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S&P 500 Gives Up Gains as Tech Bid Loses Steam

Stock Markets May 10, 2022 03:55PM ET
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By Yasin Ebrahim

Investing.com -- The S&P 500 gave up some gains Tuesday, as global growth concerns continued to weigh on sentiment, while the rebound in tech lost some steam into the close a day ahead of fresh U.S. inflation data. 

The S&P 500 rose 0.1%, the Dow Jones Industrial Average fell 0.4%, or 130 points, the Nasdaq rallied 0.9%.

Tech rallied as dip-buying action returned, underpinned by a fall in Treasury yields.

Microsoft (NASDAQ:MSFT) and Alphabet (NASDAQ:GOOGL) led the gains in big tech, both rising more than 1%. Facebook (NASDAQ:FB), and Apple (NASDAQ:AAPL) were above the flatline. While Amazon (NASDAQ:AMZN) was flat. 

The 10-year Treasury yield fell further below 3%, a day ahead of fresh U.S. inflation data expected to show slowing price pressures that could bolster investor sentiment stocks.  

“Investors are looking for signs of a potential ‘peak’ in the inflationary pressures we have encountered over the last several months- and if they get a hint of anything close, the markets could be set to stage a strong rally in our view,” Janney Montgomery Scott said in a note.

Peloton Interactive (NASDAQ:PTON), meanwhile, cut some losses to trade 9% lower as the connected equipment fitness company delivered guidance that fell short of estimates after reporting a wider loss than expected in the third quarter. The stock had been down more than 20% intraday. 

“Our Q4 outlook reflects softer demand vs. our February forecast,” Peloton said, adding that its subscription price hike had led to an increase in cancellations, but the impact was expected to be “modest.”

AMC Entertainment Inc (NYSE:AMC) fell more than 6% even as the movie chain operator reported quarterly results that beat on both the top and bottom lines as box office hits including “The Batman,” spurred a return to the big screen for moviegoers.

Health care stocks were boosted by a 4% jump in Biogen (NASDAQ:BIIB) after the drugmaker made further progress toward the potential approval of its proposed Alzheimer's disease drug lecanemab.

Biogen and Eisai submitted a rolling drug Biologics License Application for lecanemab that could, depending on the outcome of an ongoing confirmatory late-stage clinical study, pave the way for the companies to apply for full approval of the drug later this year.

Novavax (NASDAQ:NVAX) cut losses to trade more than 1% higher despite reporting quarterly results that fell short of Wall Street estimates.

Energy stocks shrugged off a decline in oil prices as intensifying lockdown measures in Shanghai continued to stoke fears about demand. “[T]he strict zero-Covid strategy in China is putting the brakes on oil demand there,” Commerzbank said in a note.

S&P 500 Gives Up Gains as Tech Bid Loses Steam
 

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Mitchel Pioneer
Mitchel Pioneer May 10, 2022 4:05PM ET
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Another joke of a day in the laughingstock of the investing world.
 
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