Target warns, stocks rebound, Raytheon big shot: LIVE UPDATES
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U.S. stocks were down early Tuesday as markets swung between gains and losses as investors weigh whether Fed rate hikes can calm inflation that is at its highest level in four decades without tipping the US economy in recession.
Wall Street’s benchmark S&P 500 index rose 0.3% on Monday as the market price of a 10-year Treasury bond fell. Markets are “trading in a waiting pattern” as traders await the Federal Reserve’s next interest rate decisions, IG’s Yeap Jun Rong said in a report.
On Monday, the S&P 500 rose to 4,121.43 after rising 1.5% during the day. The index is 13.5% below its January 3 peak.
The Dow Jones Industrial Average edged up less than 0.1% to 32,915.78. The Nasdaq composite gained 0.4% to 12,061.37.
Goldman Sachs economists said in a research note that they still see the Fed and its chairman, Jerome Powell, on track to successfully cross the line and stage what is called a “soft landing” for the economy.
It was more encouraging than some of the warnings that hung around the markets last week, including one from JPMorgan Chase CEO Jamie Dimon who said he was preparing for an economic “hurricane”.
On Wall Street, solar energy companies were among the biggest winners after President Joe Biden ordered emergency measures to increase US solar panel manufacturing and exempt panels from South Asia. -Is customs duties for two years.
Twitter fell 1.5% after Tesla CEO Elon Musk threatened to rescind his deal to buy the company, saying Twitter refused to hand over data on possible fake accounts. Tesla shares rose 1.6%.
Meanwhile, Asian stock markets were mixed on Tuesday. Shanghai and Tokyo advanced while Hong Kong and Seoul declined. The yen, which was already trading at its lowest level in two decades, fell further below 132 to the dollar.
The Shanghai Composite Index rose 0.2% to 3,243.73 after Chinese authorities eased virus restrictions that shuttered businesses in Shanghai and other major cities.
The Nikkei 225 in Tokyo gained 0.4% to 28,031.15 while the Hang Seng in Hong Kong lost 0.2% to 21,605.10.
Seoul’s Kospi fell 1.4% to 2,632.59 and Sydney’s S&P-ASX 200 fell 0.9% to 7,143.40. New Zealand and Singapore fell while Jakarta advanced.
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