Contracts for the S&P 500, Dow Jones Industrial and Nasdaq Composite each fell about 0.2% before opening after closing all three benchmarks on Green Monday. The Nasdaq – which gained 1.9% in the main session – was boosted by the 27% rise in Twitter (TWTR) following Tesla (TSLA) CEO Elon Musk revealed that it had bought a 9.2% stake in the company of social network. Musk “speaks with his money saying that Twitter is an undervalued platform,” Rohit Kulkarni of MKM Partners told Yahoo Finance Live. “He sees that there are things they can do to improve the service and he certainly hints at a more active role.” Wedbush Securities analyst and Tesla bull Dan Ives also told Yahoo Finance that he predicted that Musk would have an active stake in the social networking platform in the coming weeks or months and that the recent acquisition of his shares was “just an appetizer”. Separately, Musk’s company, the electric vehicle giant Tesla, contributed to the gains that pushed the tech take-off during Monday’s meeting. Shares of EV rose almost 6% after citing data on vehicle deliveries this weekend, which were higher than the same period last year. Concerns about the recession erupted on Monday as part of the Treasury Department’s closely monitored yield curve reversed last week and scared investors about the possibility of an impending economic contraction. The phenomenon has a history of predicting a recession, with each of the last eight slowdowns dating back to 1969 and preceded by a reversal of the yield curve. As of Monday morning, the yield on the 10-year benchmark bond remained below that of the short-term 2-year bond. However, concerns about an economic downturn were not entirely unacceptable to the generals. The story goes on Nomura chief economist Robert Dent told Yahoo Finance Live he sees the possibility of a “mild recession”. “We believe that the cumulative risk of recession from now until the end of 2024 is about 35% to 40%,” he said. “A lot of that just comes from what we think will be this very aggressive response from the Fed to really bring inflation under control and make sure the job market really cools down.” Uncertainty surrounding the crisis in Eastern Europe also remains a headwind for investors. JPMorgan CEO Jamie Dimon, in a widely read letter from shareholders, warned that the war in Ukraine was likely to slow the US economy and the global economy. Especially in the US, the bank estimates that the US economy will grow by about 2.5%, a downgrade from the original forecast for the institution’s GDP by 3%, with larger cuts in forecasts for the economic prospects of Russia and Europe. “We do not know what the outcome will be, but the hostilities in Ukraine and the sanctions on Russia already have a significant economic impact,” Dimon said, adding that “many more” sanctions could be imposed on Russia and further stimulate unpredictable. . The European Union (EU) has blamed Ukraine for alleged war crimes on Monday, and said in a statement that officials would work for further sanctions against Russia over its targeted attacks on civilians. Some key European officials, including Germany’s defense minister, have said they would support Russia’s ban on gas – a move previously barred from sanctions as Russia supplies about 40 percent of Europe’s gas. –
7:10 a.m. ET: Futures stocks slide, oil rises after Monday’s rally
Here are the main moves in futures trading ahead of Tuesday’s opening:
S&P 500 Futures (ES = F): -10.50 points (-0.23%) at 4,567.25 Dow futures (YM = F): -83.00 points (-0.24%) at 34,746.00 Nasdaq Futures (NQ = F): -37.75 points (-0.25%) at 15,126.50 Crude (CL = F): + $ 1.28 (+ 1.24%) at $ 104.56 per barrel Gold (GC = F): -1.70 $ (-0.09%) to $ 1.932.30 per ounce 10 years Public (^ TNX): 0.00 bps for a yield of 2.4120%
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6:12 p.m. ET Monday: Futures open slightly changed after stock closed higher
Here are the markets in view of Monday’s overnight meeting:
S&P 500 Futures (ES = F): -2.25 points (-0.05%) at 4,575.75 Dow futures (YM = F): -14.00 points (-0.04%) at 34,815.00 Nasdaq Futures (NQ = F): -9.25 points (-0.06%) at 15,155.00 Crude (CL = F): + 0.43 $ (+ 0.42%) at 103.71 $ per barrel Gold (GC = F): + $ 3.30 (+ 0.01%) at $ 1,937.30 per ounce 10-year Treasury (^ TNX): +3.5 bps for a yield of 2.4120%
The screens display the trading information for Twitter on the floor of the New York Stock Exchange (NYSE) in New York, USA, April 4, 2022. REUTERS / Brendan McDermid – Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc Read the latest financial and business news from Yahoo Finance Follow Yahoo Finance on Twitter, Instagram, YouTube, Facebook, Flipboard and LinkedIn
