Good vibes have spread across the globe after a strong day on Wall Street.
Japan's Topix index rose 0.7% as of 9:38 p.m. EST on Wednesday. Australia's S&P/ASX 200 Index tacked on 0.6%, as did the Kospi index. Futures on the S&P 500 rose 0.2%.
An energetic rebound led Wall Street to log its best gains in months on Wednesday, June 28.
The S&P 500 was up 0.88%, its best gains since April 24 and its third best day of the year.
The Dow Jones Industrial Average added 0.67%. The Nasdaq gained 1.4%, snapping a two-day losing streak.
Markets were in rebound mode, bouncing back from their worst losses on Tuesday, June 27, since May 17.
Materials were the best gainers on Wall Street Wednesday, led by Arconic Inc. (ARNC - Get Report) , which rose nearly 6%. Shares of the metals manufacturer have tumbled more than 14% over Monday, June 26, and Tuesday, June 27, after being named as the producer of aluminum steel used in the Grenfell Tower. A fire at Glenfell Tower in the U.K. on June 14 killed at least 79 people. Arconic has since said it would cease sales of flammable cladding.
Monsanto Co. (MON) finished up 1.2% after topping quarterly estimates over its recent three-month period. The agricultural company earned an adjusted $1.93 a share in its fiscal third quarter, higher than estimates of $1.76. Revenue of $4.23 billion exceeded consensus of $4.18 billion.
Other basic materials stocks making gains included BHP Billiton PLC (BHP) , Rio Tinto (RIO) , Dow Chemical Co. (DOW) and Vale SA (VALE - Get Report) . The Materials Select Sector SPDR ETF (XLB - Get Report) increased 0.9%.
Wall Street digested another delay in the GOP's plans to overhaul the healthcare system, an industry that comprises one-sixth of the U.S. economy. On Tuesday, June 27, the Senate spiked its vote on an Obamacare repeal-and-replace bill as Senate Majority Leader Mitch McConnell faced lack of support from even within his own party. The surprise development provoked a selloff in healthcare, pulling the Nasdaq further into the red.
The Senate decided to delay a vote on the Better Care Reconciliation Act until after the July 4 recess to give McConnell more time to gin up support. The bill had come under attack from members on both side of the aisle. The latest iteration of the Republican plan would increase the number of people without health coverage by 22 million and cut the deficit by $321 billion through 2026, according to estimates released by the Congressional Budget Office released on Monday, June 26. The healthcare bill crafted by Senate Republicans was released last week.
A delay to the GOP's healthcare bill raises more uncertainty over the Trump administration's agenda. Roadblocks in the Obamacare repeal-and-replace process have increased doubts over when tax reform could come to pass. House Speaker Paul Ryan insisted on Tuesday, June 20, that tax reform would come by year's end.
The tech sector was higher on Wednesday. Major tech names have seen steep losses in recent weeks, including major industry names Facebook Inc. (FB - Get Report) , Apple Inc. (AAPL - Get Report) , Amazon.com Inc. (AMZN - Get Report) , Netflix Inc. (NFLX - Get Report) and Alphabet Inc. (GOOGL - Get Report) , otherwise known as the FAANG stocks. The stocks comprising the acronym began to slide earlier in June in a pullback from lofty heights reached so far this year. FAANG stocks had contributed a large portion of the S&P 500's gains in the year to date.
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