US stocks rebound after yesterday's selloff, but lacked conviction

Major US equity indices opened with strong gains on Tuesday as investors tried to shrug off concern over a full-blown trade war between the US and China.

The up-move comes a day after a brutal selloff that dragged the broader S&P 500 Index below the very important 200-day SMA, used to gauge long-term momentum, for the first time since the historic Brexit vote, while tech-heavy Nasdaq Composite Index erased all of its gains for 2018. 

Investors, however, remained worried of any fresh trade actions the US President Donald Trump might announce, especially after China's announcement of retaliatory tariffs on US food imports, and hence, refrained from placing aggressive bullish bets. 

During the opening hour of trade, the Dow Jones Industrial Average gained nearly 120-points to 23,764 and the broader S&P 500 Index climbed around 7-points to 2,589. Meanwhile, tech-heavy Nasdaq Composite, which has been at the forefront of investors' attention, held near yesterday's closing level of 6,870.