Gas prices at record high, oil higher, stocks, crypto lower

This post was originally published on this site
Symbol Price Change %Change
I:DJI $32,915.78 +16.08 +0.05%
SP500 $4,121.43 +12.89 +0.31%
I:COMP $12,061.37 +48.64 +0.40%

U.S. stocks were lower early Tuesday as markets were swinging between gains and losses as investors weigh evidence about whether the Fed’s rate hikes can cool inflation that is running at a four-decade high without tipping the U.S. economy into recession. 

Wall Street’s benchmark S&P 500 index rose 0.3% on Monday while the market price of a 10-year Treasury bond fell. Markets are “trading in a holding pattern” while traders wait for the Federal Reserve’s next moves on interest rates, said Yeap Jun Rong of IG in a report. 

On Monday, the S&P 500 rose to 4,121.43 after being up as much as 1.5% during the day. The index is 13.5% below its Jan. 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.

 Economists at Goldman Sachs said in a research note they still see the Fed and its chair, Jerome Powell, on course to walk the line successfully and engineer what’s called a “soft landing” for the economy.

That was more encouraging than some of the warnings that dragged on markets last week, including one from JPMorgan Chase CEO Jamie Dimon, who said he’s preparing for an economic “hurricane.” 

On Wall Street, companies in the solar power industry were some of the biggest gainers after President Joe Biden ordered emergency measures to increase U.S. manufacturing of solar panels and exempted panels from Southeast Asia from tariffs for two years. 

Twitter slipped 1.5% after Tesla CEO Elon Musk threatened to call off his deal to buy the company, saying Twitter was refusing to hand over data about possible fake accounts. Shares of Tesla rose 1.6%.

Meanwhile, Asian stock markets were mixed Tuesday Shanghai and Tokyo advanced while Hong Kong and Seoul declined. The yen, already trading at two-decade lows, fell further to below 132 to the dollar. 

The Shanghai Composite Index advanced 0.2% to 3,243.73 after Chinese authorities eased anti-virus restrictions that shut down businesses in Shanghai and other major cities. 

TheNikkei 225 in Tokyo gained 0.4% to 28,031.15 while the Hang Seng in Hong Kong shed 0.2% to 21,605.10. 

The Kospi in Seoul tumbled 1.4% to 2,632.59 and Sydney’s S&P-ASX 200 sank 0.9% to 7,143.40. New Zealand and Singapore declined while Jakarta advanced.

Click here for more.