Stocks cut gains as oil tops $100 per barrel

Consumer prices jumped 8.5% in March

U.S. stocks gave up gains as commodity prices rose following the inflation report on consumer prices, which surged to the highest level since 1981. 

The Dow Jones Industrial Average fell over 87 points or 0.26%, while the S&P 500 and Nasdaq Composite ended down 0.3% apiece. 

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 31500.68 +823.32 +2.68%
SP500 S&P 500 3911.74 +116.01 +3.06%
I:COMP NASDAQ COMPOSITE INDEX 11607.620416 +375.43 +3.34%

The consumer price index rose 8.5% in March from a year ago, according to a new Labor Department report released Tuesday, marking the fastest increase since January 1982, when inflation hit 8.4%. The CPI — which measures a bevy of goods ranging from gasoline and health care to groceries and rents — jumped 1.2% in the one-month period from January. 

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U.S. stocks were choppy, moving between negative and positive territory early Tuesday, April 12, 2022, as investors grew anxious over a new COVID-19 outbreak in China, the war in Ukraine and Federal Reserve plans to tighten monetary policy. (Courtney Crow/New York Stock Exchange via AP)

In stocks, Apple could boost its dividend by 10%, according to the team at Citi, which also notes it may authorize a $90 billion stock buyback. 

Ticker Security Last Change Change %
AAPL APPLE INC. 141.66 +3.39 +2.45%

Tesla remains in focus as investors await Elon Musk's next move as the company's largest shareholder. 

Ticker Security Last Change Change %
TSLA TESLA INC. 737.12 +31.91 +4.52%

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Keep an eye on the chipmakers after Nvidia, following Monday's drop, rebounded after Bank of America said the selling was overdone. 

Ticker Security Last Change Change %
NVDA NVIDIA CORP. 171.26 +9.01 +5.55%
AMD ADVANCED MICRO DEVICES INC. 87.08 +4.65 +5.64%
INTC INTEL CORP. 38.61 +1.20 +3.21%

CarMax shares are under pressure after retail sales dropped over 5% during the quarter, as the cost of a used vehicle rose 40% to an average selling price of $8,300. 

Elsewhere, Beyond Meat confirmed it will add 8,000 retailers to sell its plant-based chicken tenders. 

Ticker Security Last Change Change %
BYND BEYOND MEAT INC. 25.42 -0.64 -2.46%
CVS CVS HEALTH CORP. 94.78 +2.46 +2.66%
ACI ALBERTSONS COMPANIES 29.36 +0.23 +0.79%
AMZN AMAZON.COM INC. 116.46 +4.02 +3.58%

Following their successful retail debut at Walmart and grocery chains Jewel-Osco, Safeway NorCal, Harris Teeter, Giant Food and ShopRite last year, Beyond Chicken Tenders are now available at select Albertsons, CVS, Sprouts and Whole Foods Market stores nationwide and will expand into all Kroger banners throughout April.

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Ticker Security Last Change Change %
KMX CARMAX INC. 98.47 +6.71 +7.31%

Wednesday will kick off a slew of bank earnings, including JPMorgan and BlackRock, before the market opens.  

Ticker Security Last Change Change %
JPM JPMORGAN CHASE & CO. 117.32 +3.40 +2.98%
BLK BLACKROCK INC. 647.78 +23.07 +3.69%

Oil also moved higher, closing up nearly 7% to $100.60 per barrel. 

Ticker Security Last Change Change %
USO UNITED STATES OIL FUND L.P. 81.24 +2.23 +2.82%
BNO UNITED STS BRENT OIL FD LP UNIT 32.65 +0.89 +2.79%
UGA UNITED STATES GASOLINE FUND LP PARTNERSHIP UNITS 72.39 +2.50 +3.57%

That could impact gas prices, which have retreated in recent days but remain above $4 per gallon across most of the country. 

Gold also got a bounce, closing up over 1% to $1,972.10 an ounce. 

Ticker Security Last Change Change %
GLD SPDR GOLD SHARES TRUST - EUR ACC 170.09 -0.17 -0.10%

In cryptocurrencies, Bitcoin slipped below the $40,000 level. 

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