U.S. stocks retreat in face of record dollar strength - BNN Bloomberg

Europe’s Stoxx 600 Index fell 0.6 per cent, with tumbling miners leading the declines. Utilities jumped on news of a European Union power-price cap proposal. Contracts on the S&P 500 and Nasdaq 100 edged higher before the market hears from a slew of Federal Reserve speakers. In premarket trading, UiPath Inc. tumbled after the application software company’s weaker-than-expected revenue forecast. Gitlab Inc. rose after boosting its revenue guidance.

Bets on another 75 basis points Fed interest-rate hike to tackle high inflation have spurred a selloff in Treasuries. Traders are bracing for a European Central Bank rates decision due on Thursday, with the potential for a similar-size move.Aside from tightening monetary settings and an apparently unstoppable dollar, markets are also contending with a debilitating energy crisis in Europe and COVID lockdowns in China.

Oil erased a decline after Russian President Vladimir Putin underlined that his country won’t supply oil and fuel if price caps on the country’s exports are introduced. Bitcoin flirted with a test of lows for the year and gold recovered to trade above US$1,700 an ounce.

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