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S&P 500, Nasdaq end higher in choppy session as inflation data looms

Economy May 10, 2022 09:31PM ET
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© Reuters. FILE PHOTO: A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 9, 2022. REUTERS/Brendan McDermid

By Caroline Valetkevitch

NEW YORK (Reuters) - The S&P 500 and Nasdaq ended higher on Tuesday, with big growth shares rising after the previous day's selloff as Treasury yields tumbled.

Bank shares fell along with yields. The benchmark 10-year note yield dropped from more than a three-year high to below 3%.

The Dow also ended lower, and the day's trading was choppy, with major indexes moving between gains and losses as investors were nervous ahead of the release of Wednesday's U.S. consumer price index data and Thursday's producer prices data.

Investors will be looking for signs that inflation is peaking.

Worries that the U.S. Federal Reserve may have to move more aggressively to curb inflation have driven the recent selloff in the market. A host of other concerns have added to the pressure.

"It's just fear-based selling," said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma.

"It can't just be the Fed's going to raise rates to stave off inflation, because we've seen that before," he said. Instead, investors have been worried about everything from rates and inflation to the war in Ukraine, supply chain problems and China's COVID-19 lockdowns, Dollarhide said.

Shares of Apple Inc (NASDAQ:AAPL) rose 1.6% and gave the S&P 500 and Nasdaq their biggest boosts.

The Dow Jones Industrial Average fell 84.96 points, or 0.26%, to 32,160.74, the S&P 500 gained 9.81 points, or 0.25%, to 4,001.05 and the Nasdaq Composite added 114.42 points, or 0.98%, to 11,737.67.

Technology and growth stocks, whose valuations rely more heavily on future cash flows, have been among the hardest hit in the recent selloff. The Nasdaq is down about 25% for the year so far.

S&P 500 technology rose 1.6% on the day and led S&P 500 sector gains. The S&P 500 growth index was up 0.9%, while the S&P 500 value index was down 0.4%.

Investors digested comments from Cleveland Fed President Loretta Mester, who said the U.S. economy will experience turbulence from the Fed's efforts to bring down inflation running at more than three times above its goal and recent volatility in the stock market would not deter policymakers.

U.S. President Joe Biden in a speech Tuesday addressing high inflation said he was considering eliminating Trump-era tariffs on China as a way to lower prices for goods in the United States.

Among the day's gainers, Pfizer Inc (NYSE:PFE) shares rose 1.7% after it said it will pay $11.6 billion to buy Biohaven Pharmaceutical Holding Co (NYSE:BHVN). Biohaven shares jumped 68.4%.

On the down side, Peloton Interactive (NASDAQ:PTON) Inc dropped 8.7% as the fitness equipment maker warned the business was "thinly capitalized" after it posted a 23.6% slide in quarterly revenue.

Volume on U.S. exchanges was 15.45 billion shares, compared with the 12.55 billion average for the full session over the last 20 trading days.

Declining issues outnumbered advancing ones on the NYSE by a 1.36-to-1 ratio; on Nasdaq, a 1.34-to-1 ratio favored decliners.

The S&P 500 posted 1 new 52-week highs and 63 new lows; the Nasdaq Composite recorded 19 new highs and 1,066 new lows.

S&P 500, Nasdaq end higher in choppy session as inflation data looms
 

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Comments (23)
Abdullah Khan
Abdullah Khan May 11, 2022 8:46AM ET
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Abdullah
John Martin
John Martin May 11, 2022 4:00AM ET
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I think https://investing.com writers dont know the differences between red and green.
Marco cuevas
Marco cuevas May 10, 2022 7:29PM ET
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Wall Street makes money, one way or another, catching the crumbs that fall off the table of capitalism,” Buffett said Warren also calls the stock market a gambling casino by big money....don't delete ,y comment like you did earlier today when I am merely stating the facts...Market is being blatantly manipulated in favor of big money.
Md Omar faruk
Md Omar faruk May 10, 2022 4:10PM ET
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naic
Matt Kay
Matt Kay May 10, 2022 2:26PM ET
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boop, stonks go up 3% in 30 minutes for absolutely no reason. Totally not manipulated market. everything is driven by fundamentals lol Half a years worth of movement in 30 mins. Noice... Murica
First Last
First Last May 10, 2022 2:26PM ET
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And market has gone down 3% in 30 min many times this year.  Such is the nature of high volatility market.  Don't need "totally manipulated market" to explain it.
Me comment
Me comment May 10, 2022 1:49PM ET
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And then again maybe not.
Mitchel Pioneer
Mitchel Pioneer May 10, 2022 1:41PM ET
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The flagrant miracle "in late trade" unfolds in living color, as the losses magically vanish from the system, and the NASDAQ fraud goes pedal to the metal.  Biggest investment JOKE in the world.
Sashaank Rangan
Sashaank Rangan May 10, 2022 1:41PM ET
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🤣
First Last
First Last May 10, 2022 1:41PM ET
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If you don't understand how it works, it can seem like magic,
Tom Dant
Tom Dant May 10, 2022 1:19PM ET
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The 4 days straight loss on the markets is a pre-warning, expect a major sudden correction of 30% coming probably by this Friday. The markets are at a  pre-warning stage, and the crash will be worse than the 1929 crash.
First Last
First Last May 10, 2022 1:19PM ET
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That was one the best buy-the-dip in history
Tom Dant
Tom Dant May 10, 2022 1:19PM ET
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First Last says the youngster who was still in mappies when 2007/8 crash happened, watch and learn my son, watch and learn.
Samer Diab
Samer Diab May 10, 2022 1:19PM ET
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no crash whatsoever as the 10 year 3 months yield spread did not invert. learn from history learn
Vipul Patel
Vipul Patel May 10, 2022 12:46PM ET
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East or west india is the best...invest in Indian market
muhd afiq
muhd afiq May 10, 2022 12:46PM ET
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US dollar king of currency, Other country cannot beat
Rolf Neuer
Rolf Neuer May 10, 2022 12:46PM ET
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muhd afiq Cleanest dirty shirt in the laundry basket ;) All fiat currencies are declining, it's just that the USD is the king of the bums.
Ma Lu
Ma Lu May 10, 2022 12:35PM ET
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Burnt money
 
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