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

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


U.S. stocks ended a turbulent mixed session after three days of heavy selling as investors accepted a promise from President Joe Biden to curb hot inflation.

“I want every American to know that I take inflation seriously,” Biden said in comments from the White House. “It’s my top priority at home.” His comments echoed similar comments from Federal Reserve Chairman Jay Powell last week and topped Wednesday’s Consumer Price Index for April which is expected to show inflation remaining above 8%.

Ticker Security end Renewal Change%
Me: DJI DOW JONES AVERAGES 32160.74 -84.96 -0.26%
SP500 S&P 500 4001.05 +9.81 + 0.25%
AKO: COMP NASDAQ COMPOSITE INDEX 11737.670959 +114.42 + 0.98%

The Dow Jones Industrial Average ended at 85 points or 0.3%, while the Nasdaq Composite rose about 1%and the S&P crossed back above 4,000, up 0.3%, after falling below key levels for the first time since April. 2021.

INFLATION IS A FISCAL AND MONETARY BLUNDER

In earnings, shares of the Peloton fell after posting a quarterly loss, a sign that the transition under new CEO Barry McCarthy is proving even more challenging.

Ticker Security end Renewal Change%
PTON PELOTON INTERACTIVE INC. 12.90 -1.23 -8.70%

Shares of AMC rose after posting a smaller expected loss of $ 0.52 cents and revenue of $ 785.7 million – both exceeding estimates.

Ticker Security end Renewal Change%
AMC AMC ENTERTAINMENT HOLDINGS INC 11.85 -0.71 -5.65%

In news of the deal, Pfizer bought migraine drugmaker Biohaven Pharmaceutical for $ 11.6 billion in an all-cash deal. The company’s NURTEC medication is the number one prescribed treatment, according to the companies, for migraines.

Ticker Security end Renewal 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 return to 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.

VARNEY ON STOCK MARKET SLIDE: DOES ANYONE SEE THE BELOW?

Ticker Security end Renewal Change%
OXY THE OCCIDENTAL PETROLEUM CORP. 59.41 +1.56 + 2.70%
EA ELECTRONIC ARTS INC. 111.60 -0.44 -0.39%
coin THE COINBASE GLOBAL INC. 72.99 -10.52 -12.60%
WYNN WYNN RESORTS LTD. 61.65 +0.32 + 0.52%

MORGAN STANLEY WARNS INGREDIENTS FOR GLOBAL RECESSION ARE ‘ON THE TABLE’

U.S. stocks trended higher overnight after all-time losses on Monday. (NYSE via AP) (NYSE via AP)

HOME AFFORDABILITY WILL CONTINUE, MARKET EXPERTS PREDICT

Oil prices fell around 3% with U.S. crude ending at $ 99.76 per barrel, while Brent, the global benchmark, settled at $ 102.46. Gas prices, per AAA, hit a record $ 4.37 per gallon.

Ticker Security end Renewal 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 remains around the $ 31,000 level.

FIND FOX BUSINESS IN TIME BY CLICKING HERE

The Associated Press contributed to this report.



Source link

Related post