The Dow erased earlier losses to add roughly 15 points
Stocks were mixed on Tuesday, as Wall Street managed to shake off rising inflation fears following Fed Chair Jerome Powell's testimony before Congress, which described inflation as "soft." The Dow erased steep early morning losses to add roughly 15 points, while the S&P 500 also clawed its way back into the black, snapping its five-day losing streak. Meanwhile, the Nasdaq fell for a second consecutive session, after earlier breaching the significant 50-day moving average, as tech stocks continued to plummet amid growing bond yields.
Continue reading for more on today's market, including:
- Macy's stock dragged despite upbeat outlook.
- Billion-dollar public share offering sinks cruise giant.
- Plus, PANW gets the cold water bucket; television stock brushes off earnings beat; and why you shouldn't sweat the ETSY pullback.
The Dow Jones Industrial Average (DJI - 31,537.35) added 15.7 points, or 0.05% for the day. Walt Disney (DIS) led the Dow components with a 2.8% rise, while Home Depot (HD) paced the laggards, falling 3.1%.
Meanwhile, the S&P 500 Index (SPX - 3,881.37) rose 4.9 points, or 0.1% for the day. The Nasdaq Composite (IXIC - 13,465.20) dropped 67.9 points, or 0.5% for the day.
Lastly, the Cboe Volatility Index (VIX - 23.11) lost 0.3 point, or 1.5% for the day.
- AT&T (T) is nearing a deal to sell a minority stake in DirecTV, U-verse and AT&T TV to private-equity firm TPG, for a transaction valued at around $15 billion. (CNBC)
- U.S. President Joe Biden and Canadian Prime Minister Justin Trudeau will meet to discuss how the two countries will cooperate on fighting Covid-19 and climate change. (MarketWatch)
- Weak quarterly outlook pours cold water on Palo Alto Networks stock.
- This television stock brushed off an upbeat earnings report.
- Flashing bull signal says not to sweat the Etsy stock pullback.
Oil Prices Fall Despite Reaching Intraday Highs
Oil prices were lower on Tuesday, despite touching a 13-month intraday high of $63. The drop came as investors monitored Texas' recovery following a storm that left many refineries closed or working at reduced capacity. Traders were also getting increasingly worried about a decision regarding oil production that will come next week. In response, April-dated crude fell three cents, or almost 0.1%, to settle at $61.67 per barrel.
Gold prices were lower as well, as investors digested Powell's testimony before the Senate Banking Committee, which signaled that the economy is slowly recovering. In response, the U.S. dollar climbed higher, making the yellow metal less appealing. April-dated gold fell $2.50, or 0.1%, to settle at $1,805.90 an ounce.