. Markets dipped briefly after consumer confidence weakened by ore than expected.
The Nasdaq Composite Index gained 1.7% as of 10:07 a.m. in New York, with the S&P 500 rising 1.3% and the Dow Jones Industrial Average advancing about 360 points, or 0.9%. The Magnificent 7 stocks all rose in trading. Palantir (PLTR+7.71%) and Dell (DELL+4.50%) also advanced.
The preliminary Michigan consumer sentiment reading for March fell to 57.9, lower than both the consensus estimate of 64.0 and the final February level of 64.7.
Stocks in focus today:
CK Hutchison
CK Hutchison’s (CKHUY-6.12%) ADRs fell 5.7%, following its Hong Kong-listed shares lower. China used state-controlled media to signal its displeasure with the conglomerate’s planned sale of its ports in Panama to a BlackRock-led (BLK+1.83%) consortium, the WSJ reported. Beijing has refrained from official comment on the transaction.
Docusign
Docusign (DOCU+18.17%) shares jumped 14% after fiscal fourth-quarter earnings per share beat expectations, even as its projections for future results fell short. Analysts pointed to signs of growth, Barron’s reported.
Li Auto
Li Auto’s (LI-2.44%) ADRs climbed even after the Chinese maker of electric vehicles said its revenue will probably fall this quarter.
Nvidia
Nvidia (NVDA+4.78%) shares jumped 3.4%. Hon Hai Precision Industry (HNHPF+5.60%) said it’s seen no slowdown in demand for servers it assembles for Nvidia and expects AI-related demand to double this quarter, Bloomberg reported. The company, also called Foxconn, expects total revenue to grow this year.
Ulta Beauty
Ulta (ULTA+12.71%) stock gained 7.7% after the cosmetics retailer reported better-than-expected fourth-quarter results — and despite its projection for the current period falling short of analysts’ projections.