Stocks Opened Slightly Higher, Tech Rebounded

U.S. stocks opened slightly higher on Tuesday, with tech shares regaining ground, as Wall Street looked to claw back losses from Monday. The Dow Jones Industrial Average lately added 41.18 points, or 0.15%, to 27,188.88. The S&P 500 rose 15.04 points, or 0.46%, to 3,296.10. The Nasdaq Composite gained 67.77 points, or 0.63%, to 10,846.57.

Oil rose Tuesday, bouncing after a sharp selloff in the previous session sparked by renewed lockdown measures in Europe as COVID-19 cases rose. West Texas Intermediate crude for November delivery rose 40 cents, or 1.1%, to $39.94 a barrel, while November Brent crude was up 46 cents, or 1.1%, at $41.90 a barrel.

Ralph Lauren Corp (RL) said on Tuesday it would cut global workforce by the end of its fiscal year as part of a company-wide restructuring to focus more on online sales. The luxury apparel maker said the layoffs are expected to result in gross annual pre-tax savings of about $180 million to $200 million.