Stocks recover as volatile trading continues

U.S. stocks wobbled between gains and losses on Tuesday, extending a volatile trading streak after last week’s rally ended the S&P 500’s longest loss in more than 20 years.

The benchmark fell 0.2% in choppy trading, while the Dow Jones Industrial Average fell 0.3% after recovering from losses of nearly 400 points. The Nasdaq Composite hovered near breakeven.

The moves came after all three indexes posted weekly gains of more than 6%, recovering from a seven-week losing streak for the S&P 500 and Nasdaq and an eight-week losing streak for the Dow.

Bitcoin (Bitcoin – USD) and Ethereum (ETH-USD) also rose on Tuesday as the cryptocurrency saw a broader relief rally.

At the same time, after reports that Chinese authorities Getting ready to end the two-month COVID-19 lockdown in Shanghai and a EU leaders agree to stop buying crude oil and petroleum products from Russia. WTI crude futures rose 3.6% to $118.70, while Brent crude futures rose 3.7% to $123.83.

Shares of movie theater giant AMC (asset management company) Up 10% in early trade After debuting TOP GUN over Memorial Day weekend. Compared to last year’s holiday weekend, U.S. theaters are estimated to be up 122% year over year, AMC said in a statement Positive signs for the industry’s post-COVID recovery were highlighted on Tuesday. The premarket move saw AMC shares gain for a fourth straight day after surging nearly 40% over the past three sessions.

Wall Street’s latest rally comes on the heels of a slew of favorable quarterly earnings in recent sessions that have helped temporarily ease concerns about the impact of inflation on corporate profits. Recent economic data showing signs of peaking in prices also boosted sentiment.

Still, stocks have fallen sharply this year, and some strategists have been skeptical that a bottom has been reached.

“Last week’s strength will ultimately prove to be another bear market rally,” Morgan Stanley CIO Michael Wilson said in a report to customers.

Although some losses have been recovered, stocks have been volatile over the month on worries about decades of high inflation and the Federal Reserve’s efforts to rein in price spikes by raising interest rates that could tip the economy into recession.

“Aside from the oversold rally, the main rationale for this particular rally is that the Fed may be considering a pause,” Wilson wrote, adding, “Inflation is still too high for the Fed’s will, so whatever investment What kind of pivot you might want to see will be too inconsequential to change the downtrend in the stock price.”

Investors this week Expectations to take cues from a slew of key jobs figuresincluding the all-important May jobs report on Friday.

Earnings season is over, but more reports from companies like Salesforce.com (customer relationship management), Playstation (GME) chewy (CHWY) and HP (hyperbaric) until Friday.

10:10: ET: ‘Better-than-expected’ economic data on Tuesday

The holiday-shortened week was data-intensive for investors, with early signs in May that some “better-than-expected” reports were on the horizon as recession fears intensified in recent weeks.

The May MNI-Chicago PMI reading came in at 60.3, better than the expected 55. Any reading above 50 in this report indicates an economic expansion.

The Conference Board’s latest Consumer Confidence Index also beat expectations, reaching 106.4 in May versus expectations for 103.5. Although readings in May this year were lower than April’s levels, the report showed that “sentiments of current business conditions – which tend to lead employment trends – have improved. Overall, the Present Situation Index remains at strong levels, indicating growth. Did not shrink further in the second quarter.”

and People noticed earlier today Citi’s economic surprise index fell to its lowest level since September 2021, just in time for the reports.

—Myles Udland, Senior Marketing Editor

9:30am ET: Stocks slide as Wall Street struggles to maintain momentum

Here’s where the major indexes will trade at the opening bell on Tuesday:

  • S&P 500 (^GSPC): -14.99 (-0.36%) to 4,143.25

  • road (^DJI): -205.49 (-0.62%) to 33,007.47

  • Nasdaq (^IXIC): +390.43 (+3.33%) to 12,131.13

  • thick(CL=F): +$3.85 (+3.35%) to $118.92 per barrel

  • gold (GC=F): -$3.00 (-0.16%) to $1,854.30/oz

  • 10-year Treasury note (^TNX): +9.9 basis points, yield 2.8420%

7:14 a.m. ET: Futures slide after stocks rally ends weeks-long losing streak

Here are the key moves to kick off the holiday-shortened week early Tuesday:

  • S&P 500 futures (ES=F): -15.05 (-0.36%) to 4,140.75

  • Dow futures (YM=F): -130.00 (-0.39%) to 33,028.00

  • Nasdaq Futures (NQ=F): -3.00 (-0.02%) to 12,674.75

  • thick(CL=F): +$3.63 (+3.15%) to $118.70

  • gold (GC=F): -$5.60 (-0.03%) to $1,851.70/oz

  • 10-year Treasury note (^TNX): -1.3 basis points, yield 2.7430%

A person walks through the Wall Street subway station near the New York Stock Exchange (NYSE) on May 27, 2022.

A person walks through the Wall Street subway station near the New York Stock Exchange (NYSE) on May 27, 2022.

Alexandra Semenova is a reporter for Yahoo Finance.Follow her on Twitter @alexandraandnyc

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