PepsiCo rises on lower Wall Street after results

PepsiCo was up 0.3 percent in New York trading on Tuesday. The US maker of soft drinks and snacks posted better-than-expected sales and profit last quarter. The group raised its full-year revenue forecast for the second year in a row due to continued strong demand for its products.

The mood on Wall Street was calm after the previous day’s defeat. Worries about a recession gripped investors. They also looked ahead to key US inflation data to be released on Wednesday. US consumer prices are expected to rise further in June. As a result, the Federal Reserve is likely to continue raising interest rates sharply to combat inflation.

Shortly after the opening, the Dow-Jones index rose 0.1 percent to 31,213 points. The broader S&P 500 rose 0.3 percent to 3,864 points. Tech gauge Nasdaq rose 0.7 percent to 11,455 points, after losing more than 2 percent a day earlier.

Twitter rose 2.6 percent. Tesla shares fell more than 11 percent on Monday after CEO Elon Musk abandoned plans to take over Twitter. Twitter’s lawyers are calling the decision “invalid and illegal.” With this, the news service is taking its first step toward a legal battle over the billion-dollar deal.

The gap narrowed to 6.7 percent. Apparel trading company sacked by Sonia Singh for mismanagement The group had been struggling with significantly increased transport costs for some time and had to offer increasingly steep discounts to sell its huge holdings. The latter is charged more per shingle because the company no longer has any profit.

Electric car maker Canoo more than doubled in value (105 percent). The cash-strapped company received an order from Walmart for 4,500 electric vans. Peloton added 3.3 percent. A fitness equipment manufacturer wants to completely outsource the manufacturing of its equipment.

The euro continued to fall as a result of recession fears, and the dollar was briefly undervalued for the first time in 20 years. The single currency traded at $1.0054 from $1.0078 a day earlier. This is the lowest level since late 2002.

Oil prices also fell on fears that a recession would put pressure on oil demand. Possible new coronavirus lockdowns in China could also dampen demand for oil. U.S. oil prices fell 4.4 percent to $99.50 a barrel. Brent crude fell 4.2 percent to $102.57 a barrel.