5 things to know before the stock market opens Tuesday
NYSE Traders, May 20, 2022.
S&P 500 futuresThey were slightly lower on Tuesday morning as Wall Street began trading again following Memorial Day. Last week saw strong stock gains, which ended seven consecutive weeks of losing streaks. S&P 500 Nasdaq CompositeA slide of eight weeks for the Dow Jones Industrial Average. The S&P 500 and Dow rose 6.5% and 6.2%, respectively, their best weekly advances since November 2020. The tech-heavy Nasdaq was the best-performing major U.S. stock index last week, gaining 6.8%. Stocks were helped by last week’s quality retail earnings, and the Federal Reserve’s favourite inflation measure suggested price pressures in April eased somewhat. This week’s trading session lasted four days. Salesforce Hewlett Packard EnterpriseThe earnings calendar headlines, and the May jobs report will be out on Friday.
U.S. Treasury yields increased Tuesday. The benchmark 10-year note’s yield climbed as high as 10 basis point to 2.855%. At 7:20 AM ET ET 10-year Treasury note yield stood around 2.812%. Prices and bond yields are inversely related. Preliminary data from May revealed that the bond market action was sparked by preliminary data euro zone inflation hitting yet another record highOil prices rose.
Investors also took in Monday’s remarks by Christopher Waller from the Federal Reserve Governor. who said in a speechHe is in favor of the central bank raising interest rates beyond neutral by the close of the year. The neutral rate refers to the point at which Fed policy doesn’t restrict nor support economic growth.
View of all oil tanks near Nakhodka in Russia’s Transneft Kozmino Port.
Yuri Maltsev | Reuters
Crude prices rose TuesdayEuropean Union leaders agreed late Monday to stop Russian oil imports from ending in the year. U.S. benchmark West Texas Intermediate crude crude futures increased by more than 3% in July, reaching as high as $119.43 a barrel. International benchmark Brent crude oil contract August was 1.65% higher at $119.54 per barrel. This is the EU’s sixth sanction package against Russia. It still has to be approved. invasion of UkraineEnde February EU estimates that Russia will see a drop in crude imports by three quarters immediately. That figure could rise to as high as 90% at year’s end. According to a Russian official, Moscow will “find other importers” for its oilAs a response to EU’s partial embargo
Shanghai, which had been in lockdown for nearly two months, announced over the weekend that it would relax its restrictions on commercial activity. Subway riders are seen here riding one of the four lines that have reopened in Shanghai on May 28, 2022.
Visual China Group | Visual China Group | Getty Images
Shanghai’s coronavirusAfter two months of restriction that hampered life in China’s largest city and angered residents, the lockdown will be lifted Wednesday. According to Reuters approximately 22.5 million people living in low-risk zones will see their Covid restrictions removed Wednesday. According to The Associated Press, gyms and cinemas will remain closed while stores are allowed to operate at 75% capacity. Service on all public transport will resume, including buses and subways. Shanghai was locked down as part China’s zero Covid policy.
Cameron Costa | CNBC