U.S. stocks are mixed Tuesday after whipsawing between negative and positive territory overnight.
|I:DJI||DOW JONES AVERAGES||34861.36||-60.52||-0.17%|
|I:COMP||NASDAQ COMPOSITE INDEX||14322.951054||-209.60||-1.44%|
The Dow Jones Industrial Average is up more than 100 points at 35,027.18, while the S&P 500 is up 0.05% and the Nasdaq Composite is down 0.42%.
Oil continues to trade above $100 a barrel, a hardship for many countries that depend on imports of oil and gas.
TESLA DELIVERIES ROSE IN QUARTER ELON MUSK CALLS EXCEPTIONALLY DIFFICULT
In economic data, the S&P Global Markit services PMI for March was revised down to a reading of 58, up from 56.5 in February, but lower than the earlier released ‘flash’ estimate of 58.9.
Meanwhile, the ISM services index for March came in at a reading of 58.3, up from 56.5 in February. The business activity component of the index came in at 55.5, up slightly from 55.1 the previous month. The new orders and employment components came in at 60.1 and 54 in March, up from 56.1 and 48.5 in February, respectively.
U.S. stocks were choppy overnight, whipsawing between negative and positive territory for most of the time. (Courtney Crow/New York Stock Exchange via AP / Associated Press)
In stocks, Twitter continued its climb Tuesday, rising another 6% after Tesla CEO Elon Musk was named to the company’s board. Shares soared 27% during Monday’s trading session, rallying on Musk’s disclosure of a 9.2% stake in the company, making him Twitter’s largest shareholder.
Carnival Cruise Line is up 7% after reporting that March 28 to April 3 was the busiest week for new cruise bookings in the company’s history.
Meanwhile, Carvana has slid 9% after being downgraded from “outperform” to “sector perform” by RBC Capital Markets, with its price target for the online car seller’s stock lowered from $155 per share to $138 per share.
SEC WEIGHS PATH FORWARD FOR CRYPTO TRADING PLATFORMS
Investors continue to monitor the conflict in Ukraine, where Russia could face even stricter economic sanctions now that details are emerging of what appear to be deliberate killings of civilians.
Big technology stocks did the heavy lifting Monday, offsetting losses elsewhere. (Courtney Crow/New York Stock Exchange via AP / Associated Press)
The European Union’s foreign policy chief, Josep Borrell, joined a growing chorus of international criticism of the alleged atrocities, saying the 27-country bloc “will advance, as a matter of urgency, work on further sanctions against Russia.”
Russia’s invasion of Ukraine has elevated concerns about rising inflation and the impact on global economic growth. Prices for everything from food to clothing were already rising and the war has added to volatility for energy prices.
The World Bank has downgraded its 2022 growth forecast for the Asia-Pacific region to 5% from 5.4%, in part due to disruptions to supplies of commodities, financial strains and higher prices. That follows a rebound to 7.2% growth in 2021 after many economies experienced downturns with the onset of the pandemic.
The report forecasts slower growth and rising poverty in the Asia-Pacific region this year as “multiple shocks” compound troubles for people and for businesses.
CLICK HERE TO READ MORE ON FOX BUSINESS
The yield on the 10-year Treasury was at 2.40% early Tuesday, near its Monday close of 2.41%.
Bond yields have been climbing all year as Wall Street prepares for higher interest rates. The Federal Reserve has already raised its key overnight rate once, the first such increase since 2018. The central bank is expected to continue raising rates throughout 2022 to help counter the impact from rising inflation.
The Associated Press contributed to this report.