US equities ended the turbulent session after three days of strong sales as investors accepted a promise from President Joe Biden to tame inflation in the red.
“I want all Americans to know that I’m taking inflation very seriously,” Biden said in a White House statement. “It’s my top national priority.” His comments echo similar comments from Federal Reserve Chairman Jay Powell last week and were ahead of the April consumer price index, which is expected to show that inflation is holding for about 8%.
|Jo: DJI||MEDIUM DOW JONES||32160.74||-84.96||-0.26%|
|SP500||S&P 500||4001.05||+9.81||+ 0.25%|
|I: COMP||NASDAQ COMPOSITE INDEX||11737.670959||+114.42||+ 0.98%|
The Dow Jones Industrial Average fell 85 points or 0.3%, while the Nasdaq Composite rose about 1% and the S&P crossed the 4,000 mark again, rising 0.3%, after falling below the key level for the first time since April 2021.
INFLATION IS A FISCAL AND MONETARY FOUNDATION
In terms of earnings, Peloton shares fell after a quarterly loss, a sign that the change of new CEO Barry McCarthy is proving more difficult.
|PTON||PELOTON INTERACTIVE INC.||12.90||-1.23||-8.70%|
AMC shares rose after a lower-than-expected loss of $ 0.52 cents and revenue of $ 785.7 million, both exceeding estimates.
|AMC||AMC ENTERTAINMENT HOLDINGS INC||11.85||-0.71||-5.65%|
In the news of the offer, Pfizer is buying migraine medicine manufacturer Biohaven Pharmaceuticals for $ 11.6 billion in a fully cash deal. The company’s NURTEC drug is the number one treatment prescribed, according to companies, for migraines.
|PFE||PFIZER INC.||49.49||+0.82||+ 1.68%|
|BHVN||BIOHAVEN PHARMACEUTICAL HLDG CO. LTD||139.78||+56.41||+ 67.66%|
In the afternoon, attention will be drawn to the integrated oil and gas firm Occidental Petroleum, video game maker Electronic Arts, cryptocurrency exchange Coinbase Global and high-end hotel and casino operator Wynn Resorts, among others. others.
VARNEY ON THE STOCK EXCHANGE SLIDE: DOES ANYONE SEE A BACKGROUND?
|OXY||WESTERN PETROLEUM CORP.||59.41||+1.56||+ 2.70%|
|EA||ELECTRONIC ARTS INC.||111.60||-0.44||-0.39%|
|CURRENCY||COINBASE GLOBAL INC.||72.99||-10.52||-12.60%|
|WYNN||WYNN RESORTS LTD.||61.65||+0.32||+ 0.52%|
MORGAN STANLEY WARNS THE INGREDIENTS FOR A GLOBAL RECESSION ARE “ON THE TABLE”
HOME ACCESSIBILITY WILL CONTINUE WITHOUT A PROBLEM, MARKET EXPERTS PREDICT
Oil prices fell by about 3%, with US crude ending at $ 99.76 a barrel, while Brent, the world leader, stood at $ 102.46. Gas prices, by AAA, hit a record $ 4.37 per gallon.
|USE||UNITED STATES OIL FUND LP||74.57||-1.98||-2.59%|
|BNO||UNITED STS BRENT OIL FD LP UNIT||29.26||-0.88||-2.92%|
Bitcoin remained around $ 31,000.
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The Associated Press contributed to this report.