Stocks

Stocks rebound off yearly lows

U.S. stocks rebounded off the worst levels in over a year and following three days of heavy selling. Investors are also awaiting more details on President Biden’s plan to tackle inflation due mid-morning. 

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 32468.05 +222.35 +0.69%
SP500 S&P 500 4038.93 +47.69 +1.19%
I:COMP NASDAQ COMPOSITE INDEX 11852.047672 +228.80 +1.97%

The S&P 500 is back above the 4,000 after falling below the key level for the first time since April of 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. 

Ticker Security Last Change Change %
PTON PELOTON INTERACTIVE INC. 12.19 -1.95 -13.77%

AMC shares rose after posting a smaller than expected loss of $0.52 cents and revenue of $785.7 million – both exceeding estimates.

Ticker Security Last Change Change %
AMC AMC ENTERTAINMENT HOLDINGS INC 12.52 -1.24 -9.01%

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?

Ticker Security Last Change Change %
OXY OCCIDENTAL PETROLEUM CORP. 57.84 -7.10 -10.93%
EA ELECTRONIC ARTS INC. 112.04 -3.25 -2.82%
COIN COINBASE GLOBAL INC. 83.51 -20.23 -19.50%
WYNN WYNN RESORTS LTD. 61.33 -4.97 -7.50%

MORGAN STANLEY WARNS INGREDIENTS FOR A GLOBAL RECESSION ARE ‘ON THE TABLE’  

U.S. stocks were trending higher overnight after across-the-board losses Monday. (NYSE via AP) (NYSE via AP)

HOME AFFORDABILITY WILL CONTINUE TO BE A PROBLEM, MARKET EXPERT PREDICTS

Oil prices were little changed, as gas prices, per AAA, hit an all-time high of $4.37 per gallon. 

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 The Associated Press contributed to this report. 

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