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Stocks opened Tuesday’s trading session mixed, but little-changed, after a wipeout to start the week.
Shortly after the opening bell on Tuesday, the S&P 500 was unchanged, the Dow off 0.1%, and the tech-heavy Nasdaq was up about 0.1%.
All three major indexes suffered losses to start the week, with the S&P 500 falling by the most since June 16 while the Nasdaq dropped some 2.6% on Monday. The tech index is now down about 6% from its most recent high after a 25% rally from mid-June to mid-August.
Currency markets grabbed investor attention on Monday as the euro again fell below parity — or a 1:1 ratio — with the dollar and matched the two-decade low seen earlier this summer.
Early Tuesday, the euro was trading near 0.995 against the dollar.
In commodities markets, crude oil futures were rising, with the WTI crude trading up about 1.7% to around $91.90 per barrel. On Monday, energy had a particularly volatile session with WTI futures trading below $87 at one point before headlines out of Saudi Arabia suggested potential production cuts could be on the table from OPEC+.
Investor attention has also turned to the natural gas market in recent days, as investor preparations for an energy crunch in Europe this winter have sent natural gas prices towards 14-year highs.
Bitcoin (BTC-USD), which fell about 8% at the end of last week as its own summer rally stalled, was little-changed early Tuesday to trade near $21,400.
On the individual stock side, investors continue to watch the situation at AMC (AMC), which fell 42% on Monday as the company’s new preferred shares, which trade under the ticker, APE (APE), began trading. At the opening bell on Tuesday APE shares were up about 15%, while AMC shares were up a more modest 2%.
Earnings continue to trickle out, with shares of Macy’s (M) up about 2% in early trading after the retailer reported a better than expected quarter. The company did, however, lower its full-year outlook, citing, “the risk [Macy’s] sees in the continued deterioration of consumer discretionary spending in some of its categories and the level of inventory within the industry, as well as risks associated with a more pronounced macro downturn.”
Zoom (ZM) shares were down over 13% in early trading on Tuesday after the company lowered its outlook in quarterly results posted last night.
The video conferencing giant now expects full-year revenue to total around $4.4 billion, down from prior forecasts of closer to $4.6 billion. In its most recent quarter, the company reported sales from 7.6% from the prior year period, which Bloomberg notes is the company’s slowest growth on record.
Zoom is perhaps the poster child for pandemic-era trades that have completely reversed. Bespoke Investment Management’s George Pearkes noted Monday the company’s market cap has fully round-tripped from pre-pandemic levels, sitting at around $29 billion after Monday’s report, down from a peak in late-2020 of $200 billion.
On the economic calendar on Tuesday, investors will pay close attention to readings on the services and manufacturing sector from S&P Global, due out at 9:45 a.m.
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