Stocks fall after paring losses in the morning

US stocks fell on Tuesday, about to end the month on a muted note after last week’s rally.

The S&P 500 was down 0.2% in afternoon trading, a day after US markets closed for Memorial Day. after, after Picked up a seven-week losing streak Last week, the benchmark index regained strength and was recently on track for a slight gain this month. The Dow Jones Industrial Average was down 0.3%, while the Nasdaq Composite was down less than 0.1%.

Crude oil prices jumped after European Union leaders said they would impose a line Oil embargo on Russia due to its invasion of Ukraine, but later cut back their gains. The penalties will include Ban on ship insurance Which carries Russian oil, the Wall Street Journal reported. It would include an exemption for oil delivered from Russia via pipelines, which make up a third of the European Union’s purchases of oil from Russia, limiting some of its impact on the market.

Brent crude futures, the global benchmark, recently rose 0.7% to $118.37 a barrel. The US West Texas Intermediate rose 1.9% to $117.26 a barrel, playing catch-up after the market closed on Monday.

Tuesday’s session will culminate in another volatile trading month, during which stocks around the world swung wildly as traders tried to assess the outlook for global economies. In the United States, stock I fell back shortly after the month started The decline continued amid a string of earnings and worse-than-expected economic data.

all month long, Corporate profit warnings ranging from

Explode, Explode

to me


Intensified concerns about the continuing impact of inflation, prompting investors to abandon stocks in many industries.

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By mid-May, it looked like the S&P 500 was going to close in a bear market, which is defined as a drop of 20% or more from a recent high, before a late-month rally sent stocks higher. The S&P 500 is down about 14% from its January high.

Professional and individual investors alike battled last week’s rally in US markets, finding opportunities to collect stocks that saw their valuations plummet. However, the issues that drove inventories lower earlier this month have yet to retract.

Many traders are still concerned that the Federal Reserve’s aggressive rate hike plans could push the US economy into recession. Meanwhile, there are concerns about the economic slowdown in China and continued disruptions in the supply chain due to the epidemic and The war in Ukraine It continues to affect the minds of investors.

“There is a little bit of uncertainty in the market about the very rapid rally we’ve seen, and whether that can continue in a world where inflation is still an obvious factor,” said Brooks MacDonald, chief investment officer. Edward Park.

European Union leaders have taken a major step in the economic battle against Moscow over its invasion of Ukraine by agreeing to ban 90% of Russian oil imports by the end of the year. The ban has faced opposition from countries that rely heavily on Russian crude, especially Hungary. Photo: Oliver Mattis/The Associated Press

New survey data released on Tuesday showed that US consumer confidence fell slightly in May compared to previous months.

Seven of the 11 sectors of the Standard & Poor’s 500 Index fell on Tuesday. The best performing sector was the energy sector, which rose on the back of higher oil prices.

marathon oil

jumped 4.6% while

ExxonMobilAnd the

Diamondback Energy

And the


All applicants more than 1%.

Stocks traded in the United States


It rose 9.5 percent after the consumer goods company said it would add an active investor Nelson Peltz on its Board of Directors He revealed that his fund now owns a 1.5% stake.

The S&P 500 energy sector is on track to end May with the largest gain among the benchmark’s 11 groups, Extending a trend that thrived for much of 2022. But even some weak stocks are set to end the month in the green, like

NetflixAnd the

Robinhood Markets

And the

Zoom video communication.

When the S&P 500 Index [close to entering] “A bear market, which has a major psychological impact on those who seek value,” said Craig Erlam, chief market analyst at Oanda. “I think the question that gets asked over and over again is, ‘Are we seeing a bottom in the markets? “

In the bond market, the yield is 10-year treasury bonds It rose to 2.848% from 2.748% Friday. Bond yields and prices move in opposite directions.

Bitcoin recently traded below $32,000, according to CoinDesk, rising nearly 4% in the past 24 hours.

Abroad, the Stoxx Europe 600 continental index fell 0.7%, cutting a streak of gains for four consecutive sessions, after inflation in the euro zone rose faster than expected. Consumer prices rose 8.1% year-on-year in May — the fastest past since records began in 1997 — after jumping 7.4% in April. The inflation report is likely to influence the European Central Bank’s decisions on upcoming interest rates. Earlier this month, European Central Bank President Christine Lagarde indicated that the central bank may raise its key interest rate in July. For the first time in 11 years.

Traders worked on the floor of the New York Stock Exchange on Friday.


Courtney Crowe/Zuma Press

In Asia, the Shanghai Composite Index rose 1.2% after the city government announced a two-month shutdown It will be uploaded on Wednesday. The shutdown, designed to reduce transmission of the Covid-19 virus, has slowed the Chinese economy and increased inflationary pressures elsewhere in the world by manipulating supply chains.

Hong Kong’s Hang Seng is up 1.4%. Japan’s Nikkei 225 index was down 0.3%.

Write to Caitlin McCabe at [email protected], Joe Wallace at [email protected] and Alexander Osipovich at [email protected]

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