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US indices dragged lower by O&G prices

US equity benchmarks trended lower on Tuesday amid heightened geopolitical uncertainty. After investors pared deep losses again, stocks continued to dive, closing the day lower by an average 1.5%.

The key negative factor impacting the US market is an ongoing spike in oil and gas prices, which are ultimately reflected in the overall price level. Record inflation rates in the country are also driving the downtrend. The regulator will attempt to rein in inflation by raising interest rates, which will add tension to the markets for risk-sensitive assets.

Closes

NASDAQ Composite: 13,532 (-1.59%)

S&P 500: 4,306 (-1.55%)

Dow Jones: 33,294 (-1.76%)

SPX 500 CFDs are trading within a narrow consolidation range in pre-market trading. The market has entered a correction, and selling is likely to prevail. The next bearish target is 4,250 (see below the CFD chart on the SPX 500 from MT4).

Market news

The CBOE Volatility Index, also known as the Wall Street’s fear gauge, rose to its highest since February 24.

The 10-year UST yield fell by 12.8 bps amid heightened demand on Tuesday, reaching 1.708%. Prior to the start of Russia's special military operation, the yield stood at about 2%.

Corporate news

Chevron Corp surged 4% as the company ramped up its share buyback program and raised its operating cash flow outlook on the back of rising oil prices.

The share price of Baidu Inc. soared 6.8% after the Chinese Internet giant released financial results for Q4 2021. The company reported a 50% drop in net income, but recorded higher revenue in the cloud computing and AI segments.

The market cap of HP Inc. decreased by 0.8%. The company boosted revenue to a record high in Q1 2022, and issued guidance about the negative consequences of the conflict between Russia and Ukraine on its financial performance.

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