U.S. Stocks Wobble, Lose Steam on Recession Fears
Investing.com
Published Jul 12, 2022 14:56
By Liz Moyer
Investing.com -- U.S. stocks struggled to hold onto earlier gains Tuesday as investors were unable to shake off the recessionary fears that have been building for weeks.
By 10:50 AM ET, the Dow Jones Industrial Average was up 68 points, or 0.2%, while the S&P 500 was down 0.1% and the NASDAQ Composite was down 0.4%.
Still, investors appeared to embrace assets with lower risk than stocks, such as Treasury bonds and the U.S. dollar. The 10-year Treasury yield fell 7 basis points, to 2.92%. The dollar index rose to just over 108, near another multi-decade peak, and the euro and dollar approached parity.
Twitter Inc (NYSE:TWTR) shares rose 2.5% after lawyers for the social media company said the $44 billion deal with Elon Musk was still on and that Musk’s attempt to terminate it was invalid.
PepsiCo Inc (NASDAQ:PEP) shares rose nearly 1% after the company raised guidance for the full year.
Gap Inc (NYSE:GPS) shares fell 6% after the CEO stepped down after just two years on the job.
Oil fell. Crude Oil WTI Futures was down 7%, to $96.95 a barrel, while Brent Oil Futures crude fell 6.5%, to $100.06 and Gold Futures was down 0.2%, to $1,728.
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