S&P 500 Remains Under Pressure As Traders Stay Cautious

Tesla Stock Is Still Under Severe Stress

The S&P 500 made an attempt to settle above 3960 after recovering from session lows near the level of 3915 as the stock market sought to regain stability following the recent pullback. S&P 500, however, remained below 3960 and moved closer to 3930.

Although the yield on 10-year Treasuries tested new lows near 3.40%, stocks were not significantly helped by this development.

Concerns about the demand for the company's vehicles caused Tesla to decline by more than 3%. Morgan Stanley reduced its iPhone estimate, which caused Apple to decline by more than 1%.

As the sell-off in the oil markets continued, pressure on the energy stocks persisted. Oil services companies took the lead in the retreat. Halliburton

From a broad perspective, traders are still concerned about a possible global recession. At the same time, it is important to remember that the safe-haven U.S. dollar has risen significantly from its yearly lows and that Treasury yields have sharply declined in recent weeks.

It is unclear if traders will be willing to take on more risk before the Fed meeting. The market might therefore continue to be choppy in the coming trading sessions unless investors discover a significant catalyst that would spark a significant move.