Nasdaq turns higher in volatile session as investors weigh recession risks
stocksended Tuesday's session mixed in volatile trade after the Independence Day holiday break.
Nasdaq Compositeturned higher with gains for large-cap tech stocks.
US stocks ended mixed Tuesday, with tech shares running higher while investors pulled down energy names alongside oil prices as global recession worries flared up after the Independence Day break.
The S&P 500 edged higher, though eight of its 11 sectors lost ground. The energy sector slumped the most, down more than 5%, with oil prices under pressure on the back of a surging US dollar. Oil majors Chevron and Exxon Mobil fell.
Here's where US indexes stood at 4:00 p.m. on Tuesday:
- S&P 500: 3,831.39, up 0.16%
- Dow Jones Industrial Average: 30,967.82, down 0.42% (129.44 points)
- Nasdaq Composite: 11,322.24, up 1.75%
The US Dollar Index hit a fresh 20-year high largely on the back of a slide in the euro as a regional energy crisis threatens to pull the eurozone
The US bond market flashed a recession signal earlier Tuesday with an inversion of the 2-year yield and the 10-year yield. The 10-year yield during the session fell.
"Especially for the more expensive corners of the equity market, the challenge has been multiple compression that may continue with rapid rate hikes and quantitative tightening while earnings slow," he wrote. "That said, much of the monetary policy tightening appears to be priced in the bond market with the 2-year Treasury rate already incorporating expected Fed hikes."
Economist Mohamed El-Erian said there are three positive outcomes of the stock market's downturn.
Bitcoin turned higher, up 2.8% to $20,070.06.
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