Stock market today
A mixed close for the US stock market today. Nasdaq underperformed, and Dow Jones outperformed.The closing numbers for the US stock market today are:
S&P 500: 4,690.70,+7.76(+0.17%)
Dow 30: 35,813.80,+194.55(+0.55%)
Russell 2000: 2,327.86,-3.49(-0.15%)
Stock market news
“Stocks were mixed on Tuesday with technology stocks under further pressure, as investors further mulled the market implications of Federal Reserve Jerome Powell’s renomination to lead the central bank.
The S&P 500 ended slightly higher. The Nasdaq lagged as investors further turned away from technology and growth stocks. The Dow — which is heavily weighted in cyclical stocks — gained more than 150 points, or 0.4%, during afternoon trading as energy and financials shares outperformed.
U.S. West Texas intermediate crude oil futures (CL=F) recovered losses and rose 2% after dropping more than 1% earlier in the morning. The move came after the White House announced it would be releasing a total of 50 million barrels of oil from the Strategic Petroleum Reserve (SPR), in tandem with similar moves from China, Japan, India and South Korea and the U.K., to try and ease rising energy prices with additional supply. In a speech on Tuesday, Biden said the reserve releases “will not solve the problem of high gas prices overnight but will make a difference.”
Shares of Zoom Video Communication (ZM) slid even after the company posted better-than-expected quarterly revenue growth and full-year guidance, with usage of the video conferencing company’s software slowing amid the reopening. Companies including Nordstrom (JWN), The Gap (GPS) and Autodesk (ADSK) are set to report quarterly results on Tuesday.
Federal Reserve Chair Jerome Powell’s renomination to the top leadership position at the central bank captured market attention this week, with many investors reacting favorably to the likelihood that the Fed’s previously telegraphed monetary policy framework would remain in place with Powell’s reappointment. That includes expectations for current asset-purchase tapering to take place through the middle of next year, and for at least one interest rate hike to take place before the end of 2022.
“Continuity at a time of such extraordinary uncertainty is certainly welcome news. We have extraordinary uncertainty because we’re pivoting from the phase of the cycle where the Fed had been shoring up the recovery from the pandemic-induced recession, and … it did avoid a meltdown in financial markets,” Diane Swonk, Grant Thornton chief economist, told Yahoo Finance Live. “But now we’ve got very easy financial market conditions and we’re dealing with inflation. And having to pivot to dealing with inflation and tamp it down without derailing the recovery — that’s a very hard thing to pull off. We’ve not seen the Fed actually chase inflation down since the early 1980s.”
Stock market data: Yahoo Finance