Stocks rebound as tech giants rally Stocks were higher from the outset of trading as officials in both China and Mexico gave encouraging signals about the potential to explore trade agreements with the U.S. Adding to that was a sign from the head of the Federal Reserve that the central bank might take action if the trade fights being waged by the U.S. on multiple fronts had a negative impact on economic growth. Given the market's oversold condition, the ingredients were in place for a bounceback rally. ECONOMIC EVENTS: In the U.S., factory orders declined a smaller than expected 0.8% in April. A gain of 0.3% was reported for factory orders excluding transportation items. In central bank news, Fed Chair Jerome Powell said in prepared conference comments that the bank is "closely monitoring" recent developments involving trade negotiations and "will act as appropriate to sustain the expansion, with a strong labor market and inflation near our symmetric 2% objective." TOP NEWS: After shares of Alphabet (GOOGL), Facebook (FB) and Amazon (AMZN) each declined between 5% and 7% yesterday on concerns around potential antitrust investigations from the Department of Justice and FTC, the three tech giants rebounded somewhat today. At the close, shares of Facebook were 2% higher, while Alphabet Class A shares rose 1.5% and Amazon gained 2.2%. Apple (AAPL), which was also mentioned in the same reports about the DoJ and FTC division of duties for potential probes, rallied 3.7% after sliding about 1% yesterday. Meanwhile, Google's Stadia unit tweeted that it will announce more details on the video game streaming service on June 6 at 9:00 am PT. Several Wall Street analysts started coverage of Uber (UBER) with Buy-equivalent ratings following a quiet period required for the underwriting firms. With the stock down from the company's recent IPO price and following mixed quarterly results last week, analysts' consensus view is that this could be a buying opportunity for investors. MAJOR MOVERS: Among the noteworthy gainers was Continental Resources (CLR), which rose 14.9% after it announced an initial $1B share repurchase program. Also higher was PG&E (PCG), which rose 4.7% after a spokesman for the San Francisco Public Utilities Commission told Reuters that it has hired Jefferies to explore a potential acquisition of the utility's distribution assets. Among the notable losers was MacroGenics (MGNX), which dropped 16.7% after the company's presentation of more-detailed data from its Phase 3 SOPHIA study of margetuximab in patients with HER2-positive metastatic breast cancer. Also lower was Box (BOX), which fell 4.2% after reporting quarterly results. INDEXES: The Dow rose 512.40, or 2.06%, to 25,332.18, the Nasdaq gained 194.10, or 2.65%, to 7,527.12, and the S&P 500 advanced 58.82, or 2.14%, to 2,803.27. Symbols: $MGNX $GOOG $GOOGL $FB $AMZN $UBER $PCG $CLR $BOXSource: (thefly.com)