U.S. Dollar at two-month low
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U.S. Markets U.S. Stock futures are up in after-market hours after a negative trading day. - Johnson & Johnson rose overnight after the company announced that it plans to pay $8.9B over the next 25 years to settle claims that some of its talc products caused cancer.
- C3.ai shares slumped nearly 27% on Tuesday after short seller Kerrisdale accused the AI software provider of "serious accounting and disclosure" issues.
- The current 10 Year U.S. Treasury yield is set at 3.35260%
| Dow Jones | 33,402.38 | -0.59% | | S&P 500 | 4,100.60 | -0.58% | | Nasdaq | 12,126.33 | -0.52% | | Russell 2000 | 1,769.65 | -1.81% | *Stock Market data as of the last closing bell. Data received directly from the reference indexes through ICE Data Services. Do you not understand any of these figures? Check out our explainer.
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Canadian Markets Toronto-Dominion Bank (TD) has the largest short interest of any bank in the world, with $3.7B being bet against the bank. - This is surprising as Canada is known to have one of the strongest banking industries in the world.
- The bets against the bank are being credited to concerns about TD's exposure to the Canadian housing market, which is expected to experience a significant downturn.
- TD also is exposed to upheavals in the U.S. banking sector because it has invested in financial institutions to expand operations south of the border.
- Despite the high figure, short betting as a percentage of float represents 3.3% — among the top three highest percentages for U.S. and Canadian banks but still very low to be a cause for concern.
*Canadian stock prices are as of the last close. Data received directly from the references indexes through ICE Data Services
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European Markets Stocks in Europe fell slightly as OPEC+'s announcement that it plans to lower oil output continued to impact markets. - The Stoxx 600 dropped 0.05% on Tuesday, led by a decline in oil and gas stocks, which lost 1.3%.
- The insurance and financial services sectors both gained 0.5% on the day.
- Stocks in the U.K. were dragged down by the oil and gas, as well as mining sectors.
| Euro STOXX 50 | 4,315.32 | 0.10% | | UK (FTSE 100) | 7,634.52 | -0.50% | | Germany (DAX) | 15,603.47 | 0.14% | | France (CAC 40) | 7,344.96 | -0.01% | *European stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.
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Asian Markets Asian markets were mostly up on Tuesday, reacting to news from the Reserve Bank of Australia. - Australia's central bank left interest rates unchanged at 3.6% following a year-long run of hikes.
- The stocks of Chinese electric carmakers dropped amid speculation that Tesla could lower prices to boost demand.
- The Australian government has banned TikTok on all official devices.
| S&P Asia 50 | 4,741.39 | -0.21% | | Japan (Nikkei 225) | 28,000.67 | -1.01% | | South Korea (KOSPI) | 2,485.77 | 0.21% | | China (Hang Seng) | 20,274.59 | -0.66% | | India (SENSEX) | 59,106.44 | 0.19% | *Asian stock prices are as of 7 am ET. Data received directly from the reference indexes through ICE Data Services.
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Commodities Oil prices rose slightly on Tuesday as investors continued to analyze the impact of OPEC+'s announcement on Monday. - Brent crude gained $0.01 on the day and U.S. West Texas Intermediate (WTI) crude rose 0.4%.
- Brent and WTI both gained more than 6% in the 24 hours after OPEC+ said it planned to lower output starting in May.
- Manufacturing activity in the U.S. and China has been lower than expected, which is contributing to a growing sentiment that demand won't be as strong this year as previously anticipated.
| Oil (NYSEARCA:OIL) | 30.43 | -0.23% | | Gold (NYSEARCA:GLD) | 187.98 | 1.86% | | Silver (NYSEARCA:SLV) | 22.97 | 4.13% | | Corn (NYSEARCA:CORN) | 24.94 | -1.31% | | Lumber (NASDAQ:WOOD) | 71.46 | -0.64% | *Commodity prices are as of 7 am ET. Data from MarketWatch. To understand why investors track the prices of these commodities, click here.
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Currency Exchange Rates The U.S. Dollar hit a two-month low on Wednesday morning as investors expect the Federal Reserve to quantitative tightening in light of recent data. - Job openings in the U.S. are currently at a two-year low, a sign the job market is under pressure.
- The U.S. Dollar Index fell 0.5% on Tuesday.
- Investors now believe there is a 59% chance that the Federal Reserve will leave rates unchanged at its next meeting.
| UK(GBP) | £0.80 | -1.62% | | Europe (EURO) | €0.91 | -1.40% | | Canada (Canadian Dollar) | $1.34 | -0.48% | | Japan (Yen) | ¥131.56 | -1.26% | *Exchange rates as of 7 am ET. Data from Morningstar Financial Research. To understand why we track these currencies and the differences between them, click here.
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Cryptocurrency So far this week, Bitcoin has been steady above the $28,000 psychological threshold. - Ethereum rose significantly on Tuesday, hitting its highest point in eight months.
- DOGE is up more than 20% this week after Elon Musk replaced the Twitter bird logo with the DOGE dog on the platform's homepage.
- The overall cryptocurrency market gained 3% on Tuesday.
| Bitcoin | $28,639.60 | 1.55% | | Ethereum | $1,916.88 | 5.85% | | Litecoin | $93.82 | 0.90% | | Bitcoin Cash | $128.42 | 4.38% | *Exchange rates as of 7 am ET. Data from Morningstar Financial Research. To understand why we track these currencies and the differences between them, click here.
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 |  | | |   | | Editor | Eduardo Garcia is a writer and editor based in New York. He is the author of "Things You Can Do," an illustrated book about climate action. Bylines in The New York Times, The Guardian, Slate, Scientific American, and others. In one of his previous lives, Eduardo worked as a Reuters correspondent in Latin America for nearly a decade. | |
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