- Stocks and futures fell on Tuesday after Snap Inc. issued a profit warning, weighing on technology shares and fueling concerns about economic growth risks.
- S&P 500 futures fell as the benchmark began to recover from the brink of a bear market due to concerns that the Federal Reserve's tightening would harm growth. The dollar remained relatively unchanged, while Treasuries rose.
- The euro rose above $1.07 for the first time in four weeks as European Central Bank President Christine Lagarde said the currency bloc has reached a turning point in monetary policy and rejected the notion that the region is heading for a recession, but she added that the ECB will not rush to withdraw monetary stimulus.
- In May, Europe's two largest economies continued to grow as a sustained rebound in services offset the fallout from Russia's invasion of Ukraine. Meanwhile, the pound fell after a report revealed that the UK economy is on the verge of entering a recession as firms and households struggle under the fastest inflation rate in four decades.
- UK S&P Services PMI Flash Actual 51.8 (Forecast 57) GBP Weakened
- ECB's Villeroy: 50 basis point hike isn't part of ECB consensus.
- ECB's President Lagarde: Unemployment is at a rock bottom rate.
- ECB's President Lagarde: We can be at zero or slightly above zero.
