US stocks trade mixed as fresh COVID-19 curbs in China renew fears about global growth
- US stocks were mixed on Tuesday as fresh COVID-19 curbs in China renewed fears about global growth.
- Benchmark US oil prices dipped back below $100 a barrel, and the euro briefly reached parity with the dollar.
US stocks were mixed on Tuesday as fresh COVID-19 curbs in China renewed fears about global growth, while earnings season began on a positive note.
Several cities in China have implemented new restrictions to tamp down increases in coronavirus cases. That dispelled hopes for a swift rebound after top economic hubs like Shanghai eased lockdowns earlier.
Meanwhile, earnings season for second-quarter results kicked off with with PepsiCo beating quarterly views and raising its full-year outlook. Delta Air Lines, JPMorgan Chase, Morgan Stanley and Citigroup report later this week.
Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Tuesday:
- S&P 500: 3,858.24, up 0.1%
- Dow Jones Industrial Average: 31,125.06, down 0.16% (48.78 points)
- Nasdaq Composite: 11,439.68, up 0.56%
The euro hit exactly $1 for the first time in 20 years on Tuesday, after business sentiment in Germany hit a 10-year low. The euro has lost around 12% in value against the dollar already this year.
Bill Ackman says he'll return $4 billion to Pershing Square Tontine Holdings investors after failing to close a merger deal within the two-year time limit for SPACs.
Oil prices could jump about 40% to $140 a barrel if Russian crude doesn't get hit with a proposed price cap, a senior US Treasury official said Tuesday
Oil prices fell as fears of a recession accelerated. West Texas Intermediate crude slipped 4.2% to $99.71 per barrel. Brent crude, the international benchmark, lost 4% to $102.81.
Gold eased less than 0.1% to $1,730.70 per ounce. The 10-year Treasury yield dropped 7.2 basis points 2.919%.
Bitcoin fell 2.8% to $19,902.