STOCK MARKET NEWS: Dow, S&P, Nasdaq slide, Peloton’s latest problem, Musk's Twitter battle rages
Stocks bounced around on Tuesday ahead of key inflation data due Wednesday. Elsewhere, Tesla founder Elon Musk continues legal feud after bailing on Twitter purchase. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.
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JMP Securities internet equity research analyst Nick Jones and Kearney Consumer Institute lead Katie Thomas discuss how inflation could affect the annual big deal event on 'The Claman Countdown.'
JPMorgan chief global strategist previews the June CPI reading and reveals when the Fed might start cutting interest rates on 'The Claman Countdown.'
Ahead of Wednesday’s consumer inflation report, U.S. stocks closed lower across the board in a choppy session that saw all three of the major averages swing between losses and gains. Energy and healthcare companies led the decline for the S&P 500, while materials and industrials fell the least. In commodities, oil fell 8% to $95.84 per barrel.
The Bahnsen Group managing director explains how the oil bear market is putting additional stress on markets on 'Making Money.'
Experts Nancy Tengler, Sarah Kunst and Ian McMillan provide advice for investors on navigating the market on 'Making Money.'
U.S. stocks rose on Tuesday with the Nasdaq Composite pacing the gains helped by Amazon, Apple and Google ahead of Wednesday’s consumer inflation data. In commodities, oil fell to the $88 per barrel level.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| AMZN | $111.78 | -3.76 | -3.26% |
| AAPL | $144.89 | -2.15 | -1.46% |
| GOOGL | $2,313.53 | -73.54 | -3.08% |
A Peloton bike
Peloton announced on Tuesday that it will exit all in-house manufacturing and expand its current relationship with Taiwanese manufacturer Rexon Industrial Corp.
"Today we take another significant step in simplifying our supply chain and variablizing our cost structure – a key priority for us," Peloton CEO Barry McCarthy said in a statement. "We believe that this along with other initiatives will enable us to continue reducing the cash burden on the business and increase our flexibility."
Cans of Pepsi
PepsiCo Inc. raised its full-year revenue forecast on Tuesday, helped by sustained demand for sodas and snacks even in the face of rising prices.
The company said it expects fiscal 2022 organic revenue to rise 10%, compared to a previous forecast of an 8% increase.
Nobody can know for sure but it seems very likely that sometime before the end of the year the economy is going to get worse. Maybe much worse.
What that preparation will look like for you depends on where you are in life, there is no single to-do list that makes sense for everybody. Still, as you get ready for what is likely to happen here there are three kinds of things that matter.
1. Start with your job.
If you don’t have one, get one. If you do have a job, make sure you’re doing it well.
Click here for the rest of the recession checklist: It's time to prepare for a potential recession
The House is poised to push forward on this year’s $840 billion National Defense Authorization Act (NDAA), the annual bill that funds the military and would give troops a pay raise.
Nestled within the bill, however, is a $37 billion amendment from Rep. Jared Golden, D-Maine, that includes over $6 billion in spending to address military "inflation" costs, including fuel.
The billions in inflationary spending have fiscal conservative leaders in the lower chamber taking action to remove it from Golden’s amendment, and Arizona Republican Rep. David Schweikert is introducing his own amendment to do just that.
For more on the story, click here: House Republican introduces amendment to strike $6 billion of 'inflation' spending from military bill
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