By Yasin Ebrahim

Investing.com – The Dow racked up gains Tuesday, as dip-buyers returned to big tech stocks, shrugging off an ongoing melt-up in rates as the quarterly earnings season heats up.

The was up 1.5%, or 501 points, The rose 1.6%, the the climbed 2.2%.

The big tech sector attracted dip-buying to boost the overall market. Facebook (NASDAQ;) and Amazon, (NASDAQ:), were the leaders in this move up. They closed higher by more than 3%.

The day ends higher for Alphabet, Apple and Microsoft (NASDAQ)

An ongoing rally in Treasury yields saw the 10-year Treasury top 2.9% for the first time since 2018, but that didn’t sour sentiment in tech as quarterly earnings came into focus.

IBM Netflix and the NYSE will release results shortly after the clock closes. Netflix lost more than 18% after it reported a drop in subscribers during the quarter. This was in contrast to expectations of a net gain of 2.8 million.  

Netflix (NASDAQ) will be the most popular after it has dropped more than 40% since its peak. 

Twitter (NYSE:), however, remains in the news due to reports that Apollo Global Management is considering financing a possible takeover of the social media giant.

Johnson & Johnson (NYSE:) erased early losses to close nearly 4% higher despite trimming its profit forecast for the full year and pulling its guidance on Covid vaccine sales following mixed first-quarter results.

Hasbro (NASDAQ 🙂 has raised its full year profit outlook following a quarter-end earnings disappointment. The shares rose more than 5%.

Consumer discretionary stocks were also in ascendency, supported by a rally in travel and leisure stocks including Penn National Gaming (NASDAQ:), Las Vegas Sands  (NYSE:) and Carnival Corporation (NYSE:) as investors looked ahead to a pick-up in travel demand as the pandemic cools.

After the Transportation Security Administration’s removal of its mandatory mask rule for planes, airline stocks such as Delta Air Lines (NYSE), United Airlines(NASDAQ:), American Airlines) rose sharply.

Tesla (NASDAQ:) ended its session 22% higher than the previous session. The electric vehicle manufacturer will report on Wednesday.

Oil prices dropped for the second day straight, indicating that energy was the only sector affected by the drop in oil prices. The reason? Concerns about how the slowing of global growth following the Russia-Ukraine War will have an impact on the demand for energy.

Global growth projections for 2022-2023 were cut by the IMF, which was previously forecasting 4.4% and 3.8%.

Other news: The Plug Power (NASDAQ:) jumped more than 9% after the fuel cell company clinched a deal to provide Walmart (NYSE:) with liquid green hydrogen to power the latter’s forklifts and trucks in its U.S. distribution and fulfilment centers.