Stocks were rising in intraday trading Wednesday, rebounding from Wall Street's sharp losses during the previous session that were led by tech.
Stocks ended sharply lower Tuesday as technology shares continued their rapid retreat. The tech-heavy Nasdaq, where stocks such as Apple (APPL) and Tesla (TSLA) - Get Report trade, has fallen more than 10% -- which is a correction -- since setting an all-time high last Wednesday.
The S&P 500 has declined more than 7% over the past three trading days.
Many analysts said the declines, particularly in the tech sector, were long overdue as valuations have been stretched.
Slack Technologies has benefited greatly from the work-from-home movement during the coronavirus pandemic, was plunging 14.19% after the messaging and collaboration platform reported a narrower fiscal-second-quarter loss on 49% higher revenue but provided disappointing billings data.
Lululemon reported second-quarter earnings per share came in at 74 cents. Revenue of $902.9 million increased 2% even as 14 of its stores were still closed due to coronavirus.
Jim Cramer weighed in on the markets in the video above.
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