(Bloomberg) — Stocks extended their rebound after last week’s selloff, with traders gearing up for the upcoming US Presidential debate and a key inflation reading.
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The S&P 500 got close to reclaiming its 5,500 mark. Tesla Inc. rallied after Deutsche Bank AG named Elon Musk’s electric-vehicle giant its top pick. Oracle Corp. jumped 10% as its quarterly profit and bookings topped estimates, signaling that artificial intelligence demand continues to boost its cloud computing business. Treasuries barely budged ahead of a $58 billion sale of three-year notes.
“If demand for the notes is weak it could spark hawkish money flows while an auction outcome too-strong could reignite recession worries in afternoon trade,” said Tom Essaye at The Sevens Report. “More wait-and-see trading is most likely for today’s session as traders await the latest inflation data…
