A reporter points at ticker symbols for Apple Inc. and Netflix displayed on a screen at the Nasdaq Market site in New York September 2, 2015.

U.S. stocks rebounded across the major three benchmarks, the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite,  which recouped all of their earlier losses. A major part of the clawback came as investors dipped back into large cap tech names and pushed the Nasdaq to a fresh record.

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Ticker Security Last Change %Chg
I:DJI DOW JONES AVERAGES 25126.87 +62.51 +0.25%
I:COMP NASDAQ COMPOSITE INDEX 7850.4649 +44.75 +0.57%
SP500 S&P 500 2810.94 +12.51 +0.45%

Netflix shares curbed some of their losses after the streaming giant’s quarterly subscribers fell short of estimates. It added 5.15 million subscribers during the quarter, falling below forecasts and less than the 7.4 million added in the prior quarter. Other FAANG stocks, which initially fell in sympathy, turned higher as well with Amazon on track to capture a new record high despite some snafus with its widely publicized Prime Day, in which users experienced some minor glitches on the site. Facebook is also looking at a new record.

Ticker Security Last Change %Chg
AMZN AMAZON.COM INC. 1,844.49 +22.00 +1.21%
FB FACEBOOK INC. 208.82 +1.59 +0.77%
AAPL APPLE INC. 191.15 +0.24 +0.13%
GOOGL ALPHABET INC. 1,214.65 +18.14 +1.52%
NFLX NETFLIX INC. 379.89 -20.59 -5.14%

Investors did engage in some profit taking after Goldman Sachs and UnitedHealth both exceeded analysts’ expectations on profit and revenue targets. Goldman also announced David Solomon will become its new CEO, replacing Lloyd Blankfein who is retiring later this year.

Ticker Security Last Change %Chg
GS GOLDMAN SACHS GROUP INC. 228.41 -3.03 -1.31%
UNH UNITEDHEALTH GROUP INCORPORATED 250.37 -6.61 -2.57%

Along with earnings, Federal Reserve Chairman Jerome Powell, appearing before the Senate Banking Committee, reiterated that the U.S. economy is in good shape. “Incoming data show that, alongside the strong job market, the U.S. economy has grown at a solid pace so far this year” he said in a statement while indicating that interest rates will continue to rise at a gradual pace. Powell will take Q&A from lawmkers throughout the morning. This is the first of the Fed’s two-day semiannual monetary policy report to Congress amidst growing concerns of the impact of tariffs on the economy.

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