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Stocks tumble after weak U.S. confidence data; oil gains

Economy Jun 28, 2022 05:36PM ET
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2/2 © Reuters. FILE PHOTO: A man wearing a protective mask, amid the coronavirus disease (COVID-19) outbreak, walks past an electronic board displaying graphs (top) of Nikkei index outside a brokerage in Tokyo, Japan, March 10, 2022. REUTERS/Kim Kyung-Hoon 2/2

By Caroline Valetkevitch

NEW YORK (Reuters) - Stocks on global indexes fell sharply on Tuesday, with the S&P 500 down 2% after a report showed U.S. consumer confidence dropped in June amid concerns about inflation, while oil prices gained for a third day.

Helping oil, major oil producers Saudi Arabia and the United Arab Emirates looked unlikely to be able to lift output much while Western governments agreed to look for ways to cap the price of Russian oil.

The Conference Board said Tuesday U.S. consumer confidence fell sharply in June as worries about high inflation left consumers anticipating economic growth would weaken significantly in the second half of the year.

Investors have been worried that an aggressive interest rate hike cycle by the U.S. Federal Reserve to tame inflation could tip the economy into recession.

All three major indexes ended well down on Wall Street, with every S&P 500 sector losing ground aside from energy.

Earlier in the session, news that China relaxed some COVID-19 quarantine rules helped lift stocks as investors hoped for a revival in global growth.

"It doesn't take much in terms of negativity to cause that profit-taking," said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York.

"At some point this aggressive selling is going to dissipate, but it doesn't seem like it's going to be anytime soon," he said.

The Dow Jones Industrial Average fell 491.27 points, or 1.56%, to 30,946.99, the S&P 500 lost 78.56 points, or 2.01%, to 3,821.55 and the Nasdaq Composite dropped 343.01 points, or 2.98%, to 11,181.54.

The pan-European STOXX 600 index rose 0.27% and MSCI's gauge of stocks across the globe shed 1.28%.

China slashed the quarantine time for inbound travellers by half in a major easing of one of the world's strictest COVID-19 curbs, which have deterred cross-border travel and resulted in international flights running at just 2% of pre-pandemic levels.

Brent crude futures climbed $2.89, or 2.5%, to settle at $117.58 a barrel, while U.S. West Texas Intermediate crude settled up $2.19, or 2%, to $111.76.

In foreign exchange, the euro weakened after European Central Bank President Christine Lagarde offered no fresh insight into the central bank's policy outlook.

The dollar index rose 0.519%, with the euro down 0.61% to $1.0518.

U.S. Treasury yields were mostly flat following the consumer confidence report.

The yield on 10-year Treasury notes fell 0.2 basis points to 3.192%.

A closely watched part of the Treasury yield curve measuring the gap between yields on two- and 10-year notes, a sign of economic expectations, was at 6.6 basis points. The gap earlier briefly spiked down to -7.24 when New York trade opened.

Spot gold dropped 0.1% to $1,820.29 an ounce.

Bitcoin last fell 2.1% to $20,264.23.

Stocks tumble after weak U.S. confidence data; oil gains
 

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Comments (9)
Pubg BALIUCH
Pubg BALIUCH Jun 28, 2022 10:14PM ET
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hubuhjjj
عباس عباس
عباس عباس Jun 28, 2022 1:41PM ET
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follow karam
Imre Zsombor Varga
Imre Zsombor Varga Jun 28, 2022 12:01PM ET
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SP500 strong G7 USA+ EU  sp500 8000 2022 GL USA
Ronald Warren
Ronald Warren Jun 28, 2022 12:01PM ET
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I hear enough nonsense from CNBC!!
Marco cuevas
Marco cuevas Jun 28, 2022 11:42AM ET
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Keyword "higher" you got that algos...that should of triggered some sheep to buy this am...u fortune ately so far we are losing 2% of last week's meager rally these past two weeks should show you what the second half of 2022 will look like get used to kt.
shoaib akhtar
shoaib akhtar Jun 28, 2022 2:24AM ET
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what would expect q1 results??
Fearsome Finalist
Fearsome Finalist Jun 27, 2022 11:30PM ET
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Nobody cares unless US stocks.
Kerry Ditto
Kerry Ditto Jun 27, 2022 11:05PM ET
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more likely market might go down 7% this week
Kerry Ditto
Kerry Ditto Jun 27, 2022 10:58PM ET
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fed has to continue jacking up interest rates until people's inflation expectation under control. it's the main problem for stock market for long time to come. Fed lost timing.
Kerry Ditto
Kerry Ditto Jun 27, 2022 10:49PM ET
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dow futures gets lower. stock market looks going down big tomorrow
 
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