Stocks end mixed as Nasdaq sinks 1.2%, oil tops $114
Walmart, Target and Home Depot lead retail earnings this week
Moody's Analytics chief economist Mark Zandi argues recession risks are 'awfully high' but believes the economy is still on 'solid ground.'
U.S. stocks trimmed losses ending the session mixed ahead of a barrage of earnings from the nation's biggest retailers and as oil prices ticked higher.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 41794.6 | -257.59 | -0.61% |
| SP500 | S&P 500 | 5712.69 | -16.11 | -0.28% |
| I:COMP | NASDAQ COMPOSITE INDEX | 18179.984429 | -59.93 | -0.33% |
The Dow Jones Industrial Average notched a modest 0.08% gain by adding over 27 points. Meanwhile, the Nasdaq Composite slipped 1.2% and the S&P 500 0.4%. Energy and health care stocks rose, while discretionary and technology lagged within the S&P's largest groups.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| XLE | ENERGY SELECT SECTOR SPDR ETF | 89.57 | +1.54 | +1.75% |
| XLV | HEALTH CARE SELECT SECTOR SPDR ETF | 146.77 | -0.97 | -0.66% |
| XLK | TECHNOLOGY SELECT SECTOR SPDR ETF | 223.74 | -0.17 | -0.08% |
| XLY | CONSUMER DISCRETIONARY SELECT SECTOR SPDR ETF | 199.40 | -0.69 | -0.34% |
The team at Goldman Sachs, led by David Kostin, warned the S&P 500 could fall another 10% from current levels.
In deal news, JetBlue disclosed it will take its offer for Spirit Airlines directly to shareholders.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| JBLU | JETBLUE AIRWAYS CORP. | 5.71 | -0.06 | -1.04% |
| SAVE | SPIRIT AIRLINES INC. | 2.34 | -0.13 | -5.26% |
And McDonald's announced it will exit Russia, selling all of its company-owned shops, which will incur a charge of about $1.4 billion.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MCD | MCDONALD'S CORP. | 292.90 | -2.33 | -0.79% |
Twitter shares dipped for a seventh session now down over 20% during the time frame.
Among the big names reporting will be Walmart and Home Depot on Tuesday; Target, Lowes and TJX Companies on Wednesday; Ross Stores, BJ’s Wholesale Club, and Kohl’s on Thursday; and Foot Locker on Friday morning.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| HD | THE HOME DEPOT INC. | 395.57 | +2.98 | +0.76% |
| TGT | TARGET CORP. | 149.99 | -0.85 | -0.56% |
| WMT | WALMART INC. | 82.43 | +0.24 | +0.29% |
| BJ | BJS WHSL CLUB HLDGS INC | 86.75 | +1.11 | +1.30% |
| ROST | ROSS STORES INC. | 140.66 | +0.60 | +0.43% |
| FL | FOOT LOCKER INC. | 24.48 | +0.52 | +2.17% |
Investors will pay close attention to the numbers, and especially guidance, for clues about the health of the consumer and the impact that inflation pressures, supply-chain constraints and a tight labor market are having on profitability.
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To date, 459 companies in the S&P 500, or just over 90% of the benchmark index, have posted January through March results, with the numbers coming in well ahead of forecasts.
U.S. stocks were trending lower overnight as the retail sector will be in focus this week with several key names set to report quarterly results. (Courtney Crow/New York Stock Exchange via AP)
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In energy trading, benchmark U.S. crude rose over 3% to $114.20 per barrel, while Brent, the international benchmark, rose over 2% to $114.24.
In cryptocurrencies, Bitcoin hovered below the $30,000 level.
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The Associated Press contributed to this report.