12:53 PM EST, 01/28/2025 (MT Newswires) -- US equity indexes rebounded midday Tuesday from a technology-led selloff as investors weighed the surprise drop in durable goods orders ahead of three quarterly earnings reports from the Magnificent 7.

The Nasdaq Composite climbed 1.5% to 19,659.2, with the S&P 500 up 0.7% to 6,056.3 and the Dow Jones Industrial Average 0.3% higher at 44,854.6. The intraday rebound follows a drubbing on Monday when a Chinese artificial intelligence startup, DeepSeek, rattled technology bulls as its AI platform using reduced capability chips from Nvidia called into question the competitiveness of the larger US rivals.

Leading outperformers early on Tuesday afternoon were technology, communication services, and consumer discretionary. Of the mega-caps, defined as firms with a market capitalization of more than $200 billion, Nvidia (NVDA) was the top gainer intraday, with shares jumping 5.9%. The utilities sector was the steepest decliner, extending Monday's declines.

Microsoft ( MSFT ) , Meta Platforms ( META ) , and Tesla (TSLA) will report quarterly earnings on Wednesday and Apple (APPL) on Thursday, implying more than half of the Magnificent 7 will be out with results this week. Investors will also contend with the Federal Reserve's interest rate decision on Wednesday, when, according to the FedWatch Tool, the central bank will almost certainly leave its target rate unchanged for January.

Most US Treasury yields rose after midday, with the benchmark 10-year climbing 3.9 basis points to 4.57%. The two-year rate advanced 2.4 basis points to 4.22%.

In economic news, new orders for US durable goods fell by 2.2% in December after a decrease of 2% in the previous month, compared with expectations for a 0.6% increase in a survey compiled by Bloomberg. Excluding a 7.4% drop in transportation orders, new orders would have been up 0.3% in December, as expected, following a 0.2% decrease in November.

The Richmond Fed's monthly manufacturing index improved to minus 4 in January from minus 10 in December, compared with expectations for no change in a survey compiled by Bloomberg. The index indicates a slower pace of contraction, which is in line with the New York Fed and the Kansas City indexes but in contrast with the Philadelphia Fed, Dallas Fed, and the S&P global flash indexes that signaled expansion.

Redbook US same-store sales rose by 4.9% from a year earlier in the week ended Jan. 25 after a 4.5% year-over-year increase in the previous week.

Royal Caribbean Group (RCL) shares rose 12% intraday, the leader on the S&P 500, after the company reported higher Q4 adjusted net income and revenue.

General Motors ( GM ) issued an upbeat full-year earnings outlook while topping market expectations for Q4 results, but its shares sank almost 9.4% intraday, the worst performer on the S&P 500, as the company reported more than $5 billion in special charges.

West Texas Intermediate crude oil futures rose 0.1% to $73.21 a barrel.

Gold futures rose 1% to $2,765.82 an ounce, and their silver counterpart jumped 1.6% to $30.89 per ounce.