Stock market live updates: Dow up big, Tesla’s parabolic move, Alphabet missing out

This is a live blog. Check back for updates.

The Dow jumped 380 points at the open, rising for a second session following last week’s steep sell-off on concerns the corona virus will disrupt the global economy. The S&P 500 and Nasdaq also climbed 0.9% and 1.4%, respectively. Travel companies including airlines and cruise lines are rebounding. Apple popped 2%, while Amazon and Microsoft both rose more than 1%. —Li

There’s been a huge rush of new investors buying over $700 via Robinhood in the past day. On Monday, 12,000 Robinhood accounts bought it for the first time. Electronic trading systems love to interact with this retail flow. Dollar trading volume in ‘TSLA’ on Monday was a record for an individual stock, like triple what Apple traded and Tesla is 10% the size. — Santoli

Major casino stocks with exposure to Macao were down in premarket trading after news that the casinos in the area would be shutdown due to the coronavirus outbreak, but the stocks are now positive as the opening bell approaches. Las Vegas Sands and Wynn Resorts are both up by less than 0.5%, while the S&P 500 futures are up 1.3%. MGM Resorts was also down in premarket trading but is now up about 2%. — Pound

No one really knows what happened in Iowa yesterday. But that hasn’t stopped Pete Buttigieg from declaring victory in the Democratic presidential caucus. The South Bend, Indiana mayor said that even though “we don’t know all the results,” his supporters have nonetheless “shocked the nation.” Party officials, meanwhile, continue to comb through results for something conclusive. Data from Sen. Bernie Sanders’ camp indicates he finished first while Buttigieg ran second. – Cox

Dow futures were up by 380 points, implying a gain of about 400 points at the open. The S&P 500 and Nasdaq Composite are also on track to open sharply higher. Stocks are trying to rally for a second session following a brutal sell-off last week triggered by coronavirus fears. —Li

The People’s Bank of China could cut its lending rate along with its bank reserve requirement ratios in the coming weeks to stymie a potential economic slowdown from the coronavirus outbreak, Reuters reported, citing sources. More than 20,000 cases of the deadly virus have been confirmed in China, with the death toll breaking above 400. The outbreak has also raised concern over slower global growth. However, investors around the world cheered the prospect of more stimulative monetary policy. The Shanghai Composite jumped more than 1% overnight. European stocks rose broadly. —Imbert

Billionaire Ron Baron told CNBC on Tuesday that he thinks Tesla could one day be “one of the largest companies in the whole world.” As of Monday’s close of $780 per share, Baron’s Tesla stake was worth $1.3 billion. He said he accumulated nearly 1.63 million Tesla shares at an average cost of $219 each. Baron said on “Squawk Box” that he sees Tesla generating $1 trillion in revenue in 10 years. “It’s nowhere near ended at that point and time.” He also thinks Tesla’s recent stock run is “just the beginning.” —Wayland

Shares of Google’s parent Alphabet dropped more than 3% in premarket trading after the tech giant reported a quarterly revenue miss. Its fourth-quarter sales came in at $46.08 billion, compared to the estimates of $46.94 billion, per Refinitiv. Alphabet’s earnings beat expectations, however. —Li

Tesla’s relentless rally this year continued on Tuesday, with the electric car maker’s stock jumping another 13% in the premarket and broke above $900 for the first time. Tuesday’s surge came after the stock soared nearly 20% on Monday, its best one-day performance in six years. Through Monday’s close, Tesla shares are up more than 80% year to date and are easily the best performers in the Nasdaq-100 index. That surge has burned short sellers of the stock to the tune of more than $8 billion, S3 Partners data shows. Billionaire Ron Baron, a longtime Tesla bull, thinks the stock will keep going up from here. However, not everyone is as confident as Baron in in the Elon Musk-led company. —Imbert