Stocks edge lower, oil hits $107 ahead of inflation report
455,000 jobs were created in March: ADP Payroll Report
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Matson Money founder and CEO Mark Matson discusses how to best navigate inflation on 'Maria Bartiromo's Wall Street.'
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 | 45960.11 | -469.38 | -1.01% |
| SP500 | S&P 500 | 6477.16 | -114.74 | -1.74% |
| I:COMP | NASDAQ COMPOSITE INDEX | 21408.080988 | -521.74 | -2.38% |
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 - USD ACC | 117.29 | +3.93 | +3.47% |
| BNO | UNITED STATES BRENT OIL FUND - USD ACC | 50.56 | +1.78 | +3.65% |
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. | 355.57 | -26.52 | -6.94% |
| INTC | INTEL CORP. | 44.10 | -3.08 | -6.53% |
| AMAT | APPLIED MATERIALS INC. | 338.55 | -30.79 | -8.34% |
| NVDA | NVIDIA CORP. | 171.24 | -7.44 | -4.16% |
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. | 151.41 | -7.31 | -4.61% |
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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. | 27.01 | +0.44 | +1.66% |
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.