NEW YORK, New York - Stocks were choppy on global markets Tuesday as investors struggled with a slew of bad news, a plunging British pound, raging inflation, and higher interest rates, amidst signs a global recession is looming.
"The fact that we lost support at both 3,900, 3,800 (on the S&P 500) and certainly made a beeline to the June lows tells you that the risk-off environment hasn't changed much over the course of the last six weeks," Art Hogan, chief market strategist at B. Riley Financial told CNBC Tuesday.
"We're still concerned that the Fed is going to overdo it and push the economy into recession," he added.
The Dow Jones industrials fared worst Tuesday falling 125.82 points or 0.43 percent to 29,134.00.
The Standard and Poor's 500 lost 7.72 points or 0.21 percent to 3,647.32.
The tech-laden Nasdaq Composite, going against the trend, rose 26.58 points or 0.25 percent to 10,829.50.
On currency markets, the U.S. dollar remained well bid. The euro crumbled to 0.9693 by the New York close Tuesday. The British pound slipped to 1.0718. The Japanese yen weakened to 144.82. The Swiss franc was sharply lower at 0.9920.
The Canadian dollar was out of favor at 1.3725. The Australian dollar was very weak at 0.6430. The New Zealand dollar dipped to 0.5637.
On overseas equity markets, the FTSE 100 in London declined 0.52 percent. The Dax in Germany was down 0.72 percent. The Paris-based CAC 40 fell 0.27 percent.
In Japan, the Nikkei 225 jumped 140.32 points or 0.53 percent to 26,571.87.
The Australian All Ordinaries added 29.00 points or 0.43 percent to 6,696.50.
South Korea's Kospi Composite rose 2.92 points or 0.13 percent to 2,223.86.
China's Shanghai Composite surged 42.64 points, or 1.40 percent, to 3,093.86.
In Hong Kong, the Hang Seng gained 5.17 points or 0.03 percent, to 17,860.31.
NIn New Zealand, the S&P/NZX 50 plummeted 220.33 points or 1.93 percent to 11,214.49.