Wall Street opens higher as tech stocks recover

NEW YORK (REUTERS) - A bounce in tech stocks, led by Apple and Nvidia, lifted the three major indexes on Tuesday. Apple rose 1.31 per cent, a day after it flirted with correction territory following a report that the company had told suppliers to scale back shipments of parts for its upcoming iPhone X.

Nvidia was up more than 4 per cent, following a launch of an artificial intelligence-related software product. echnology

stocks had taken a beating on Monday, sliding to their worst daily performance in five weeks, on increasing worries that the top-performing sector was falling out of favor. Investors are awaiting Fed Chair Janet Yellen's speech later in the day for clues on interest rates. However, concerns lingered over escalating tensions between the United States and North Korea.

The Korean peninsula appears to have boosted defenses on its east coast, according to a South Korean lawmaker, after Pyongyang said President Donald Trump had declared war and that it would shoot down US bombers flying near the peninsula.

At 9:37 a.m. ET (9:37 p.m. Singapore time), the Dow Jones Industrial Average was up 65.45 points, or 0.29 per cent, at 22,361.54, the S&P 500 was up 6.34 points, or 0.25 per cent, at 2,503 and the Nasdaq Composite was up 30.99 points, or 0.49 per cent, at 6,401.58.

Six of the 11 major S&P sectors were higher, with a 0.62 percent gain in the technology sector topping the list.

Advancing issues outnumbered decliners on the NYSE by 1,585 to 913. On the Nasdaq, 1,448 issues rose and 804 fell.