Nasdaq, S&P stage modest rebound with inflation data on tap Wednesday

Gas prices hit an all-time high of $4.37 per gallon: AAA

U.S. stocks ended the choppy session mixed following three days of heavy selling as investors took in a promise from President Joe Biden on taming red-hot inflation.

"I want every American to know that I'm taking inflation very seriously," Biden said in remarks from the White House. "It's my top domestic priority." 

His comments echo similar comments from Federal Reserve Chairman Jay Powell last week and come ahead of Wednesday's Consumer Price Index for April which is expected to show inflation remains above 8%. 

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 30775.43 -253.88 -0.82%
SP500 S&P 500 3785.38 -33.45 -0.88%
I:COMP NASDAQ COMPOSITE INDEX 11028.735703 -149.16 -1.33%

The Dow Jones Industrial Average ended down 85 points or 0.3%, while the Nasdaq Composite climbed about 1% and the S&P crossed back above the 4,000, rising 0.3%, after falling below the key level for the first time since April 2021.

INFLATION IS A FISCAL AND MONETARY BLUNDER

sp500

.

In earnings, Peloton shares tumbled after posting a quarterly loss, a sign the turnaround under new CEO Barry McCarthy is proving to be more challenging. 

Ticker Security Last Change Change %
PTON PELOTON INTERACTIVE INC. 9.18 -0.27 -2.86%

AMC shares rose after posting a smaller than expected loss of $0.52 cents and revenue of $785.7 million — both exceeding estimates.

Ticker Security Last Change Change %
AMC AMC ENTERTAINMENT HOLDINGS INC 13.54 -0.10 -0.73%

In deal news, Pfizer is buying migraine drugmaker Biohaven Pharmaceuticals for $11.6 billion in an all-cash deal. The company's NURTEC drug is the No. 1 prescribed treatment, according to the companies, for migraines. 

Ticker Security Last Change Change %
PFE PFIZER INC. 52.55 +1.61 +3.16%
BHVN BIOHAVEN PHARMACEUTICAL HLDG CO LTD 145.87 +0.23 +0.16%

In the afternoon attention will turn to integrated oil and gas firm Occidental Petroleum, video game maker Electronic Arts, cryptocurrency exchange Coinbase Global and high-end hotel and casino operator Wynn Resorts among others.

VARNEY ON STOCK MARKET SLIDE: DOES ANYONE SEE A BOTTOM?

Ticker Security Last Change Change %
OXY OCCIDENTAL PETROLEUM CORP. 58.90 -0.18 -0.30%
EA ELECTRONIC ARTS INC. 121.65 -1.18 -0.96%
COIN COINBASE GLOBAL INC. 47.02 -2.73 -5.49%
WYNN WYNN RESORTS LTD. 56.98 -1.02 -1.76%

MORGAN STANLEY WARNS INGREDIENTS FOR A GLOBAL RECESSION ARE 'ON THE TABLE'  

U.S. stocks were trending higher overnight after across-the-board losses Monday. (NYSE via AP) (NYSE via AP)

HOME AFFORDABILITY WILL CONTINUE TO BE A PROBLEM, MARKET EXPERT PREDICTS

Oil prices fell around 3% with U.S. crude ending at $99.76 per barrel, while Brent, the global benchmark, settled at $102.46. Gas prices, per AAA, hit a record $4.37 per gallon. 

Ticker Security Last Change Change %
USO UNITED STATES OIL FUND L.P. 80.36 -2.57 -3.10%
BNO UNITED STS BRENT OIL FD LP UNIT 32.74 -0.74 -2.21%

Bitcoin remained around the $31,000 level. 

GET FOX BUSINESS ON THE GO BY CLICKING HERE

 The Associated Press contributed to this report.