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Stock Market Today: Dow Shows Fight, but Weekly Losing Streak Continues

Stock MarketsMay 13, 2022 04:09PM ET
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© Reuters

By Yasin Ebrahim

Investing.com -- The Dow rallied Friday, led by tech but was unable to snap its weekly losing streak as uncertainty hangs over the economy amid elevated inflation that is pressuring consumers.

The Dow Jones Industrial Average gained 1.5%, or 465 points, the S&P 500 rose 2.4%, and the Nasdaq rallied 3.8%.

Growth sectors of the market including tech flourished after the recent selloff appeared to entice bargain-seeking investors back into big tech, with Amazon (NASDAQ:AMZN), Google (NASDAQ:GOOGL) and Meta (NASDAQ:FB) leading the charge.

The return to favor of tech stocks has many questioning whether this is a short-term relief rally that could soon fade, or is the start of a more sustained move to the upside.

“I think most of the damage has been done in the stock market … but I wouldn't expect a big snapback to recover all the recent losses," Sean Bonner, Founder of Guild and a former U.S. Navy veteran, said in an interview with Investing.com on Friday, flagging the threat of further upward surprises in inflation, which could further impact consumers.

“Ukraine is often referred to as the ‘breadbasket of Europe’ …. If a big portion of that is taken offline, then there could be more inflationary pressures on food commodity stocks, which will affect U.S. PPI and CPI,” Bonner added.

U.S. consumer sentiment on the economy in early May stooped to the lowest reading since 2011, the University of Michigan Consumer Sentiment Index showed Friday.

Twitter (NYSE:TWTR), however, bucked the trend higher, falling more than 9%, after Elon Musk said he would put his takeover of the social media company “temporarily on hold,” citing concerns over fake accounts. The Tesla (NASDAQ:TSLA) chief executive, however, affirmed that he was committed to the take-private deal.

Twitter CEO Parag Agrawal said that he still expects Musk to follow through on his deal to buy the company.

Consumer discretionary stocks were also involved in the heavy lifting of the broader market, supported by a surge in reopening stocks.

Las Vegas Sands (NYSE:LVS), Wynn Resorts (NASDAQ:WYNN), and Norwegian Cruise Line (NYSE:NCLH) were the top gainers in the sector.

Energy, meanwhile, continued to ride oil prices higher amid the tug of war between weaker demand and lower supplies as the war in Ukraine rages on.

In other news, Robinhood Markets (NASDAQ:HOOD) surged nearly 25% after Sam Bankman-Fried, the chief executive of crypto exchange FTX, acquired a 7.6% stake in the trading platform.

Stock Market Today: Dow Shows Fight, but Weekly Losing Streak Continues
 

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Comments (6)
Tim miT
AzzA May 16, 2022 2:21AM ET
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About 10-year-period-resession is still true. It comes now
Guido Martini
Guido Martini May 14, 2022 1:16PM ET
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I think the EU should create a new OTAN, excluding US and UK. It’s unbearable what is happening with the major loser is the EU. The EU seeking the multilateralism maybe will be better for itself and for the global population of course. It isn’t hard to see for the future an UKRAINE and RUSSIA as part of a strong EU, strong currency and commerce, low debt, and the hegemony’s US broken by three big strengths regions.
ottin nerner
ottin nerner May 13, 2022 9:05PM ET
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more like pulnge protection team....
carlos guo
carlos guo May 13, 2022 5:30PM ET
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Markets have seen the biggest drop since 2020, and the NASDAQ is entering levels not seen since 2020. Inflation at 40+ year highs, wage growth significantly below inflation, it was revealed that US productivity has dropped the greatest amount in 72 years, and the Fed is now adding on the highest rate hike in two decades. Biden is out there gloating that he reduced the deficit this year, but is not revealing that this number is a projection by his own team and relative to his own spending last year. Meanwhile, MSM refuses to so much as mention Biden when it relates to poor economic data, and we know that the White House has colluded with media outlets to spin financial news in favor of their Dear Leader. It is why they are so upset Musk is buying Twitter, they want to control all information/narrative. Remember three straight years of "OMG MARKET GOING TO CRASH DUE TO TRADE WAR FEARS DUE TO EVIL DRUMPH!!" as the market rose under Trump.
Millennial Stacker
Millennial Stacker May 13, 2022 5:25PM ET
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Biggest economic collapse of all time has begun
Mitchel Pioneer
Mitchel Pioneer May 13, 2022 4:41PM ET
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How about that.  A miraculous "late trade" rally yesterday, and at 2PM sharp, another round of "late trade" magic to whisk 1000 pointS in losses out of the BIGGEST INVESTMENT JOKE IN THE WORLD.  Welcome to the US Ponzi Scheme, GREATEST FINANCIAL FRAUD IN HISTORY.
palmer long
palmer long May 13, 2022 4:41PM ET
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It is fraud. plunge protection team at its best. Banksters want all the money.jpm trading for Fed. who looses?they all make millions. including fed officials. real smart game.
Ronald Warren
Ronald Warren May 13, 2022 4:41PM ET
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They keep this scam where all I can really do is day trade it. Every time I think I have pump day figured, I miss it and they sell-off 500 bucks. I was shorting the DOW Thursday and felt real comfortable when it was down $600. I sit down for a late lunch, look back at my phone and the fraudsters had just pumped it $500. I've been making money with all the volatility lately, but the market takes a good sized chunk back!!
Vladimir Vishnevetskii
Vladimir Vishnevetskii May 13, 2022 4:41PM ET
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are you a spam bot?
Matt Boswell
Matt Boswell May 13, 2022 4:41PM ET
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Vladimir Vishnevetskii Only a spam bot would ask that question…
 
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