Stocks are sliding T...from Trading Central

03 Aug 2022, 22:59 · Views 294

Stocks are sliding Tuesday as investors weighed increased tensions between the US and China with House Speaker Nancy Pelosi’s Taiwan visit.

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On Wednesday, the Federal Reserve raised its key interest rate by 25bps, as widely expected. Fed Chair Jerome Powell said that the process of getting inflation back down to 2% has a long way to go. USD remains under pressure.

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Stocks rose Monday, building on last week’s gains, as investors attempted to move on from the crisis that broke out in the regional bank sector earlier this month following the collapse of Silicon Valley Bank.

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On Tuesday, the U.S. Conference Board consumer confidence index climbed to 104.2 in March (vs 101.0 expected). Meanwhile, Wholesale inventories rose 0.2% on month in February (vs -0.2% expected). USD remains bearish.

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US futures are set to rise Wednesday morning as traders looked to recover from a down session.

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Wall Street's main indexes are subdued at the open Tuesday following a 3-day rally in the S&P 500 and the Dow that was lifted by support measures for the banking sector.

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