Nasdaq leads tech recovery, S&P, Dow follow

Oil topped $81.22 per barrel on Tuesday

U.S. stocks cut losses staging a fairly broad rally Tuesday led by technology and energy names. 

The Nasdaq Composite led the turnaround rising 1.4%, while the S&P 500 posted a gain 0.95%, and the Dow Jones Industrial Average tacked on over 182 points or 0.51%. 

The yield on the 10-Year Treasury pulled back from a 12-month high to 1.745%. 

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 35911.81 -201.81 -0.56%
SP500 S&P 500 4662.85 +3.82 +0.08%
I:COMP NASDAQ COMPOSITE INDEX 14893.75271 +86.94 +0.59%

Powell, during his nomination hearing on Tuesday, told lawmakers the central bank remains committed to fighting inflation. 

"I think that inflationary pressures do seem to be on track to last well into the middle of next year. And if they last longer than that, then I'll just say that our policy will continue to adapt" he said. 

Consumer and producer prices, due out Wednesday and Thursday, are expected to rise 7% and 9.8%, respectively. 

HERE'S WHERE SURGING PRICES ARE HITTING CONSUMERS THE MOST

Ticker Security Last Change Change %
USO UNITED STATES OIL FUND L.P. 59.97 +1.70 +2.92%

Oil also jumped over 3% closing at $81.22 per barrel. 

GAS PRICES TO RISE AS OIL TOPS $81 PER BARREL LEVEL

In stocks, IBM dropped after the team at UBS slapped the stock with a sell rating. 

Ticker Security Last Change Change %
IBM INTERNATIONAL BUSINESS MACHINES CORP. 134.21 -0.55 -0.41%

American Airlines shares are rising after disclosing, in an SEC filing, revenues will be better than expected. 

Ticker Security Last Change Change %
AAL AMERICAN AIRLINES GROUP INC. 18.49 -0.85 -4.39%

"The Company expects its fourth quarter total revenue to be down approximately 17% versus the fourth quarter of 2019, which is better than the Company’s previous guidance of down approximately 20%," the company disclosed. 

Ticker Security Last Change Change %
CVS CVS HEALTH CORP. 106.22 +0.88 +0.84%
RAD RITE AID CORP. 12.38 -0.15 -1.20%
WBA WALGREENS BOOTS ALLIANCE INC. 54.30 +0.11 +0.20%

CVS Health boosted its outlook for the full year with profit goals now forecast to be as high as $8.38 per share, above the $8 previously disclosed. Demand for COVID-19 vaccines and tests are helping drive profits. 

Grocer Albertsohn's also raising its full-year financial guidance citing a "favorable economic backdrop" as it expects to post sales of as much as $4.3 billion, above the prior $4 billion estimate. Still, executives warned that supply chain disruptions are impacting business for the next 4 to 6 weeks. 

Ticker Security Last Change Change %
ACI ALBERTSONS COMPANIES 30.94 -0.04 -0.13%

Shack Shake rose as it navigated COVID-19 staff shortages with a fourth quarter same-store sales gain of 20.8%

Ticker Security Last Change Change %
SHAK SHAKE SHACK 69.29 -2.33 -3.25%

GET FOX BUSINESS ON THE GO BY CLICKING HERE