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Nasdaq, S&P stage modest rebound with inflation data on tap Wednesday

Editorial Board by Editorial Board
May 10, 2022
in Business News
Reading Time: 5 mins read
0


CFRA Chief Investment Officer Sam Stovall and Gradient Investments President Michael Binger offer their best stock options as the markets sell on “The Claman Countdown”.

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%.

Ticker Security Last Change % change
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.

Ticker Security Last Change % change
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.

Ticker Security Last Change % change
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.

Ticker Security Last Change % change
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?

Ticker Security Last Change % change
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”

US equities had an upward trend overnight after Monday’s general losses. (NYSE via AP) (NYSE via AP)

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.

Ticker Security Last Change % change
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.

GET THE FOX BUSINESS WHERE THEY CLICK HERE

The Associated Press contributed to this report.



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