U.S. stocks are clawing back some of their losses from the day before as falling oil prices release some of the pressure that’s built up on the market. The S&P 500 was 0.5% higher in early trading Tuesday and pulling closer to its all-time high set early last week. The Dow Jones Industrial Average was up 130 points, or 0.3%, and nearing its own record. The Nasdaq composite was 0.5% higher.
U.S. stocks are hovering near record territory out of relief that interest rates are finally heading back down now that the Federal Reserve has widened its focus to include keeping the economy humming instead of just fighting high inflation. The yield on the two-year Treasury, which more closely tracks expectations for the Fed, ticked down to 3.98% on Tuesday after jumping to 3.99% a day earlier.
With earning season kicking off, PepsiCo shares fell 1% after it lowered its organic revenue forecast for the year. U.S. consumers continue to pull back on buying its snacks and drinks after years of price increases. Shares initially soared 10% in Shanghai on Tuesday but then slid back a bit as details of economic stimulus plans from officials in Beijing fell short of what investors were hoping for.
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