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 | 49183.4 | -406.80 | -0.82% |
| SP500 | S&P 500 | 6961.3 | -15.97 | -0.23% |
| I:COMP | NASDAQ COMPOSITE INDEX | 23700.135578 | -33.77 | -0.14% |
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 | 71.65 | +0.87 | +1.23% |
| BNO | UNITED STATES BRENT OIL FUND - USD ACC | 29.74 | +0.42 | +1.43% |
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. | 345.87 | +0.78 | +0.23% |
| INTC | INTEL CORP. | 45.55 | +4.44 | +10.80% |
| AMAT | APPLIED MATERIALS INC. | 307.24 | +6.06 | +2.01% |
| NVDA | NVIDIA CORP. | 185.81 | +0.87 | +0.47% |
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. | 209.04 | +5.14 | +2.52% |
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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. | 33.63 | -0.36 | -1.06% |
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.