The stock market marches higher; tech trade pushes to stay out of red territory

[Business Stock Exchange Trading Concepts] Rawpixel Wall Street's major averages were mostly higher on Tuesday after a decline in South Korea's technology market, dragging U.S. indexes earlier in the session. The benchmark S&P 500 (SP500 [https://seekingalpha.com/symbol/SP500]) was last +0.4%, while the tech-heavy Nasdaq Composite (COMP:IND [https://seekingalpha.com/symbol/COMP:IND]) was +0.2%, and the blue-chip Dow (DJI [https://seekingalpha.com/symbol/DJI]) was +0.9%. Korean cloud infrastructure and AI company Elice had dropped more than 30% after its public market debut, renewing worries about the AI trade due to debt and demand concerns. South Korea’s benchmark declined 4.4%. Over the bond market, yields were slightly lower. The 10-year Treasury yield (US10Y [https://seekingalpha.com/symbol/US10Y#hasComeFromMpArticle=false#source=section%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews]) declined 3 basis points to 5.11%, while the 2-year Treasury yield (US2Y [https://seekingalpha.com/symbol/US2Y#hasComeFromMpArticle=false#source=section%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews]) was 1 basis point lower at 4.77%. The 30-year Treasury yield (US30Y [https://seekingalpha.com/symbol/US30Y#source=section%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews]) dropped 4 basis points to 5.43%. Crude oil futures (CL1:COM [https://seekingalpha.com/symbol/CL1:COM#hasComeFromMpArticle=false#source=section%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews]) slightly declined to $97.19, while Brent (CO1:COM [https://seekingalpha.com/symbol/CO1:COM#hasComeFromMpArticle=false#source=section%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews]) was $107.98 per barrel. "Oil is $110, up another 6% this morning. We are still early in a major breakout in the price of oil that will substantially raise the cost of living. Plus, it's not just energy. The price of all everyday necessities is about to soar. This is a tax hike to cover deficit spending," said Peter Schiff, chief economist and global strategist at Euro Pacific Asset Management. On the economic calendar, housing starts unexpectedly fall [https://seekingalpha.com/news/4654565-housing-starts-fall-more-than-expected-in-september-as-building-permits-hold-up] in September—5.9% month-over-month—but building permits hold up. In addition, pending home sales dropped [https://seekingalpha.com/news/4654617-pending-home-sales-drop-73-in-september-far-weaker-than-expected] 7.3% in September, far weaker than expected. MORE ON THE MARKETS * Luxury Feels The Pinch As Beijing Comes For The Offshore Billions [https://seekingalpha.com/article/4955425-luxury-feels-the-pinch-as-beijing-comes-for-the-offshore-billions] * Cumberland's Monday Memo [https://seekingalpha.com/article/4955379-cumberland-monday-memo] * Tech Investors Bought The Dips [https://seekingalpha.com/article/4955366-tech-investors-bought-dips] * Asian markets slide as South Korea sinks 4.4%; U.S. futures mixed [https://seekingalpha.com/news/4654455-asian-markets-slide-as-south-korea-sinks-44-us-futures-mixed] * Nasdaq, S&P futures bounce back on Black Monday anniversary [https://seekingalpha.com/news/4654148-nasdaq-sp500-dow-jones-stock-market]