Global markets update: US stocks slip on recession fears, weak earnings

US stocks markets slipped on Tuesday on recession fears after weak earnings and soft economic data.

The S&P 500 slumped 59.56 points, or 1.44%, at 4,077.48. The Dow Jones Industrial Average fell 335.19 points, or 0.99%, at 33,540.21. The Nasdaq Composite tanked 207.27 points, or 1.72%, at 11,829.93.

United Parcel Service stock dropped $19.56 to $176.29 after it cut its revenue forecast for the year.

Stock of regional bank First Republic tumbled 28% after it reported a 40% drop in deposits in first quarter.

Shares of PepsiCo Inc. rose $4.21 to $189.71 after it raised its profit forecast for the year.

General Motors shares closed down 4% after it cautioned that 2022 price gains will not last as the year goes on.

A report showed that US consumer confidence fell to a nine-month low in April.

The US dollar climbed on Tuesday as Joe Biden confirmed his bid to run for re-election as US president in 2024.

The euro fell 0.69% at $1.0965. The Japanese yen strengthened 0.51% against the US dollar at 133.57. The Sterling was down 0.65% at $1.2401.

Canada markets

Canada’s Toronto Stock Exchange’s S&P/TSX composite index ended down 236.87 points, or 1.2%, at 20,439.87.

Europe markets

European shares dipped on Tuesday amid disappointing earnings for the banking sector.

The pan-European STOXX 600 index dropped 0.4% and the European banking index tanked 2.2%.

Britain’s FTSE 100 fell 0.3% at 7,891.13. Germany’s DAX rose less than 0.1% at 15,872.13. France’s CAC 40 dropped 0.6% at 7,531.61.

Spanish stocks also declined, led by a slide in bank Santander. Spain’s IBEX index fell 1.2%.

Asia

Asian stock markets ended mostly lower. MSCI’s broadest index of Asia-Pacific shares, outside Japan, closed 1.44% lower.

Hong Kong’s Hang Seng index fell 1.7% at 19,617.88. In China, Shanghai Composite dipped 0.3% at 3,264.87.

Japan’s Nikkei 225 added 0.1% at 28,620.07.

On Tuesday, New Zealand and Australian markets were closed for a holiday.

Crude oil

Oil prices fell over 2% as recession worries weighed on investors’ sentiments. Brent crude for June delivery slipped $1.96 to $80.77 a barrel on Tuesday. The US crude oil benchmark for June delivery fell $1.69 to $77.07 a barrel.