U.S. stocks on Tuesday appeared on track to open higher after an antitrust-sparked selloff in the some of the biggest technology-related stocks, which drove the tech-laden Nasdaq into correction Monday.
The S&P 500 index SPX, -0.28% slid 7.61 points, or 0.3%, to 2,744.45 while the Dow DJIA, +0.02% made a comeback to erase a more than 100-point deficit to edge up 4.74 points to 24,819.78.What’s driving the market? The Nasdaq’s 10% decline from its May 3 record, which culminated Monday, meets Wall Street’s definition for a correction, prompted primarily by heightened threats that U.S. regulators may reduce the size of tech and social-media companies like Facebook Inc. FB, -7.
Market participants may gather more clarity on the rate-setting Federal Open Market Committee’s thinking later Tuesday after Fed Chairman Jerome Powell speaks at 9:55 a.m. Eastern Time. Those comments come after St. Louis Fed President James Bullard on Monday said rate cuts “may be warranted soon,” amid U.S.’s international trade disputes.Read: U.S.
Tiffany & Co. TIF, +1.19% stock fell 1.9% in premarket trade, after the luxury jewelry retailer reported a 5% decline in first-quarter same sales growth.
Risk back on
Just a muppet bounce....
Until... The next tweet.🙄
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Source: WSJ - 🏆 98. / 63 Read more »
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