Wall Street stocks rose sharply in early trading on
Tuesday, but remain in the red for the week following the biggest decline in
the S&P 500 since mid-June.

The S&P 500 rose 21.78 points or 0.53% to 4,159.77 as
of 10:13 am Eastern time. The key index is down 1.8% the week following a
sell-off on Monday.

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The Dow Jones Industrial Average rose 55.92 points or 0.17%
to 33,119.53. The Nasdaq Composite added 104.07 points or 0.84% to 12,485.64.

Energy stocks were among the biggest gainers as US crude
oil prices surged 3%. Exxon Mobil added 4%.

Healthcare stocks declined sharply and checked gains in the
broader market. Eli Lilly fell 2.1%.

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Investors had several earnings report to watch as the
latest round of corporate financial results comes to a close.

Macy’s surged 7.7% after reporting better-than-expected
financial results. JM Smucker added 1% after beating Wall Street’s
second-quarter financial forecasts. Zoom Video plunged 12.2% after cutting its
profit and revenue forecasts for the year.

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Investors are waiting for the Federal Reserve’s annual
meeting in Jackson Hole, Wyoming, later this week as struggle with uncertainty
over inflation, the economy, and the central bank’s plan to fight high prices.

Concerns over inflation and recessions globally have
brought the euro below parity with the dollar, breaching a psychological
barrier in the markets.

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The yield on the 10-year Treasury dipped to 2.99% from
3.03% late Monday.

Inflation remains at its highest level in 40 years and that
is severely impacting businesses and consumers. The US economy shrank during
the first half of 2022, however, consumer spending and the job market kept the
sentiment positive. The Fed has been increasing interest rates to slow down the
economy and curb inflation.

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Investors are worried that the Fed could hit the brakes too
hard and put the economy into a recession. The central bank will continue to
hike rates in its upcoming meetings, according to minutes from the Fed’s July
board meeting. The market could get more clues into the Fed’s future plans at
the annual meeting this week, which starts Thursday and includes a speech by
Fed Chair Jerome Powell on Friday.