Stocks rebounded on Tuesday one day after their worst day of 2019 amid rising worries over the U.S.-China trade war.
The tech-heavy Nasdaq Composite gained more than 1% by 10:30 a.m. ET Tuesday.
The White House officially declared China a “currency manipulator” on Monday but then China stabilized its currency Monday night, which helped the rebound, according to reports.
The declines started Aug. 1 when President Donald Trump ordered new tariffs of 10% on $300 billion in Chinese goods coming to the U.S.
However, Trump is still open to a trade deal between the U.S. and China, according to comments by National Economic Council Director Larry Kudlow on CNBC.
“The reality is we would like to negotiate,” Kudlow said. “We’re planning for the Chinese team to come here in September. Things could change with respect to the tariffs.”
Apple stock was one of the worst hit on Monday, dropping more than 5% from $204.02 to $193.25. But the stock was also one of the biggest to regain losses on Tuesday, at least in early trading. By 10:30 a.m. ET Tuesday, it had risen to $197.04.
Micron dropped from $44.10 at the close of markets on Friday to a low of $41.54 on Monday, then rebounded to $42.54 by mid-morning on Tuesday.
CEOs in the semiconductor industry have broadly opposed tariffs and have worried that sales of chips won’t improve until 2020. Sales were off by 14.5% globally in the first half of 2019.