U.S. stocks, in a choppy session, got whipsawed after U.S. Treasury Secretary Janet Yellen signaled interest rates may need to rise to manage the economic rebound and prevent the economy from overheating. Additionally, investors digested a fresh batch of corporate earnings amid more talk of inflation.
|I:DJI||DOW JONES AVERAGES||34548.53||+318.19||+0.93%|
|JNJ||JOHNSON & JOHNSON||167.86||+0.85||+0.51%|
In a late-session turnaround, the Dow Jones Industrial Average posted a gain of 20 points or 0.06%, curbing a drop of over 300 points earlier. The S&P also slipped 0.67% led by information tech companies.
While the Nasdaq Composite suffered the worst drop, falling 1.8%, in part due to weakness in Tesla and Apple. Tuesday marks its weakest day since March.
|I:COMP||NASDAQ COMPOSITE INDEX||13632.841845||+50.42||+0.37%|
In earnings news, both Pfizer and CVS boosted financial outlooks as demand for COVID-19 related items fueled results and shares bucked the selloff.
|CVS||CVS HEALTH CORP.||83.77||+0.66||+0.79%|
"We delivered strong first-quarter results and improved our outlook for the year," said CVS Health President and CEO Karen S. Lynch. "We continue to execute on our strategy while simultaneously managing through a pandemic, helping the country on the road to recovery.
Walmart confirmed, along with Sam's Club, it now offers walk-in COVID-19 testing.
Moderna also in focus after announcing plans to boost its manufacturing facility in Massachusetts. "Our manufacturing facility has been core to our long-term strategy and has enabled us to provide the scale and flexibility to support the development of our mRNA medicines and vaccines including our COVID-19 vaccine," said CEO Stéphane Bancel in a statement.
Financials were in focus as both JPMorgan and Goldman Sachs confirmed plans to return workers to New York City offices in the coming weeks.
|JPM||JPMORGAN CHASE & CO.||160.81||+3.27||+2.08%|
|GS||THE GOLDMAN SACHS GROUP, INC.||365.57||+8.08||+2.26%|
Marathon Oil announced it has reduced $500 million in debt.
After the closing bell investors will get results from Lyft, Xilinx, and Zillow to name a few.
|Z||ZILLOW GROUP INC||113.75||-0.05||-0.04%|
In commodities, oil continues its upward climb climbing above the $65 per barrel level, while gold was modestly lower trading at $1,779 an ounce.