Investing.com - Here are the top five things you need to know in financial markets on Tuesday, January 26:
1. Oil prices turn higher after falling below $30
Oil prices turned higher in North America trade on Tuesday, as bargain buyers sought cheap valuations after futures sank below the $30-level overnight.
U.S. crude was up 17 cents, or 0.54%, to trade at $30.51 a barrel by 11:25GMT, or 6:25AM ET, after hitting a session low of $29.26, while Brent rose 22 cents, or 0.7%, to $31.51.
Gains were expected to remain limited amid ongoing concerns over a global supply glut and slowing demand.
2. China stocks plunge 6% to end at lowest since December 2014
China stock markets fell sharply on Tuesday, with the Shanghai Composite plunging more than 6% to end at a 13-month low, after a late bout of panic selling triggered by intensifying global growth concerns and ongoing weakness in oil prices.
The rest of Asia closed deep in the red, as oil prices sank back below $30 a barrel. Japan’s Nikkei 225 slumped 2.35%, while markets in Hong Kong and South Korea lost 2.4% and 1.15% respectively.
3. European shares pare losses as oil turns higher
European stock markets came off the lowest levels of the session on Tuesday, as crude oil prices battled back to return above the $30-a-barrel level.
European shares were down almost 2% after the open, tracking losses in oil and Asian markets.
4. Dow futures fall, but recover from triple-digit loss
U.S. stock futures pointed to a lower open on Tuesday, but have erased steeper losses that came after sizable falls for oil and Chinese markets.
The blue-chip Dow futures shed 27 points, or 0.17%, after being down more than 100 points earlier. The S&P 500 futures slumped 5 points, or 0.23%, while the Nasdaq 100 futures dropped 14 points, or 0.33%.
On the data front, the Conference Board will publish data on January consumer confidence at 10:00AM, with market players expecting the index to hold steady at 96.5.
Traders also looked ahead to the Federal Reserve's two-day monetary policy meeting due to begin later in the day.
5. Apple reports Q1 earnings after the closing bell
Apple (O:AAPL) is due with its fiscal first quarter results in after-hours trade Tuesday. The iPhone maker is expected to report a profit of $3.24 a share on revenue of $76.4 billion.
Investors were anxious to hear how many new iPhones were sold during the holiday quarter and its guidance for the current three-month period.
Other companies reporting earnings Tuesday include, Procter & Gamble Company (N:PG), Johnson & Johnson (N:JNJ) and 3M Company (N:MMM).