Stocks are likely to move to the upside in early trading on Tuesday, adding to the gains posted in the previous session. The major index futures are currently pointing to a higher open for the markets, with the Dow futures up by 278 points.
The markets may benefit from optimism about an end to the war between Russia and Ukraine, as Turkish President Recep Tayyip Erdogan opened the latest round of peace talks between the two countries.
Russia appeared to be de-emphasizing ground operations near Kyiv and concentrating more on the Donbas region.
Buying interest may also be generated in reaction to a continued slump by the price of crude oil, with crude for May delivery tumbling $6.14 to $99.82 a barrel after plunging $7.94 to $105.96 a barrel on Monday.
U.S. stocks ended on a positive note on Monday thanks to some strong buying in the final hour, as hopes about a peace deal between Russia and Ukraine helped offset concerns about inflation and imminent monetary tightening by the Federal Reserve.
The major averages all ended higher, with the tech-heavy Nasdaq outperforming with a sharp uptick. The Dow, which slipped to 34,552.23 around noon, losing more than 300 points in the process, ended the session with a gain of 94.65 points or 0.3 percent at 34,955.89.
The S&P 500 settled with a gain of 32.46 points or 0.7 percent at 4,575.52, nearly 60 points off the session’s low of 4,517.69. The Nasdaq, which saw a brief spell in negative territory around noon, ended stronger by 185.60 points or 1.3 percent at 14,354.90.
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Tuesday. Japan’s Nikkei 225 Index and Hong Kong’s Hang Seng Index both jumped by 1.1 percent, although China’s Shanghai Composite Index bucked the uptrend and fell by 0.3 percent.
The major European markets have also shown strong moves to the upside on the day. While the U.K.’s FTSE 100 Index has jumped by 1.4 percent, the German DAX Index and the French CAC 40 Index are up by 3.2 percent and 3.3 percent, respectively.
In commodities trading, crude oil futures are tumbling $6.14 to $99.82 a barrel after plunging $7.94 to $105.96 a barrel on Monday. Meanwhile, after falling $15.10 to $1,944.70 an ounce in the previous session, gold futures are plummeting $50.10 to $1,894.60 an ounce.
On the currency front, the U.S. dollar is trading at 122.59 yen compared to the 123.86 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.1123 compared to yesterday’s $1.0985.
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