• The Nasdaq rose 1.4% to close Tuesday’s session at 15,153 points.
• Illumina soared 17% on 2022 outlook and expectations of record Q4 results.
• Albertsons tumbled 10% after releasing Q3 results & outlining supply chain issues.

The US markets rebounded from a turbulent start to the week to close higher on Tuesday after Federal Reserve chair Jerome Powell’s confirmation hearing where he eased investor fears of inflation by assuring lawmakers that the Fed will bring inflation under control.

The Dow Jones rose 0.5% to finish the trading day up 183 points to close at 36,252 points.

The tech heavy NASDAQ rose 1.4% to finish the trading day up 211 points to close at 15,153 points with Amazon and Apple gaining 2.4% and 1.68% respectively.

One bitcoin is worth US$42,805 going into the Asian trading day.

The Australian dollar is stronger against the major currencies and is buying 72.12 US cents.

DNA sequencing and array-based technologies company Illumina popped just under 17% on Tuesday after releasing a 2022 revenue outlook that topped analysts expectations. Illumina announced it will report nearly US$1.2bn in Q4 revenue, indicating growth of 25% YoY and expects total shipments to hit a record for the period. The biotech company also highlighted strong demand for its gene-sequencing treatments in addition to new partnerships with four healthcare companies.

Shares in US-based pharmacy and food retailer Albertsons tumbled almost 10% on Tuesday after the company released Q3 results. For the period, Albertsons reported EPS of US$0.79/share on revenue of US$16.8bn which beat analysts estimates. Investors sold out of Albertsons shares after the company also said its supply chain is being significantly impacted by staffing shortages and that more supply challenges are expected to be faced over the next 4-6 weeks.

And Kim Kardashian is one of a number of celebrities being sued for promoting a cryptocurrency ‘pump and dump’ scheme that earned the creators’ of the token large sums and left investors with nothing.