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U.S. Stocks on Track for a Down Month on Inflation Fears

Published 05/31/2022, 09:55 AM
Updated 05/31/2022, 10:08 AM
© Reuters.

By Liz Moyer

Investing.com -- U.S. stocks fell on Tuesday amid persistent inflation fears.

At 10:36 AM ET, the Dow Jones Industrial Average was down 246 points, or 0.7%, while the S&P 500 was down 0.7% and the NASDAQ Composite was down 0.7%.

Stocks were on track to end the month lower despite last week's rally. The Dow and the S&P were down about 1% on the last day of trading for the month, while the Nasdaq was down about 2%.

Federal Reserve Chairman Jerome Powell was set to meet with President Joe Biden later Tuesday as the central bank continues to try and tame inflation. Biden's approval ratings are lower than his predecessor and previous presidents at this point in their terms, polling data showed. The price of gasoline over the holiday weekend in the U.S. was above $4.60 a gallon nationally, and above $6 a gallon in some places like California, pinching already strained household budgets as summer travel season kicked off.

Consumer confidence measured by the Conference Board was 106.4, higher than the 103.9 expected.

Shares of Unilever PLC ADR (NYSE:UL) jumped more than 8% after billionaire activist investor Nelson Peltz was named non-executive chairman. His Trian Fund Management has a 1.5% stake in the consumer product company.

Zoom Video Communications Inc (NASDAQ:ZM) stock fell 2% despite a double upgrade by Daiwa Securities to outperform from underperform, citing the recent tech pullback.

Oil prices surged. Crude Oil WTI Futures rose 1.1%, to $118 a barrel, while Brent Oil Futures rose 1.4%, above $119 a barrel. Gold fell 0.5% to $1,848 an ounce.

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Latest comments

One "rally" after another walked a tightrope through the close, and the first loss is days magically vanishes from the system when the "buyers" come out of the woodwork at 10AM.  Guess "investors" can only "buy" at 10AM, and can't ever sell.  The NASDAQ loss is almost completely gone, as the FRAUD continues in the BIGGEST INVESTMENT JOKE IN THE WORLD.
Falling to 20,000 SET ZERO
i love when investing makes these headlines. it means we will finish green and they will need to change their headlines
Even if market closes in the green, the market still opened red as the headline states.  The headline isn't predicting anything about the close.
what did I say 😂😂
Market still opened red.  No need to change headline.  And it closed red. not "finish green" as you said.
The laughingstock of the financial world "rallied" last week in one of the most flagrant rounds of manipulation in years, and the sellers were nowhere to be found.  First loss in days today, and intraday volatility miraculously returns and the knife catchers resume their "dip buying."  Criminally manipulated JOKE.
You call every little move "the most flagrant rounds of manipulation"
Right now nobody in their right mind would buy a si gle share of stock. After the EU's action, gas and diesel are going to the moon. The American economy cannot sustain extremely high energy costs. We are headed for ruin. With the exception of a few million cheap pot stocks awaiting legalization, I've liquidated my entire portfolio. Gotta wait till the dust settles.
I watch these losses rally back and shake my head. Fair trading like playing puts on a downturn and calls on an upswing are no longer permitted. Unlike the Algos, my common sense has trouble going long when the EU announces that their Russian restrictions are going to push oil to a level we're not sure of. Today, a trader should be able to pick up a fistful of puts and make a few dollars. Instead, the market bends him over.
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