US stocks rose on Tuesday as steady trading in commodity prices and a fresh basket of corporate earnings helped balance out the uncertainty of the Russia- Ukraine conflict.
|I: DJI||DOW JONES AVERAGES||34552.99||-201.94||-0.58%|
|I:COMP||NASDAQ COMPOSITE INDEX||13838.460187||-55.38||-0.40%|
RUSSIA INVADES UKRAINE: LIVE UPDATES
The rebound comes as Treasury yields hit their highest level since May 2019, 2.3%, after Federal Reserve Chairman Jerome Powell on Monday signaled more aggressive rate hikes may be needed to combat inflation. He remarks were made at the National Association of Business Economics.
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Oil remained around the $110-per-share level, while Brent, the global benchmark, rose to $115. Oil prices are up more than 45% this year, and prices for wheat and corn have also surged.
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|USO||UNITED STATES OIL FUND LP||79.52||+4.84||+6.48%|
|BNO||UNITED STS BRENT OIL FD LP UNIT||32.16||+2.38||+8.01%|
In stocks, Nike shares rose after profits and sales beat Wall Street estimates. Additionally, the apparel giant reiterated its commitment to Foot Locker, which gets a big chunk of revenue from its products.
|FL||FOOT LOCKER INC.||31.01||-1.32||-4.08%|
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Alibaba shares rose after the Amazon of China announced a $25 billion share repurchase plan, its largest ever.
|BABA||ALIBABA GROUP HOLDING LTD.||103.58||-4.69||-4.33%|
TESLA BERLIN IS HERE!
Tesla in focus as CEO Elon Musk prepares to open Germany’s Gigi factory in Berlin along with German Chancellor Olaf Scholz. The move is a big win for investors, according to Wedbush Securities analyst Dan Ives.
“We cannot stress the production importance of Giga Berlin to the overall success of Tesla’s footprint in Europe and globally,” said Ives in a research note to clients.
Moderna in focus as it announced new development programs to expand use of its COVID-19 vaccine to treat conditions related to the virus.
In cryptocurrencies, Bitcoin traded above the $42,000 level.
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