US stock markets appeared to reverse a three-day losing streak that neared the levels of March 2020, with the likes of the S&P 500 falling by as much as 7%.
The Dow Jones was down 0.3% after the oil price fell below US$100 for the first time in two weeks, with the Nasdaq outperforming, gaining 1%, and the S&P 500 up 0.3%.
US stock markets are in a holding pattern ahead of more inflation data with sentiment clearly turning towards the threat of a recession due to an aggressive rate hike cycle.
The USD and gold price have remained resilient throughout, along with health and consumer staples stocks, but expensive technology continues to be sold off heavily.
Peloton weakness continues
Connected exercise equipment business Peloton (NASDAQ: PTON) continued its torrid run, falling another 8.7% after reporting a US$757 million loss, worse than the US$8.6 million loss in the year-ago period. Revenue fell by 30% and users remain stuck around 2.96 million, with the company expecting to increase subcribers by just 1% to 2.98 million in the fourth quarter.
Tesla (NASDAQ: TSLA) gained 1.6% even after the group reported it would be pausing production in Shanghai due to growing shortages of key inputs.