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Markets had started the week with a "risk-on" tone, which some analysts attributed to hopes that China could relax its strict COVID-19 lockdown measures. But the move showed signs of losing momentum on Tuesday as Asian stocks saw only small gains. The yuan weakened against the dollar and Chinese stocks slipped as COVID-19 cases rose. European stocks indexes opened in the red, then became mixed. "The market is wanting to cling to any positive news and a market positive Midterm result could mean another risk positive day," RBC said.
A barrage of Russian missiles fired Saturday targeted Ukraine's electrical grid. Ukrainian parliamentary deputy Kira Rudik tweeted that power was knocked out for 1.5 million people. "Total darkness and cold are coming," Rudick said, as the country prepares for winter with limited power. "1.5 million of #Ukrainians without electricity right now," Kira Rudick, a member of the Ukrainian parliament tweeted shortly after the attacks. On Telegram, President Volodymyr Zelenskyy called the attacks "vile strikes on critical objects," and urged Ukrainians to conserve energy.
Big U.S. banks are set to report quarterly results on Friday that may offer insight into the health of the U.S. economy. "Right now the market wants to see data, show me the numbers, show me we're getting inflation down. Until then, this market is probably stuck in this whole death by a 1,000 cuts scenario," Dick said. Declining issues outnumbered advancers for a 3.28-to-1 ratio on the NYSE and for a 2.36-to-1 ratio on the Nasdaq. The S&P index recorded no new 52-week high and 71 new lows, while the Nasdaq recorded 10 new highs and 250 new lows.
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