Trending
Stocks
  • NFLX
    363.05 USD -0.64%
  • NVDA
    311.79 USD -0.28%
  • META
    248.34 USD 1.09%
  • BRKA
    501198.61 USD -1.19%
  • T
    16.38 USD 0.43%
  • ADBE
    372.09 USD 0.22%
  • TSLA
    188.89 USD 4.85%
  • MMM
    101.72 USD 2.71%
  • SP500
    4193.05 USD 0.02%
  • MSFT
    321.21 USD 0.89%
  • AMZN
    115.02 USD -1.07%
  • AAPL
    174.22 USD -0.55%

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.

You may also like:Stock Analysis: Lowered prices for Tesla cars could spark the demand

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.

More to read:Jon Corzine vs Sam Bankman-Fried – why regulations don’t matter

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. Tomáš is an aspiring author and entrepreneur aspiring to help people get better in financial knowledge.

Comments

Post has no comment yet.

Want add your comment? Sign up or Sign in