U.S. stocks rebounded Tuesday, following Monday’s sharp selloff that was sparked by economic fears tied to a viral Citrini Research note warning about artificial intelligence’s impact on the labor market.
Risk sentiment improved after Advanced Micro Devices Inc. (NASDAQ:AMD) secured a major infrastructure agreement worth $100 billion with Meta Platforms Inc. (NASDAQ:META).
Meta signed a five-year deal to purchase AMD chips for its data centers, starting with one gigawatt this year and scaling to six gigawatts. Shares of AMD surged 9%, fueling a broad-based rally in technology stocks.
By midday in New York, the S&P 500 gained 0.7%, the Dow Jones Industrial Average rose 0.8% and the Nasdaq 100 outperformed with a 1.2% advance. Small caps also moved higher.
In travel, Booking Holdings Inc. (NASDAQ:BKNG), which had sold off sharply in recent weeks amid concerns AI could disrupt online travel agencies, bounced 5%.
Sector performance reflected a risk-on tone. Technology led with a 1.7% gain, followed by consumer discretionary up 1.5% and industrials ahead 1%. Energy was the weakest group, down 0.6%, alongside health care off 0.3%.
In commodities, gold fell 1.8% to $5,140 per ounce and silver eased 0.7% to $87. Copper climbed 2.1% to nearly $6 a pound.
Treasury yields hovered near technical support. The 10-year yield gravitated around the 4% threshold, revisiting levels last seen during November’s tech selloff.
In crypto markets, Bitcoin (CRYPTO: BTC) traded flat at $64,000, showing little reaction to the equity rebound.
Tuesday’s Performance In Major US Indices, ETFs
According to Benzinga Pro data:
Russell 1000’s Top 5 Gainers
Russell 1000’s Top 5 Losers
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