Wall Street in disarray amid inflation fears, Corporate news

by Caroline Valetkevitch

NEW YORK, May 10 (Reuters) – The New York Stock Exchange ended in mixed order on Tuesday, as the S&P-500 and the Nasdaq rebounded from ending in the red the day before on gains in high-growth stocks, the from a choppy session amid investor jitters ahead of consumer price data.

The Dow Jones index fell 0.26%, or 84.96 points, to 32,160.74 points.

The broader S&P-500 gained 9.81 points, or 0.25%, to 4,001.05 points.

The Nasdaq Composite advanced for its part by 114.42 points (0.98%) to 11,737.67 points.

Bond yields declined, as did ten-year US Treasuries, which fell below 3% after hitting a more than three-year high. Bank stocks followed this downward movement.

Fears that the US Federal Reserve (Fed) will adopt a more aggressive monetary policy to counter the surge in inflation has fueled volatility in the markets, in addition to other factors, including geopolitics.

“It’s not just about the Fed raising interest rates to curb inflation, because we’ve seen that in the past,” said Jake Dollarhide, managing director of Longbow Asset Management in Tulsa. in Oklahoma.

In his view, investors are rather concerned about a range of issues, from rates and inflation, to the war in Ukraine, to problems in supply chains and health restrictions in China.

Investors also digested comments from Cleveland Federal Reserve Chair Loretta Mester that the US economy will experience turmoil with central bank measures to ease inflation. She warned that Fed officials would not be deterred from acting by recent market volatility.

On the values ​​side, Apple rose 1.6% and was the main catalyst for the gains of the S&P-500 and the Nasdaq. The technology sector was one of the session’s biggest gainers among the major S&P-500 sectors.

Pfizer took 1.7% following the announcement of the takeover for 11.6 billion dollars of Biohaven Pharmaceutical Holding, whose title jumped 68.4%.

Peloton Interactive fell 8.7% after reporting a 23.6% decline in quarterly revenue.

Investors are now awaiting Thursday’s release of consumer price data in the United States, in which they will look for clues on inflation.

* TO BE FOLLOWED ON WEDNESDAY:

(French version Jean Terzian)


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