Yesterday's losses in US equities have been nearly erased as the S&P 500 surged 44 points to 3876 at the open but that would be a short-term high as some selling has crept in over the past few minutes, halving the gains.
The index continues to trade inside the recent range as uncertainty around the economy, inflation and Fed policy conntinues. Today's rally is built on hopes that the Fed won't hike as high due to slower wage growth but it could be threatened by the ISM services survey at the top of the hour. That survey is a good forward-looking metric for the largest part of the economy.
To the downside, shares of Tesla hit a new 52-week low at $102.13 in a 7% fall after reporting on slumping China sales and worsening margins.
