Stocks edge lower, oil hits $107 ahead of inflation report

455,000 jobs were created in March: ADP Payroll Report

U.S. stocks dipped despite a strong ADP jobs report for March and as Russia's war on Ukraine entered its 35th day. Inflation and recession fears also impacted investor sentiment. 

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 30841.25 -126.57 -0.41%
SP500 S&P 500 3815.02 -16.37 -0.43%
I:COMP NASDAQ COMPOSITE INDEX 11269.390589 -52.85 -0.47%

The Dow Jones Industrial Average fell over 65 points or 0.2%, while the S&P 500 and Nasdaq Composite slipped 0.6% and 1.2%, respectively. 

The 10-year Treasury hovered around 2.35% after the yield curve briefly inverted a potential recessionary signal.

RUSSIA INVADES UKRAINE: LIVE UPDATES

Progress between Russia and Ukraine has cooled per reports after Russia's announcement that it would scale back military operations near Ukraine's capital, Kyiv. 

Ticker Security Last Change Change %
USO UNITED STATES OIL FUND L.P. 74.78 -6.89 -8.44%
BNO UNITED STS BRENT OIL FD LP UNIT 30.82 -2.52 -7.56%

U.S. oil rose to $107.82 per barrel, while Brent, the global benchmark, hit $113.45

OIL TRADES HIGHER AS INVENTORY FALLS SHARPLY

Chipmakers are in focus after Micron lifted its forecast and now expects to earn $8.7 billion in third quarter revenue.

"With outstanding first half results, Micron is on track to deliver record revenue and robust profitability in fiscal 2022" said President and CEO Sanjay Mehrotra.

Ticker Security Last Change Change %
MU MICRON TECHNOLOGY INC. 56.73 +3.08 +5.74%
INTC INTEL CORP. 36.69 +0.35 +0.96%
AMAT APPLIED MATERIALS INC. 86.00 -0.27 -0.31%
NVDA NVIDIA CORP. 149.64 +4.41 +3.04%

In other earnings news, Lululemon shares rose as the company also posted better-than-expected fourth-quarter adjusted earnings despite reduced store hours due to an increase in Omicron infections.

Ticker Security Last Change Change %
LULU LULULEMON ATHLETICA INC. 283.62 +20.24 +7.68%

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Chewy shares fell after the company issued higher-than-expected losses in the fourth quarter.

Ticker Security Last Change Change %
CHWY CHEWY INC. 39.08 -1.46 -3.60%

Movement in the bond market on Tuesday has Wall Street concerned about the possibility of a recession. Bond investors pushed up short-term rates to the point where yields on the two-year Treasury were actually higher than the 10-year Treasury.

RUSSIA INVADES UKRAINE: LIVE UPDATES 

On the economic docket, the payroll processing firm ADP reported 455,000 private-sector jobs, were created in March in line with estimates. It is the first of this week's labor-related reports ahead of Friday's release of the monthly jobs report from the government.

"Now hiring" sign is displayed on the front door of a Staples store in Manchester, N.H. (AP Photo/Charles Krupa)

The final estimate of 4Q GDP was lowered to 6.9% from 7.0%, which is well above the 2.3% growth rate in the third quarter.

Bitcoin traded around $47,000.

FOX Business' Ken Martin and The Associated Press contributed to this report.