Stocks are anticipated to open lower on Tuesday, retreating from gains made during the last session. Current indications from major index futures suggest a downward market trend, with S&P 500 futures showing a 0.5 percent decrease.
The bearish sentiment on Wall Street is largely attributed to growing concerns over heightened tensions between the United States and Russia. This follows President Joe Biden's authorization for Ukraine to use U.S.-manufactured long-range missiles in attacks on Russian territory. In response, Russian President Vladimir Putin has amended the nation's nuclear doctrine.
Kremlin spokesperson Dmitry Peskov stated that the revised doctrine asserts Russia's right to deploy nuclear weapons if confronted with aggression using conventional arms against it or Belarus, potentially threatening the sovereignty or territorial integrity of the country. He added, as reported by NBC News, that any aggression against Russia by a non-nuclear state with the involvement or backing of a nuclear state would be deemed a collective assault.
This update from the Kremlin comes soon after reports surfaced of Ukraine utilizing U.S.-made long-range missiles to strike a Russian military site in the Bryansk region near the border.
In previous trading, after a session of losses last Friday, markets rebounded on Monday with the Nasdaq and S&P 500 recovering some ground. However, the Dow Jones Industrial Average experienced a slight decline. The Nasdaq gained 111.69 points, or 0.6 percent, closing at 18,791.81, while the S&P 500 increased by 23.00 points, or 0.4 percent, to 5,893.62. In contrast, the Dow fell 55.39 points, or 0.1 percent, to end at 43,389.60.
Across the Asia-Pacific region, stock markets mostly rose in Tuesday's trading, with Japan’s Nikkei 225 Index increasing by 0.5 percent and China’s Shanghai Composite Index up by 0.8 percent. However, major European markets faced declines. France's CAC 40 Index fell by 1.4 percent, Germany’s DAX Index decreased by 1.2 percent, and the U.K.'s FTSE 100 Index dipped by 0.4 percent.
In commodities, crude oil futures declined by $0.19 to $68.97 per barrel, following a rise of $2.14 to $69.16 per barrel on Monday. Additionally, gold futures rose by $23.20 to $2,637.80 per ounce after a previous increase of $44.50 to $2,614.60 per ounce.
On the currency market, the U.S. dollar is exchanging at 153.55 yen, compared to 154.66 yen recorded at Monday’s New York close. The dollar is trading at $1.0587 against the euro, down slightly from $1.0598 the day before.
