Stocks rebound off yearly lows
CFRA chief investment strategist Sam Stovall and Gradient Investments president Michael Binger provide their best stock picks as markets sell-off on ‘The Claman Countdown.’
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.
