Nasdaq jumps 1.9% as Dow, S&P follow, oil at $111
10-year Treasury yield at 2.375%, new 52-week high
Hugh Johnson Economics chief economist Hugh Johnson and Comerica Wealth Management CIO John Lynch react to the Fed's inflation plan on 'The Claman Countdown.'
U.S. stocks rebounded on Tuesday as steady trading in commodity prices and a fresh basket of corporate earnings helped balance out the uncertainty of the Russia- Ukraine conflict and the prospect of more aggressive rate hikes by the Federal Reserve.
| 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% |
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The rebound comes as Treasury yields hit their highest level since May 2019, 2.375%, after Fed Chairman Jerome Powell on Monday signaled more aggressive rate hikes may be needed to combat inflation. His remarks were made at the National Association of Business Economics.
Financial shares including JPMorgan, Goldman Sachs and Bank of America rose in tandem with higher yields.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| JPM | JPMORGAN CHASE & CO. | 219.79 | -3.14 | -1.41% |
| GS | THE GOLDMAN SACHS GROUP INC. | 511.47 | -7.88 | -1.52% |
| BAC | BANK OF AMERICA CORP. | 41.33 | -0.43 | -1.03% |
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Oil closed at $111.76 per barrel, while Brent, the global benchmark, rose to $115.48. Oil prices are up more than 45% this year, and prices for wheat and corn have also surged. Natural gas prices also remain elevated above $5.00
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| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| USO | UNITED STATES OIL FUND - USD ACC | 74.29 | +2.27 | +3.15% |
| BNO | UNITED STATES BRENT OIL FUND - USD ACC | 29.98 | +0.92 | +3.17% |
| UNG | UNITED STATES NATURAL GAS FUND - USD ACC | 13.06 | +0.57 | +4.56% |
(AP Photo/Richard Drew)
In stocks, Nike shares rose after profits and sales beat Wall Street estimates. Additionally, the apparel giant reiterated its commitment to Foot Locker, which gets a big chunk of revenue from its products.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| NKE | NIKE INC. | 77.19 | -0.87 | -1.11% |
| FL | FOOT LOCKER INC. | 24.48 | +0.52 | +2.17% |
Security firm Okta was under pressure after reports of a security breach by a group called LAPSUS$ based on screenshots shared online.
"We believe the screenshots shared online are connected to this January event. Based on our investigation to date, there is no evidence of ongoing malicious activity beyond the activity detected in January" said Chief Security Officer David Bradbury.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| OKTA | OKTA INC. | 73.24 | +0.01 | +0.01% |
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Alibaba shares rose after the Amazon of China announced a $25 billion share repurchase plan, its largest ever.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BABA | ALIBABA GROUP HOLDING LTD. | 98.40 | +0.82 | +0.84% |
Tesla in focus as CEO Elon Musk opened Germany's Gigi factory in Berlin along with German Chancellor Olaf Scholz. The move is a big win for investors, according to Wedbush Securities analyst Dan Ives.
German Chancellor Olaf Scholz, Dietmar Woidke, Minister President of the State of Brandenburg, and Elon Musk, Tesla CEO, from left, attend the opening of the Tesla factory Berlin Brandenburg in Gruenheide, Germany, Tuesday, March 22, 2022. The first European factory in Gr'nheide, designed for 500,000 vehicles per year, is an important pillar of Tesla's future strategy. (Patrick Pleul/Pool via AP)
Tesla cars are parked at the construction site of the new Tesla Gigafactory for electric cars in Gruenheide near Berlin, Germany, Friday, March 18, 2022. (AP Photo/Michael Sohn)
Elon Musk, Tesla CEO, right, claps hands at the opening of the Tesla factory Berlin Brandenburg in Gruenheide, Germany, Tuesday, March 22, 2022. The first European factory in Gruenheide, designed for 500,000 vehicles per year, is an important pillar of Tesla's future strategy. (Patrick Pleul/Pool via AP)
German Chancellor Olaf Scholz, right, and Elon Musk, Tesla CEO attend the opening of the Tesla factory Berlin Brandenburg in Gruenheide, Germany, Tuesday, March 22, 2022. The first European factory in Gr'nheide, designed for 500,000 vehicles per year, is an important pillar of Tesla's future strategy. (Patrick Pleul/Pool via AP)
Model Y electric vehicles stand on a conveyor belt at the opening of the Tesla factory in Berlin Brandenburg in Gruenheide, Germany, Tuesday, March 22, 2022. The first European factory in Gruenheide, designed for 500,000 vehicles per year, is an important pillar of Tesla's future strategy. (Patrick Pleul/Pool via AP)
"We cannot stress the production importance of Giga Berlin to the overall success of Tesla's footprint in Europe and globally," said Ives in a research note to clients.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 242.84 | -6.14 | -2.47% |
Moderna in focus as it announced new development programs to expand use of its COVID-19 vaccine to treat conditions related to the virus.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MRNA | MODERNA INC. | 53.54 | -1.09 | -2.00% |
In cryptocurrencies, Bitcoin traded above the $42,000 level.