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Major market averages have tilted lower to kick off trading as the Dow Jones (DJI) has slipped 0.6%, the S&P 500 (SP500) is down 0.7%, and the Nasdaq (COMP.IND) is -1%.

Treasury Yields cooled off to start out the day as the U.S. 10-year yield is down eight basis points down to 2.74% and the U.S. 2-year yield is off as well, as it has fallen eight basis points to 2.54%.

At the same time, as the opening bell rang, the DXY surpassed $102, its highest level in over two years, dating back to the beginning of the pandemic, Mar. 24, 2020.

Oil prices also shifted upwards as WTI crude broke back above the $100 per barrel marker.

In economic news, durable goods orders in the U.S. came in at 0.8% in Mar. of 2022, slightly below the consensus of 1%. The numbers were an increase from the previous month’s -1.7%.

As earnings season forges forward, Tuesday’s trading has highlighted declines in both GE (NYSE:GE) and JetBlue (JBLU). At the other end of the spectrum, UPS (UPS) and Sherwin Williams (SHW) moved in the opposite direction on quarterly results.

“The next two weeks mark the heart of earnings season, with 337 companies scheduled to report. We believe earnings will continue to handsomely top estimates. While investors might be distracted over the near term, eventually fundamentals should prevail.” Credit Suisse stated in a recent note.

Kit Juckes of Societe Generale stated: “Pressure was building into the weekend, but yesterday morning’s stormy markets may have helped clear the air. The Chinese authorities seem to be trying to instil some stability into USD/CNY, bond yields have steadied for now and equity indices too, are finding a toehold.”

See below the YTD performance chart of the S&P 500, Dow Jones, and the Nasdaq Composite.