Photo by: John Nacion/STAR MAX/IPx 2020 5/27/20 A view of street sign in front of New York Stock Exchange during the…
FILE - A view of street sign in front of New York Stock Exchange during the coronavirus pandemic on May 27, 2020 in New York City.

U.S. Stock prices were lower early Tuesday after closing higher one day earlier on hopes the economy will rebound from the coronavirus pandemic as it officially entered a recession. 

The Dow Jones Industrial Average fell a sharp 1.1% shortly after the markets opened, while the S&P 500 Index dropped 1%. The Nasdaq Composite Index was 0.4% lower one day after its first record closing high since February 19. 

European markets also are slumping Tuesday in a marked reversal of results earlier in the day in Asia.  

The FTSE in London was down 2.2% in late afternoon trading, while Paris’ CAC-40 index was 1.6% lower and Frankfurt’s DAX index was down 1.8%.  

A man wearing a face mask walks past a bank electronic board showing the Hong Kong share index at Hong Kong Stock Exchange, June 9, 2020.

Asian markets were mostly higher Tuesday, with the S&P/ASX in Sydney closing 2.4% higher to lead the region, while Hong Kong’s Hang Seng was up 1.1%.  The Shanghai Composite index gained 0.6%, while both the KOSPI index in Seoul and Taiwan’s TSEC index closed 0.2% higher.      

Tokyo’s Nikkei index finished 0.3% lower for the day, while Mumbai’s Sensex lost 1.2%.    

Oil markets are also down Tuesday, with U.S. crude selling at $37.95 per barrel, down 0.6%, while Brent crude is selling $40.48 per barrel, down 0.7%.