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Investing.com — U.S. stocks opened higher on Tuesday after a two-day decline on worries about the Federal Reserve’s interest-rate outlook.
At 9:38 ET (13:38 GMT), the Dow Jones Industrial Average was up 66 points, or 0.2% while the S&P 500 was up 0.1% and the NASDAQ Composite was up 0.4%.
The S&P Core Logic Case Shiller home price index showed an 18% year-over-year gain in June but the pace of the increase is slowing from previous months. Later in the session, investors will see data on job openings and consumer sentiment.
Investors have spent the last few days worrying about how aggressive the Fed will be in its quest to tame inflation. Before Friday’s speech by Chair Jerome Powell, investors had seen a chance the Fed would slow its pace of interest rate increases. But after Powell said the central bank would do whatever it takes when it comes to inflation, the expectation is it will continue with the 0.75-percentage point increases in both June and July.
The next meeting for the Fed is in September.
Bed Bath & Beyond Inc (NASDAQ:BBBY) shares were up 7% in early trading as investors look forward to a meeting on Wednesday when management will explain its strategy.
Twitter Inc (NYSE:TWTR) was down 0.3% after Elon Musk filed another letter explaining his reasons for canceling his $44 billion takeover offer.
Oil fell. Crude Oil WTI Futures was down 3.6%, to $93.50 a barrel, while Brent Oil Futures was down 3.2%, to $99.64 a barrel. Gold Futures fell 0.4% to $1743.
