Nasdaq, S&P stage modest rebound with inflation data on tap Wednesday
CFRA chief investment strategist Sam Stovall and Gradient Investments president Michael Binger give their best stock picks as market sell-offs in ‘The Claman Countdown.’
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.
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The Associated Press contributed to this report.
