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Stocks opened Tuesday’s trading session higher as tech stocks looked to rebound from Monday’s decline and all eyes remained on the currency markets.
Shortly after the market open, the benchmark S&P 500 was up 0.3%, the Dow was up 0.1%, and the tech-heavy Nasdaq was higher by 0.7%. During Monday’s trading session, the Nasdaq lost more than 2.2%.
Overnight, the euro fell as low as 1.0004 against the dollar as all eyes remain on whether the currency will fall below parity — or a 1:1 ratio — with the dollar.
In energy markets, crude oil futures were off nearly 5% to trade below $100 as commodities remain under pressure amid investor fears of a global recession.
Tamara Basic Vasiljev, senior economist at Oxford Economics, said in a note Monday that all of the financial easing seen in advanced economies worldwide has been undone by this year’s surge in interest rates and decline in financial markets. In Vasiljev’s view, however, the recent slide in commodities suggests inflation pressures may have peaked, which could ease financial conditions going forward.
“Now that the commodity prices are falling again and inflation peak looks to be within reach it is likely that we are seeing the worst of financial conditions tightening,” Vasiljev wrote. “If so, conditions worsening is dire but the level is still more in favor of [an] orderly slowdown rather than a recession.”
Elsewhere in markets, crypto was under pressure again on Tuesday morning, with bitcoin (BTC-USD) falling below $20,000 once again after the world’s biggest cryptocurrency enjoyed its best week since last fall.
This week also marks the start of second quarter earnings season, with PepsiCo (PEP) the first major corporation to post results for the quarter before Tuesday’s market open.
The beverage and snack giant reported sales that beat estimates and raised its forecast for the full-year.
Elsewhere in corporate news, Walmart (WMT) and electric vehicle maker Canoo (GOEV) announced a deal Tuesday morning that included a deal for the retailer to buy 4,500 electric vehicles with an option to purchase an additional 100,000 vehicles.
A display for multinational retail corporation Walmart is seen at the Collision conference in Toronto, Ontario, Canada June 23, 2022. Picture taken June 23, 2022. REUTERS/Chris Helgren
A display for multinational retail corporation Walmart is seen at the Collision conference in Toronto, Ontario, Canada June 23, 2022. Picture taken June 23, 2022. REUTERS/Chris Helgren
Shares of Canoo more than doubled in early trade following this announcement. Shares of the company, which made their market debut via a SPAC merger in 2020, were down 70% this year through Monday’s close.
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