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Stock Market Today: Dow Ends Lower as Wild Moves Continue; Inflation Eyed

Stock Markets May 10, 2022 04:08PM ET
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© Reuters

By Yasin Ebrahim

Investing.com -- The Dow ended lower Tuesday after reversing a more than 500-point gain intraday as investors remain wary of making big bets on stocks a day ahead of inflation data.  

The Dow Jones Industrial Average fell 0.3%, or 85 points, the S&P 500 rose 0.24%, and the Nasdaq gained 1%.

Tech lost some steam into the close as dip-buying action seen intraday slowed down even as Treasury yields took a breather. 

Microsoft (NASDAQ:MSFT), Alphabet (NASDAQ:GOOGL), and Apple (NASDAQ:AAPL) led the gains in big tech, each closing more than 1% higher.  Facebook (NASDAQ:FB), and Amazon (NASDAQ:AMZN) also ended the day above the flatline.  

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, closed about 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 (NYSE:AMC) fell more than 5% 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.

Halliburton (NYSE:HAL), Devon Energy (NYSE:DVN), and Occidental Petroleum (NYSE:OXY), each up more than 2%, were among the biggest gainers in the sector

Stock Market Today: Dow Ends Lower as Wild Moves Continue; Inflation Eyed
 

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Comments (9)
Ac Tektrader
Ac Tektrader May 10, 2022 7:07PM ET
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everyone ready for the attack of the Russian dictatorship's favorite trolls......
Ac Tektrader
Ac Tektrader May 10, 2022 7:04PM ET
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the incompetent brutal Russian dictator Putin, has disrupted the world economy with his filthy genocidal war in Ukraine, which has created this massive inflationary cycle in food and energy.
Mitchel Pioneer
Mitchel Pioneer May 10, 2022 6:59PM ET
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Everyone ready for the rigged inflation report?
Ac Tektrader
Ac Tektrader May 10, 2022 6:55PM ET
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Trump started the dislocation in our economy and set the stage for massive inflation with his incompetent responds to covid-19 e, and the 2017 tax cuts .you don't give massive multi trillion dollar tax cuts during a major economic expansion, it sets the ground work for a economic inflationary cycle.
Trevor Roberts
LimitUp May 10, 2022 6:55PM ET
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When you are ******hurt just say stuff that sounds like you know what is going on.
Ac Tektrader
Ac Tektrader May 10, 2022 6:44PM ET
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the US dollar is in a massive bull market and from its lows last year at 89 it is at 103.94 today .. if it breaks much higher from here, it could have a target as high as120, before any kind of serious correction.
Millennial Stacker
Millennial Stacker May 10, 2022 5:16PM ET
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Thr world is losing faith in the fiat dollar backed by the greedy bully debtor consumer USA and its oligarchs.
John Laurens
John Laurens May 10, 2022 5:16PM ET
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Not true. The world continues to flock to the dollar as the yuan and ruble tank. You should read more.
Ac Tektrader
Ac Tektrader May 10, 2022 5:16PM ET
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the only bully is the incompetent brutal Russian dictator Putin, who has disrupted the world economy with his fifty genocidal war in Ukraine, and created this massive inflationary cycle in food and energy.
Millennial Stacker
Millennial Stacker May 10, 2022 5:16PM ET
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John Laurens the ruble is looking quite strong to me
John Laurens
John Laurens May 10, 2022 5:16PM ET
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Millennial Stacker  stretch that graph out a bit further.. 1.4 cents to the ruble.. eh.. err..
Tanner Fervida
Tanner Fervida May 10, 2022 4:55PM ET
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Looks like our good friend John listened to furus today and bot poots at the bottom and calls at the top. Then got reckt
Antonio Trevino
Antonio Trevino May 10, 2022 4:30PM ET
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Take it easy John…you will live longer, :)
John Laurens
John Laurens May 10, 2022 4:21PM ET
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Stop pretending you have any clue why the market goes up or down. YOU DON'T!
Mike Simms
Mike Simms May 10, 2022 4:21PM ET
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Sure they do. Apparently Rivian being down yesterday caused the massive sell off.
 
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