U.S. Stock prices were lower early Tuesday after closing higher one day earlier on hopes the economy will rebound from the coronavirus pandemic as it officially entered a recession.
The Dow Jones Industrial Average fell a sharp 1.1% shortly after the markets opened, while the S&P 500 Index dropped 1%. The Nasdaq Composite Index was 0.4% lower one day after its first record closing high since February 19.
European markets also are slumping Tuesday in a marked reversal of results earlier in the day in Asia.
The FTSE in London was down 2.2% in late afternoon trading, while Paris’ CAC-40 index was 1.6% lower and Frankfurt’s DAX index was down 1.8%.
Asian markets were mostly higher Tuesday, with the S&P/ASX in Sydney closing 2.4% higher to lead the region, while Hong Kong’s Hang Seng was up 1.1%. The Shanghai Composite index gained 0.6%, while both the KOSPI index in Seoul and Taiwan’s TSEC index closed 0.2% higher.
Tokyo’s Nikkei index finished 0.3% lower for the day, while Mumbai’s Sensex lost 1.2%.
Oil markets are also down Tuesday, with U.S. crude selling at $37.95 per barrel, down 0.6%, while Brent crude is selling $40.48 per barrel, down 0.7%.
