Shares were lower in Europe on Tuesday after a mixed session in Asia following a reprieve on Wall Street from selling pressure driven by worries over inflation and interest rates.
Wall Street veered toward small gains in premarket trading with another batch of earnings on tap to close out a month of losses fueled by anxiety over more interest rate hikes and a possible recession. Futures for the Dow Jones industrials were up 0.3% before the bell Tuesday and futures for the S&P 500 rose 0.4%. Stocks have struggled in February after a strong start to the year. Target reported a 43% drop in profits but a slight uptick in sales for the holiday quarter. Shares in the Minneapolis retailer tumbled 5% initially, but recovered to a 2% gain before the bell.
NEW YORK (AP) Stocks are drifting lower in early trading as Wall Street closes out a tough February. The S&P 500 was off 0.3% shortly after the opening bell Tuesday. The Dow and the Nasdaq composite also fell. Treasury yields were higher.
S&P 500 bulls need to play good defence now as 4,040 predictably stopped the rally yesterday. The retreat in junk corporate bonds with cyclicals should give the buyers some pause.
<p class="MsoNormal"><o:p></o:p></p> <p>"Get on the bus."<o:p></o:p></p> <p>That was a catchphrase for the 1961 Freedom Rides. And it also is a current call to pilgrimage.</p>