HomeBusinessSTOCK NEWS: Walmart, Home Depot Earnings In Focus, Oil Below $90

STOCK NEWS: Walmart, Home Depot Earnings In Focus, Oil Below $90

Symbol Price Change %Change
me: DJI $33,912.44 151.39 0.45
SP500 $4,297.14 16.99 0.40
me:COMP $13.128.05 80.87 0.62

US stocks came in with a whiplash on Tuesday morning, with all three indices trading cautiously all night.

Shares on Wall Street recovered and closed higher on Monday, extending the market’s recent winning ways as investors look forward to several updates from retailers this week.

The S&P 500 rose 16.99 points or 0.4% to 4,297.14 points Monday. The Dow added 151.39 points or 0.5% to 33,912.44. The Nasdaq gained 80.87 points, or 0.6%, to 13.128.05 points. The 2000 Russell rose 4.73 points, or 0.2%, to 2,021.35.

The market got off to a rocky start as traders reacted to the news Sunday night. China’s central bank cut a key interest rate and acknowledged that more needed to be done to support the economy.

The move is the latest warning of markets already on edge against record high inflation and recession fears in the US and elsewhere. China is the world’s second largest consumer of crude oil, so the news weighed on energy prices.

The price of crude oil in the US fell 2.9% on concerns about the global economy and weighed heavily on energy stocks.

Nine of the 11 sectors of the S&P 500 rose Monday, with consumer staples and utilities taking gains. Energy and materials inventories fell with commodity prices.

Shares have generally risen since mid-June. Signs that US inflation peaked earlier this summer is making investors hope that the Federal Reserve will raise interest rates at a slower pace from September onwards.

That, in turn, has dragged government bond yields down from their highs for the year and boosted the stock market. The yield on 10-year US Treasuries fell from 2.848% to 2.790% from Friday.

Some investors say stocks have fallen far enough this year to become attractive buying opportunities again.

The S&P 500 is up 17% since June 16, but will continue to fall 9.8% in 2022.

“If the S&P 500 falls, you’ll have a knot in your stomach, but if you’re scared, it’s the right time to buy,” said Peter Boockvar, chief investment advisor at Bleakley Financial Group, which buys quality stocks.

Meanwhile, Asian stocks rose in particular on Tuesday after Monday’s rally on Wall Street, despite regional investor risks reflected in negative economic data from China.

The Tokyo benchmark had changed little, wiping out previous gains, but the indices in South Korea and Australia gained. Hong Kong’s benchmark fell while Shanghai shares rose.


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