Stocks edge lower, oil hits $107 ahead of inflation report
455,000 jobs were created in March: ADP Payroll Report
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Matson Money founder and CEO Mark Matson discusses how to best navigate inflation on 'Maria Bartiromo's Wall Street.'
U.S. stocks dipped despite a strong ADP jobs report for March and as Russia's war on Ukraine entered its 35th day. Inflation and recession fears also impacted investor sentiment.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 48035.75 | -78.51 | -0.16% |
| SP500 | S&P 500 | 6753.56 | -46.70 | -0.69% |
| I:COMP | NASDAQ COMPOSITE INDEX | 22866.759116 | -244.70 | -1.06% |
The Dow Jones Industrial Average fell over 65 points or 0.2%, while the S&P 500 and Nasdaq Composite slipped 0.6% and 1.2%, respectively.
The 10-year Treasury hovered around 2.35% after the yield curve briefly inverted a potential recessionary signal.
RUSSIA INVADES UKRAINE: LIVE UPDATES
Progress between Russia and Ukraine has cooled per reports after Russia's announcement that it would scale back military operations near Ukraine's capital, Kyiv.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| USO | UNITED STATES OIL FUND - USD ACC | 67.30 | +1.11 | +1.68% |
| BNO | UNITED STATES BRENT OIL FUND - USD ACC | 27.63 | +0.44 | +1.62% |
U.S. oil rose to $107.82 per barrel, while Brent, the global benchmark, hit $113.45
OIL TRADES HIGHER AS INVENTORY FALLS SHARPLY
Chipmakers are in focus after Micron lifted its forecast and now expects to earn $8.7 billion in third quarter revenue.
"With outstanding first half results, Micron is on track to deliver record revenue and robust profitability in fiscal 2022" said President and CEO Sanjay Mehrotra.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MU | MICRON TECHNOLOGY INC. | 224.93 | -7.58 | -3.26% |
| INTC | INTEL CORP. | 36.48 | -0.83 | -2.22% |
| AMAT | APPLIED MATERIALS INC. | 250.70 | -8.14 | -3.14% |
| NVDA | NVIDIA CORP. | 171.56 | -6.17 | -3.47% |
In other earnings news, Lululemon shares rose as the company also posted better-than-expected fourth-quarter adjusted earnings despite reduced store hours due to an increase in Omicron infections.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| LULU | LULULEMON ATHLETICA INC. | 206.88 | +0.14 | +0.07% |
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Chewy shares fell after the company issued higher-than-expected losses in the fourth quarter.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CHWY | CHEWY INC. | 33.58 | +0.24 | +0.71% |
Movement in the bond market on Tuesday has Wall Street concerned about the possibility of a recession. Bond investors pushed up short-term rates to the point where yields on the two-year Treasury were actually higher than the 10-year Treasury.
RUSSIA INVADES UKRAINE: LIVE UPDATES
On the economic docket, the payroll processing firm ADP reported 455,000 private-sector jobs, were created in March in line with estimates. It is the first of this week's labor-related reports ahead of Friday's release of the monthly jobs report from the government.
"Now hiring" sign is displayed on the front door of a Staples store in Manchester, N.H. (AP Photo/Charles Krupa)
The final estimate of 4Q GDP was lowered to 6.9% from 7.0%, which is well above the 2.3% growth rate in the third quarter.
Bitcoin traded around $47,000.
FOX Business' Ken Martin and The Associated Press contributed to this report.