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Stocks mostly rose on Wall Street, even as technology regressed



NEW YORK — Stocks rose mostly in early trading on Wall Street on Tuesday, but the market was lagging behind due to weakness at several major tech companies, including chipmakers like Qualcomm. Twitter rose another 7% after announcing a deal with Tesla chief Elon Musk that would give him a board seat but also limit how much the company can buy while he’s an executive. The company announced a day ago that the mercurial billionaire and Twitter critic is the company’s largest shareholder. The S&P 500 was torn between small gains and losses, and the tech-heavy Nasdaq tumbled 0.5%.

THIS IS A LAST NEWS UPDATE. The previous story of the AP is below.

NEW YORK – Wall Street slumped ahead of the opening bell on Tuesday, and oil prices rose as Western governments considered more sanctions against Moscow in response to evidence that Russian soldiers were deliberately killing civilians.

Futures for Dow Jones Industrials and the S&P 500 fell about 0.2% in premarket trading.

Benchmarks rose in Frankfurt, Tokyo and Sydney and fell in Paris and London. Many Asian markets, including those in China, were closed for the holiday.

Russia’s withdrawal from areas near Ukraine’s capital, Kyiv, led to the discovery of bodies, prompting war crimes charges and demands for tougher sanctions on Moscow. Such moves add to uncertainty and could raise already high oil and gas prices, among other commodities.

The invasion of Ukraine has raised concerns about rising inflation and its impact on global economic growth. Prices for everything from food to clothing were already rising, and the war added to the volatility of energy prices, as Europe relied heavily on Russia for oil and gas.

European leaders seem divided on how to respond to recent developments in Ukraine. French President Emmanuel Macron said that new punitive measures are needed. Poland urged Europe to quickly abandon Russian energy, while Germany said it would stick to the approach of phasing out coal and oil imports over the next few months.

U.S. crude oil rose 67 cents to $103.95 a barrel in electronic commerce on the New York Stock Exchange. Brent crude rose 59 cents to $108.12 a barrel.

The price of US benchmark crude rose 4% on Monday, and Brent crude, the international pricing standard, rose 3%.

The German DAX fell 0.3%, the CAC 40 in Paris fell 1.3% and the British FTSE 100 fell 0.1%.

In Asian trade, Tokyo’s Nikkei 225 rose 0.2% to 27,787.98 and Seoul’s Kospi rose 0.1% to 2,759.20. The S&P/ASX 200 rose 0.2% to 7,527.90. Sensex in India fell 0.1%.

Chinese markets were closed for the Tomb Sweeping holidays, but most in the largest city, Shanghai, were in lockdown due to a worsening coronavirus outbreak.

Shanghai recorded another 13,354 cases on Monday – the vast majority of which are asymptomatic – bringing the city’s total to more than 73,000 since the start of the last wave of infections last month.

The outbreaks in China and consequent restrictions on business and other activities could worsen the slowdown in the world’s second-largest economy.

The World Bank cut its 2022 growth forecast for the Asia-Pacific region from 5.4% to 5%, partly due to commodity supply cuts, financial strains and high prices related to the war in Ukraine. This follows a return to 7.2% growth in 2021 after many economies regressed with the onset of the pandemic.

The report, released on Tuesday, predicts slower growth and rising poverty in the Asia-Pacific region this year, as “multiple shocks” will exacerbate distress for people and businesses.

The Fed will release the minutes of its last meeting on Wednesday.

In foreign exchange trading, the US dollar rose slightly to 122.95 Japanese Yen. The euro fell from $1.0976 to $1.0965.





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