US stocks rebound at opening bell

By Aysu Bicer

ANKARA (AA) - US stocks started slightly higher Tuesday following heavy losses in the previous session amid recession fears and the Federal Reserve’s interest rate decision that will be announced later this week.

US producer prices were up 10.8% in May on an annual basis, signaling additional inflation pressures.

Global ratings agency Fitch Ratings cut its world GDP growth forecast on Monday to 2.9% for 2022.

It said in its latest report that global inflation pressures continue to intensify amid the Russia-Ukraine war, with increasingly adverse implications for the growth outlook.

The agency also lowered its forecast for growth in the US by 0.6 percentage points to 2.9%.

The Dow was at 30,533 points, up 16.73 from its previous close.

The S&P 500 rose 9.88 points to 3,759 and the Nasdaq was up 61.14 points to 10,870.

Global benchmark Brent crude was trading at $124.06 a barrel, up 1.46%, while West Texas Intermediate crude rose 1.2% to $122.44.

Gold futures fell 0.6% to $1,820.50 an ounce and silver down 0.28% to 21.20.

The price of Bitcoin dove to its lowest level in 18 months as the sell-off continues in the cryptocurrency market. Bitcoin’s price plummeted to $20,846 at 0200GMT, its lowest since Dec. 16, 2020, according to official figures.

The market capitalization of Bitcoin also fell to approximately $400 billion, a $200 billion weekly loss.