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Volatility kept traders on their toes before major earnings reports

US markets endure high volatility on Tuesday as markets await major earnings releases.

The S&P 500 recouped the majority of its losses on Tuesday, but traders had to struggle with violent volatility as tech took a break and a flood of mixed quarterly reports were digested ahead of Microsoft’s earnings report.

As Alphabet faced further regulatory attention, sparking a selling pressure, it closed 2% lower. The US Department of Justice filed a complaint against Google, saying that the major search engine breached antitrust rules by exploiting its ad technology monopoly.

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Microsoft Corporation and chip giant Texas Instruments Incorporated are scheduled to announce quarterly results after the closing bell, coinciding with the lackluster direction in technology.

Apple closed with a 1% increase in the green. Microsoft closed 0.22% in the red. The S&P 500 was mostly unchanged with a 0.1% drop, while the Dow Jones Industrial Average rose 0.3% and the Nasdaq Composite fell 0.24%.

US dollar was down across the board

EUR/USD appears unable to extend January’s rise above the 1.0900 level despite wavering acceptable risk trends and a logical and structured theme around the US dollar.

Indeed, market participants are conservative ahead of next week’s FOMC meeting and ECB meeting, with odds favoring a 25 basis points and 50 basis points rate increase, respectively. Consumer Confidence in Germany, as measured by GfK, increased to -33.9 in February.

EUR/USD closed under 1.090, however gaining 0.14% to 1.088.The Aussie had a green close on Tuesday with a 0.23% gain. USD closed down against the Yen as well by 0.37%

Commodities closed mixed

Gold continued to rise gradually on Tuesday as traders extend their faith in the shiny metal. US Treasury rates have also declined as a result of projections of slower rate hikes, which has improved the gold value. 

The yellow metal closed in the green 0.32% at $1937. Its little brother, silver, followed in gold’s footsteps with a 0.87% gain at $23.667.

Oil’s two-week run finally came to a significant halt on Tuesday as crude prices plummeted as much as 2%. This was a response to a decline in US manufacturing that reinforced worries of a recession in an economy still suffering from relatively high inflation relative to GDP.

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West Texas Intermediate, or WTI, crude futures for March finished down $1.49, or 1.8%, at $80.13 a barrel, after touching a session low of $79. In the past two weeks, the benchmark for US crude oil has risen by about 15%.

Brent oil for delivery in March finished $2.06 lower, or 2.3%, at $86.13 per barrel. After an 8% decline in the first week of the year, the global crude benchmark increased 11% during the past two weeks.

Tomáš is a financial reporter with US markets as his main field. He actively started in finance only recently, however has been surrounded by many analyst and reporting professiona...

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