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Recession Fears Boost Treasuries; Commodities Drop: Markets Wrap

  • The dollar rose to its strongest level in more than two years
  • Commodities including crude oil, copper dropped; Bitcoin rose
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WATCH: Jeffrey Halley, Senior APAC Market Analyst at OANDA, discusses his outlook for markets and investment strategy. Source: Bloomberg
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US Treasuries rallied as talks of easing tariffs on China imposed by the former administration failed to alleviate recession fears. Commodities from oil to copper remained under pressure as the dollar rose.

The S&P 500 eked out a modest gain after falling as much as 2.2%, as easing energy prices and bond yields took pressure off higher-valuation shares. The tech-heavy Nasdaq 100 jumped 1.7%. Treasury yields declined, with the 10-year yield around 2.83%. Data released Tuesday also showed durable goods orders and factory orders rose more than expected in May.