SHANGHAI, Apr 27 —This is a roundup of global macroeconomic news last night and what is expected today.

The dollar hit a two-year high on Tuesday as concerns about slowing growth in China and expectations that the Federal Reserve will aggressively hike rates boosted demand for the greenback.

The Japanese yen also rebounded as investors speculated that the Japanese central bank or government may act to stabilize the currency, which last week hit a 20-year low against the dollar.

Concerns about Chinese growth have increased with the financial hub of Shanghai having been under strict lockdown to fight COVID for around a month. Beijing overnight also ramped up plans for mass-testing of 20 million people and fueled worries about a looming lockdown.

U.S. stock futures were mixed on Tuesday night after the major averages continued their April sell-off amid concerns of an economic slowdown, and Wall Street considered earnings that came in after the bell.

Dow Jones Industrial Average futures rose 65 points, or 0.2%. S&P 500 futures were flat. Nasdaq 100 futures declined 0.3%.

Major tech stocks continued their declines in after hours trading. Alphabet’s stock price dropped more than 4% after the company reported earnings. Shares for Meta Platform, which is reporting earnings on Wednesday, dropped 4%.

Earlier in the day, the tech-heavy Nasdaq Composite dropped further into bear market territory, losing 3.95% and hitting a fresh 52-week low. The index is now sitting now roughly 23% off its high. The Dow Jones Industrial Average shed 809.28 points, or 2.4%. The S&P 500 lost 2.8%.

Oil prices opened slightly higher on Tuesday, after falling sharply the prior session on worries that continued Covid-19 lockdowns in China would eat into demand and as the U.S. dollar rose to a two-year high.

Brent crude futures settled 2.6% higher at $104.99 per barrel and U.S. West Texas Intermediate contracts settled the day 3.2%, or $3.16, higher at $101.70 per barrel.

Both contracts had settled down around 4% on Monday, with Brent down as much as $7 a barrel in the session and WTI dipping roughly $6 a barrel.

Gold rose on Tuesday, recovering slightly from a retreat to an over one-month trough in the last session, as investors sought cover from fears of stalling global growth and soaring inflation.

Spot gold rose 0.4% to $1,904.36 per ounce by 10:40 a.m. ET (1440 GMT). Prices popped back above the key $1,900 level, after falling to $1,890.20 on Monday - its lowest since March 29.

U.S. gold futures gained 0.3% to $1,902.30.

European stocks closed lower on Tuesday, taking cues from Wall Street, as market sentiment continues to be rattled by interest rates, inflation, slowing growth and the war in Ukraine.

The pan-European Stoxx 600 index closed down 0.8% after being higher for much of the session. Banks, tech and autos were the laggards across the region.

European stocks closed sharply lower on Monday as concerns over a resurgence of Covid cases in China overshadowed the reelection of French President Emmanuel Macron.