The Nasdaq has now nearly wiped out the opening gap lower. The index is down just 0.2% after falling nearly 2% at the open.
There’s a bit of reflexivity working its way through the market. Lower yields are good for stocks and tech in particular due to its perception as a long-duration asset. In addition, the $9 turnaround in oil prices is deflationary and the kind of thing that could lead the Fed to hike less than feared.