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Target warns, stocks rebound, Raytheon’s big move: LIVE UPDATES

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Stocks finish higher led by energy, tech; 10-year Treasury slips below 3%

U.S. stocks advanced for the second straight day on Tuesday as investors continued to weigh the outlook for inflation and economic growth.


The Dow Jones Industrial Average finished Tuesday's volatile trading session up 264.36 points at 33,180.14, less than 10% away from its record closing high on January 4. Meanwhile, the S&P 500 and Nasdaq Composite each saw gains of 0.9%. After several weeks of volatility on inflation, rate hike, and growth worries, the major averages are still up more than 77% from their pandemic lows more than two years ago.

Elsewhere, oil surpassed $119.41 per barrel, its highest level since March, while the 10-year Treasury dipped below 3%.

Posted by FOX Business Team

Charles Payne: SPACs succumbing to one of the more dubious offerings

FOX Business host provides insight on the stock market and SPAC deals on 'Making Money.'

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Developing Story

Nasdaq leads midday rebound


The Nasdaq Composite led a midday rebound on Wall Street helped by large-cap tech names including Apple and Microsoft.

Energy stocks, including Chevron and Exxon Mobil, helped support the S&P 500 and Dow Jones Industrial Average.

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Breaking News

Stocks sink after Target warns...again


U.S. stocks fell across the board after Target warned second quarter profits will take a hit as the retailer discounts excess inventory. Walmart, Best Buy, Home Depot and Amazon fell in sympathy. In commodities, oil hovered at $118 per barrel as gas prices crossed $4.91 per gallon per AAA. 

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Breaking News

Target warns inventory glut will hit profits


Target shares fell after the retail giant warned it would cut prices to reduce piling up inventory. While a win for customers, it will penalize investors by hurting second quarter profits.

"The additional steps we are announcing today will ensure that we deliver for our guests while driving further growth. While these decisions will result in additional costs in the second quarter, we're confident this rapid response will pay off for our business and our shareholders over time, resulting in improved profitability in the second half of the year and beyond," said Brian Cornell, chairman and chief executive officer of Target Corporation in the update.

Posted by FOX Business Team

Bitcoin trading lower early Tuesday

Bitcoin trading lower early Tuesday Cryptocurrency was trading lower early Tuesday morning.

At around 4:30 a.m. ET, Bitcoin was trading at around $29,616 (-5.55%), down $1,739. For the week, it was down 1.13% and for the month, Bitcoin was trading down by 13%.

Ethereum was not faring any better, trading at almost $1,765 (-4.94%), down $91.87. For the week, Ethereum was down 6.73% and for the month, Ethereum was down 31.12%.

Dogecoin was trading at $0.0799 early Tuesday (-3.14%), down $0.0025. For the week, Dogecoin was down 5.85% and for the month, it was down almost 36%.

Posted by Jack Durschlag

Stocks lower as investors await evidence of Fed rate hikes


U.S. stocks were lower early Tuesday as markets were swinging between gains and losses as investors weigh evidence about whether the Fed's rate hikes can cool inflation that is running at a four-decade high without tipping the U.S. economy into recession. 

Wall Street's benchmark S&P 500 index rose 0.3% on Monday while the market price of a 10-year Treasury bond fell. Markets are “trading in a holding pattern” while traders wait for the Federal Reserve's next moves on interest rates, said Yeap Jun Rong of IG in a report. 

On Monday, the S&P 500 rose to 4,121.43 after being up as much as 1.5% during the day. The index is 13.5% below its Jan. 3 peak. 

The Dow Jones Industrial Average edged up less than 0.1%, to 32,915.78. The Nasdaq composite gained 0.4% to 12,061.37.

 Economists at Goldman Sachs said in a research note they still see the Fed and its chair, Jerome Powell, on course to walk the line successfully and engineer what’s called a “soft landing” for the economy.

That was more encouraging than some of the warnings that dragged on markets last week, including one from JPMorgan Chase CEO Jamie Dimon, who said he’s preparing for an economic “hurricane.” 

On Wall Street, companies in the solar power industry were some of the biggest gainers after President Joe Biden ordered emergency measures to increase U.S. manufacturing of solar panels and exempted panels from Southeast Asia from tariffs for two years. 

Twitter slipped 1.5% after Tesla CEO Elon Musk threatened to call off his deal to buy the company, saying Twitter was refusing to hand over data about possible fake accounts. Shares of Tesla rose 1.6%.

Meanwhile, Asian stock markets were mixed Tuesday Shanghai and Tokyo advanced while Hong Kong and Seoul declined. The yen, already trading at two-decade lows, fell further to below 132 to the dollar. 

The Shanghai Composite Index advanced 0.2% to 3,243.73 after Chinese authorities eased anti-virus restrictions that shut down businesses in Shanghai and other major cities. 

TheNikkei 225 in Tokyo gained 0.4% to 28,031.15 while the Hang Seng in Hong Kong shed 0.2% to 21,605.10. 

The Kospi in Seoul tumbled 1.4% to 2,632.59 and Sydney's S&P-ASX 200 sank 0.9% to 7,143.40. New Zealand and Singapore declined while Jakarta advanced.

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Posted by Associated Press
Breaking News

Gas prices nationally surge overnight

The average price for a gallon of gasoline in the U.S. surged early Tuesday to $4.919, a 5.4 cent hike overnight from Monday’s $4.865, according to the latest numbers from AAA. 

Sunday, the price for that same gallon of gasoline stood at $4.848, topping Saturday’s price of $4.819. Overall Tuesday, the price of gasoline rose about 10 cents since Saturday.

One week ago, the average price of a gallon of regular gasoline was $4.622, while a month ago, it stood at $4.301. One year ago, gasoline sold for $3.053.

The price of diesel increased overnight by nearly 4 cents per gallon to $5.684.

Posted by Jack Durschlag

Oil prices inch higher on relaxed China COVID curbs, tight supplies

CVX$176.83-0.77 -0.43%

Oil prices edged higher on Tuesday on an expected demand recovery in China as the world's second-biggest economy relaxes tough COVID-19 curbs, and on doubts that a higher output target by OPEC+ producers would ease tight supply. 

Brent crude futures were up 28 cents, or 0.2%, at $119.79 barrel at 0601 GMT. U.S. West Texas Intermediate (WTI) crude futures were up 31 cents, or 0.3%, at $118.81 a barrel. The benchmark hit a three-month high of $120.99 on Monday. 

Beijing and commercial hub Shanghai have been returning to normal in recent days after two months of painful lockdowns to stem outbreaks of the Omicron variant. Traffic bans were lifted and restaurants were opened for dine-in service on Monday in most parts of Beijing. 

Top oil exporter Saudi Arabia raised the July official selling price (OSP) for its flagship Arab light crude to Asia by $2.10 from June to a $6.50 premium over Oman/Dubai quotes, just off an all-time peak recorded in May when prices hit highs due to worries of disruptions in Russian supplies. 

Last week, the Organization of the Petroleum Exporting Countries (OPEC) and allies, together known as OPEC+, decided to boost output for July and August by 648,000 barrels per day, or 50% more than previously planned.

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Posted by Reuters

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