Stocks retreat from records, Tesla tumbles 12%

General Electric plans to split its business into three separate companies

U.S. stock indexes pulled back from record highs Tuesday as investors digested another hot inflation reading.

The Dow Jones Industrial Average fell 111 points, or 0.31%, while the S&P 500 index and the Nasdaq Composite index slipped 0.35% and 0.6%, respectively. The losses come a day after all three of the major averages closed at all-time highs, and snapped the Nasdaq's 11-day winning streak. 

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 34899.34 -905.04 -2.53%
SP500 S&P 500 4594.62 -106.84 -2.27%
I:COMP NASDAQ COMPOSITE INDEX 15491.656804 -353.57 -2.23%

The producer price index rose 0.6% in October, in line with what analysts surveyed by Refinitiv were expecting. Prices increased 8.6% year over year, posting the seventh straight record annual gain. 

After the report, the yield on the 10-year note was down six basis points to 1.43%. 

In stocks, General Electric Co. announced plans to break up into three separate companies focused on aviation, health care and energy. The aviation company will use the General Electric name once the split is complete. 

Ticker Security Last Change Change %
GE GENERAL ELECTRIC CO. 97.84 -4.39 -4.29%

Robinhood Markets Inc. said a security incident that occurred last week resulted in a hacker obtaining the personal information of 7 million customers. The company says it doesn’t believe any customer social security, bank account numbers or debit card numbers were exposed.  

Ticker Security Last Change Change %
HOOD ROBINHOOD MARKETS, INC. 27.92 -0.06 -0.21%

In earnings, AMC Entertainment Holdings Inc. reported a smaller than expected loss and revenue that exceeded Wall Street estimates but said attendance was below pr-pandemic levels. The theater chain said it is exploring launching its own nonfungible tokens.  

Ticker Security Last Change Change %
AMC AMC ENTERTAINMENT HOLDINGS INC 37.63 -1.26 -3.24%

PayPal Holdings Inc. missed on revenue and gave a disappointing sales outlook for the remainder of the year. The payments company announced a partnership with Amazon that will allow Amazon customers to use the Venmo app to make purchases on the e-commerce site. 

Ticker Security Last Change Change %
PYPL PAYPAL HOLDINGS, INC. 187.79 -0.92 -0.49%

Palantir Technologies Inc. said quarterly revenue spiked 36% year over year, topping estimates, as the data-analytics firm landed more government contracts and deals. Earnings were in line with analysts’ expectations. 

Ticker Security Last Change Change %
PLTR PALANTIR TECHNOLOGIES, INC. 21.03 -0.08 -0.38%

Tesla tumbled for a third straight session as investors debate the prospects of CEO Elon Musk's pledge to sell a chunk of his stock. 

Ticker Security Last Change Change %
TSLA TESLA, INC. 1,081.92 -34.08 -3.05%

Coinbase Global Inc., Krispy Kreme Inc. and Wynn Resorts Ltd. are among the companies set to report after Tuesday’s closing bell. 

Ticker Security Last Change Change %
COIN COINBASE GLOBAL, INC. 303.19 -9.19 -2.94%
DNUT KRISPY KREME 15.44 -0.09 -0.58%
WYNN WYNN RESORTS LTD. 85.69 -5.51 -6.04%

In commodities, West Texas Intermediate crude oil jumped $2.22 to $84.15 a barrel while gold ticked up $2.80 to $1,830.20 an ounce. 

Overseas markets were mixed.

European bourses were weak across the board with Germany’s DAX 30 slipping 0.04% and France’s CAC 30 edging lower by 0.06% and Britain’s FTSE 100 declining 0.36%. 

GET FOX BUSINESS ON THE GO BY CLICKING HERE

In Asia, Japan’s Nikkei 225 lost 0.75% while Hong Kong’s Hang Seng index and China’s Shanghai Composite index edged up 0.2% and 0.24%, respectively.