Technology stocks emerged as early winners in the premarket session
US stocks have swung dramatically lately as investors have tried to assess the path for markets amid wide-ranging economic, geopolitical and Covid-19 concerns. Weighing most heavily on many investors’ minds is the outlook for the US economy as the Federal Reserve raises interest rates. On Monday, data from the Federal Reserve Bank of New York raised concerns after it showed that factory activity in the state declined in May, with shipments falling at the fastest pace since early in the pandemic.
On Tuesday, investors will get another look at the economy when retail sales are reported. They will also hear from Fed Chairman Jerome Powell at Businesshala’s Future of Everything Festival. Market watchers are also continuing to assess the effects of the war in Ukraine, as well the outlook for China’s economy as lockdowns drag on.
The reopening of some stores in Shanghai this week and a decline in Covid-19 cases in China has provided some sources of optimism. Still, many are expecting more choppiness ahead. The Nasdaq Composite, for example, has swung 1% or more in either direction in all but two of May’s 11 sessions.
On Tuesday, gains across the market were broad-based in the premarket session in New York, though technology stocks emerged as early winners. Nvidia,
PayPal and Apple each climbed 1.9% or more.
in contrast, fell 1.7% before the opening bell to $36.75 after Tesla chief executive Elon Musk said his $44 billion bid for the social-media company can’t move forward until the company is clearer about how many of its accounts are fake. Twitter has now wiped out all the gains it notched after Mr. Musk disclosed a surprise 9% stake in the social-media company in April and is trading well below his deal that values the company at $54.20 a share. If the stock finishes lower Tuesday, it would mark the eighth consecutive decline for Twitter.
Tesla, in contrast, added 3.5%. Tesla shares have slipped since Mr. Musk’s proposed deal to buy Twitter and take it private, reflecting concerns that owning the social-media company could distract him from running Tesla. Mr. Musk also planned to borrow against his Tesla stake to finance the Twitter deal.
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Walmart and Home Depot are among the companies that will report earnings Tuesday.
In the bond market, the yield on the benchmark US 10-year Treasury note ticked up Tuesday to 2.915% from 2.877% Monday, on pace to reverse a downward stretch for yields. As of Monday, the yield on the 10-year note had fallen for five of the past six trading days.
The price of bitcoin stabilized, recently trading around $30,410, up 1.8% from its 5 pm ET Monday level of $29,880.45.
The relative calm in Tuesday’s markets sent the Businesshala Dollar Index falling 0.5%. The index, which measures the greenback against a basket of 16 other currencies, has been one of the few assets to notch consistent gains this year in a market that has given investors few other places to hide. Even with its decline, the haven asset is still hovering near its highest level since March 2020.
Brent crude, the international oil benchmark and another gainer this year, climbed 0.2% to $114.51 a barrel.
In Europe, the pan-continental Stoxx Europe 600 advanced 1.6%, on pace to extend its winning streak to three days. Gains across the region were broad-based, with banks, transport companies and energy giants rising.
In Asia, Hong Kong’s Hang Seng jumped 3.3%, on pace to notch its third consecutive gain. Japan’s Nikkei 225 added 0.4%, also extending its winning streak to three sessions. The Shanghai Composite gained about 0.7% after falling Monday.
Write to Caitlin McCabe at [email protected]
Credit: www.Businesshala.com /