A pretty good recovery effort
Things could be better for the stock market, but they were a lot worse earlier, which is why the current standing of the major indices feels pretty good.Shortly after today's open, the Dow, Nasdaq, and S&P 500 were down 2.4%, 1.9%, and 2.2%, respectively, as recession fears took hold. However, once European markets closed, a rebound effort took broader shape with short-covering activity likely helping in the turnaround.Still, the big drop in energy prices will get most of the attribution for the recovery tailwind (note: the opening losses came with Treasury yields close to their current levels), as that has been greeted as a source of needed inflation relief. WTI crude futures settled down 8.1% at $99.34/bbl. The added connection is that it could compel the Fed to be less aggressive with its rate hikes in coming months if the trend persists.Tomorrow's economic calendar will feature the ISM Non-Manufacturing Index for June (Briefing.com consensus 54.2%; prior 55.9%) and the JOLTS - Job Openings Report for May (Prior 11.400 mln) at 10:00 a.m. ET. Additionally, the minutes for the June 14-15 FOMC meeting will be released at 2:00 p.m. ET.