By Yasin Ebrahim

Investing.com – The S&P 500 racked up gains Tuesday, as dip-buyers returned to big tech stocks, shrugging off an ongoing melt-up in rates ahead of the quarterly results from Netflix and IBM .

It rose by 1.3%. The was up 1.2% or 406 points. Meanwhile, the climbed by 1.81%.

Intraday dip-buying was sparked by big tech, with Amazon (NASDAQ) and Facebook (NASDAQ) leading the way in terms of upside gains exceeding 2%. Up more than 1% were Alphabet, Apple and Microsoft (NASDAQ)

The tech market was buoyed by a steady rally in Treasury yields. Investors shifted their focus to quarterly earnings. IBM (NYSE) and Netflix will report results at the closing bell.

Netflix (NASDAQ) will be the most talked about streaming giant after its share price dropped by 40% since peak. Wall Street predicts Netflix will post a profit of $2.95 per share on $7.94 billion in revenue and net subscription additions of around 2.8 million during Q1.

Twitter (NYSE;) remained at the forefront of headlines despite reports from Apollo Global Management (NYSE.:) that they are reportedly considering financing a possible takeover offer.

Johnson & Johnson (NYSE:) erased early losses to climb 3% despite trimming its profit forecast for the full year and pulling its guidance on Covid vaccine sales following mixed first-quarter results.

Hasbro (NASDAQ 🙂 increased its full-year profit outlook following a quarter of earnings disappointment. The shares rose more than 4 percent.

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: ) was higher than 1% as more investors invested in the electric car maker before its quarterly results were due on Wednesday, after the close bell.

The only sector that was in red were energy prices, which fell for the second consecutive day. This is due to concerns over the effects on global growth of the Russia-Ukraine conflict.

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 8% 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.