Stocks set to recoup some losses
U.S. stock index futures were trading higher on Tuesday, indicating stocks may bounce back from the sharp losses witnessed in the past few sessions.
As of 5:50 a.m. ET, futures for the blue-chip Dow were indicated 295 points, or 0.92% higher to 32,456. S&P 500 futures soared 44.25 points, or 1.11% to 4,031.775 while the tech-heavy Nasdaq 100 futures jumped 211 points, or 1.73% to 12,404.75.
Stocks plunged on Monday, with the S&P 500 index sinking below the 4000 level for the first time since March 2021, as one of the worst stock market selloff in years showed no signs of easing.
The S&P 500 plummeted 3.2% to close at 3,991.24. The Dow shed 653.67 points, or 1.99% to finish at 32,245.70 while the Nasdaq Composite gave away 4.29% to end 11,623.25.
Bitcoin touches a fresh low of as crypto crash continues
Meanwhile, the price of bitcoin on Tuesday morning tumbled below $30,000 for the first time since last July, before recouping some losses.
Bitcoin, the world’s most valuable cryptocurrency, plunged to a new low of $29,000, according to CoinMarketCap’s price index.
The overall cryptocurrency market is now valued at less than $1.5 trillion, having lost more than 50% of its all-time high last November.
Ethereum, the second-largest virtual currency in the world, has also lost more than 20% of its value in the last week.
As of writing, bitcoin was changing hands at $31,488 while Ethereum was at 2,379 a coin.
Philip Morris in talks to acquire rival Swedish Match
Philip Morris International (NYSE: PM) is holding discussions aimed at acquiring smokeless tobacco product manufacturer Swedish Match AB, according to a statement released by the company on Monday.
However, the companies indicated that “there can be no certainty that an offer will be made, nor as to the terms of any such potential offer.”
The Wall Street Journal earlier reported, citing people familiar with the matter, that the talks could result in a deal valued at $15 billion or more as soon as this week.
Swedish Match is best known for its smokeless tobacco product called snus, which is widely used in Nordic countries and has grown significantly popular in the U.S. in recent years.