US stocks ended the choppy session mixed following three days of heavy selling as investors took in a promise from President Joe Biden on taming red-hot inflation.
“I want every American to know that I’m taking inflation very seriously,” Biden said in remarks from the White House. “It’s my top domestic priority.”
His comments echo similar comments from Federal Reserve Chairman Jay Powell last week and come ahead of Wednesday’s Consumer Price Index for April which is expected to show inflation remains above 8%.
|I:DJI||DOW JONES AVERAGE||31535.1||-299.01||-0.94%|
|I:COMP||NASDAQ COMPOSITE INDEX||11315.724774||-48.51||-0.43%|
The Dow Jones Industrial Average ended down 85 points or 0.3%, while the Nasdaq Composite climbed about 1% and the S&P crossed back above the 4,000, rising 0.3%, after falling below the key level for the first time since April 2021.
INFLATION IS A FISCAL AND MONETARY BLUNDER
In earnings, Peloton shares tumbled after posting a quarterly loss, a sign the turnaround under new CEO Barry McCarthy is proving to be more challenging.
|PTON||PELOTON INTERACTIVE INC.||13.72||+1.39||+11.22%|
AMC shares rose after posting a smaller than expected loss of $0.52 cents and revenue of $785.7 million — both exceeding estimates.
|AMC||AMC ENTERTAINMENT HOLDINGS INC||10.96||+0.59||+5.74%|
In deal news, Pfizer is buying migraine drugmaker Biohaven Pharmaceuticals for $11.6 billion in an all-cash deal. The company’s NURTEC drug is the No. 1 prescribed treatment, according to the companies, for migraines.
|BHVN||BIOHAVEN PHARMACEUTICAL HLDG CO LTD||140.76||+0.14||+0.10%|
In the afternoon attention will turn to integrated oil and gas firm Occidental Petroleum, video game maker Electronic Arts, cryptocurrency exchange Coinbase Global and high-end hotel and casino operator Wynn Resorts among others.
VARNEY ON STOCK MARKET SLIDE: DOES ANYONE SEE A BOTTOM?
|OXY||OCCIDENTAL PETROLEUM CORP.||60.10||+0.69||+1.16%|
|EA||ELECTRONIC ARTS INC.||121.87||+1.38||+1.15%|
|COIN||COINBASE GLOBAL INC.||54.97||+1.25||+2.32%|
|WYNN||Wynn Resorts Ltd.||58.38||-0.47||-0.80%|
MORGAN STANLEY WARNS INGREDIENTS FOR A GLOBAL RECESSION ARE ‘ON THE TABLE’
HOME AFFORDABILITY WILL CONTINUE TO BE A PROBLEM, MARKET EXPERT PREDICTS
Oil prices fell around 3% with US crude ending at $99.76 per barrel, while Brent, the global benchmark, settled at $102.46. Gas prices, per AAA, hit a record $4.37 per gallon.
|USO||UNITED STATES OIL FUND LP||78.18||+3.65||+4.90%|
|BNO||UNITED STS BRENT OIL FD LP UNIT||30.66||+1.40||+4.78%|
Bitcoin stayed around the $31,000 level.
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The Associated Press contributed to this report.