S&P 500 ends Tuesday down after notching a fresh bear market low, Dow slips more than 100 points; European markets close mixed after choppy start to the week; oil and gas stocks rise
The S&P 500 fell deeper into a bear market on Tuesday after setting a new 2022 low, while the benchmark 10-year Treasury yield continued to climb to levels not seen in at least a decade.
The broader market index fell as low as 3,623.29 during the session which broke below the previous bear market intraday low of 3,636 that was set in mid-June. It closed down 0.21% at 3,647.29.
Meanwhile, the Dow Jones Industrial Average fell 125.82 points, or 0.43%, to 29,134.99 — giving up a gain of nearly 400 points earlier in the day. The Nasdaq Composite was up 0.25% to 10,829.50.
Shares of Ford shed about 2% after the automaker said it is spending $700 million on a new investment and creating 500 additional jobs in Kentucky to support a new F-Series Super Duty pickup truck.
Shares of Hertz rallied more than 1% after the rental car company announced a partnership with BP’s electric vehicle charging unit that will put thousands of charging stations at Hertz locations.
The pan-European Stoxx 600 was flat by the close, having earlier given back gains of around 1.3%. Oil and gas stocks added 1.6% to lead gains as most sectors finished in positive territory.
Shares Nexi gained 6% in early trade to lead the Stoxx 600 after the Italian payments group published its new business plan, in which it projected 2.8 billion euros ($2.7 billion) in excess cash generation between 2023 and 2025 for M&A and share buybacks.
At the bottom of the European blue chip index, Swedish IVF company Vitrolife fell more than 9%.
Source: CNBC, Investing.com