© Reuters
By Liz Moyer
Investing.com — U.S. stocks opened higher as investors tried to turn the tide a day before the Federal Reserve’s closely watched June policy meeting.
At 9:58 AM ET, the was up 122 points or 0.4%, while the was up 0.5% and the was up 0.5%.
Amid Monday’s market rout, analysts started to speculate whether the Fed would take a more aggressive three-quarter-percentage point increase in its benchmark rate in response to red-hot inflation.
The S&P entered bear market territory, closing 21% below the record it set in January. That’s the first time the large-cap index entered a bear market since March 2020 at the start of the pandemic in the U.S. The tech sector is already there, with the Nasdaq down 33% since its recent peak.
Already investors are worried about the prospect of a recession – and whether the Fed would move so aggressively it would tip the economy into a downturn. On Tuesday, the crypto exchange operator Coinbase Global Inc (NASDAQ:) said it was laying off 18% of its workers in preparation for a recession. Its shares fell 5%.
Oracle Corporation (NYSE:) shares rose 9% after the cloud software provider reported better than expected revenue and profit and projected 30% growth for its cloud business in its 2023 fiscal year.
Continental Resources Inc (NYSE:) shares jumped 14.7% after its Chairman Harold Hamm and his family offered $70 a share for the stock they don’t already own. Hamm already has about 83% ownership. The offer for the shale producer is valued at roughly $25 billion.
Oil rose. was up 1.9%, to $123.27 a barrel, while rose 2% to $124.76 a barrel. fell 0.8%, to $1817 an ounce.
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