June 25, 2022

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Stocks fall as investors brace for potential EU sanctions against Russia

2 min read

U.S. stocks fell on Tuesday as investors weighed hawkish remarks made by Federal Reserve Governor Lael Brainard that indicated policymakers were ready to raise interest rates more aggressively to rein in inflation. Investors also braced for the likelihood of new sanctions on Russia by the European Union and continued to monitor the closely-watched yield curve.

The S&P 500 fell roughly 0.9%, and the Dow Jones Industrial Average dipped 0.4%. The Nasdaq Composite tumbled 2% in its biggest drop in three weeks, erasing gains from a rally in the previous trading session prompted by a 27% surge in Twitter (TWTR) that came after Tesla (TSLA) CEO Elon Musk revealed he purchased a 9.2% stake in the social media company. Twitter again inched higher on Tuesday after the company said it would name musk to its board a day after the Tesla boss disclosed his stake. However, the tech sector saw a broad-based decline in intraday trading.

Musk is “speaking with his money by saying that Twitter is an undervalued platform,” MKM Partners’ Rohit Kulkarni told Yahoo Finance Live. “He sees there are things they can do to improve the service, and he’s definitely hinting at a more active role.”

Wedbush Securities analyst and Tesla bull Dan Ives also told Yahoo Finance he predicts Musk will have an active stake in the social media platform over the coming weeks or months, and that his recent snap up of shares was “just the appetizer.”

Separately, Musk’s own company, electric-vehicle giant Tesla, contributed to the gains that propelled a take-off for tech during Monday’s trading session. Shares of the EV carmaker jumped nearly 6% after it reported vehicle delivery figures this weekend that came in higher than the same period last year.

Recession jitters were at bay on Monday after a closely-monitored portion of the Treasury yield curve inverted last week and spooked investors over the possibility of an imminent economic contraction. The phenomenon has a history of predicting a recession,…



2022-04-05 12:27:40

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