- US stocks were mostly lower on Tuesday while Treasury yields jumped and oil prices pushed higher.
- The 10-year Treasury rate was up to 2.46%, hovering close to three-year highs.
- Twitter jumped for the second day in a row after the company announced Elon Musk will join its board.
US stocks fell on Tuesday as Treasury yields rose and continued to invert in parts of the yield curve.
The closely-watched inversion of the 10- and 2-year Treasury yields remained slightly inverted. The 10-year yield is hovering close to its highest level in three years, around 2.46%
After a Monday Twitter rally following Elon Musk's disclosure of a 9% stake, the social media platform jumped 10% Tuesday morning as it announced Musk would join the board of directors.
Here's where US indexes stood shortly after the 9:30 a.m. open on Tuesday:
- S&P 500: 4,578.95, down 0.08%
- Dow Jones Industrial Average: 34,937.31, up 0.04% (15.43 points)
- Nasdaq Composite: 14,472.40, down 0.41%
A new Goldman Sachs survey found that over 60% of leading insurers expect the US to enter a recession by 2025, with most pointing to inflation as a primary concern.
The Fed's tightening has contributed to recession fears, and investors are awaiting the release of Wednesday's Fed minutes for hints of the central bank's next moves.
A BlueBay strategist said a "nightmare" Russian debt default is now very likely after the US blocked JPMorgan from processing a $600 million dollar bond payment.
Oil rose, with West Texas Intermediate up 0.9198% to $104.23 a barrel. Brent crude, the international benchmark, rose 0.61% to $108.19 a barrel.
Gold inched higher by 0.1448% to 1,937.20 per ounce. The 10-year yield was up about four basis points to 2.46%.
Bitcoin rose 1.33% to $46,452.47.
