Dow Falls Triple Digits, Logs Sixth-Straight Loss

Jerome Powell was confirmed for his second term as Federal Reserve Chairman

Jacob Scott

May 12, 2022 at 4:25 PM

Wall Street saw yet another rally fall flat today, with the Dow giving up a triple-digit midday lead and logging a loss of 103* points, securing its sixth-straight loss. The S&P 500 also fell into the red and hit a new annual low, while the tech-heavy Nasdaq eked out a small win in the final minutes of trading. Weighing on markets today was the producer price index (PPI), a measure of wholesale price, which rose 11% year-over-year in April. Meanwhile, near the session's conclusion, the U.S. Senate confirmed Federal Reserve Chairman Jerome Powell for a second term.

*In an earlier edition we stated the Dow losing 330 points, we apologize for the error.

Continue reading for more on today's market, including:

Why Beyond Meat stock is trading below its IPO.
More on Lordstown Motors' life-saving sale.
Plus, WeWork's 28% revenue jump; Sonos stock brushes off bear notes; Kate Spade's parent company reports strong quarter.

The Dow Jones Average (DJI - 31,730.30) shed 103.8 points, or 0.3% today. Of the blue-chip components, 12 walked away with a win, led by Home Depot's (HD) 2.4% win. Meanwhile, Boeing (BA) shed 4.8% to pace the laggards.

The S&P 500 Index (SPX - 3,930.08) fell 5.1 points, or 0.1% for the day. Meanwhile, the Nasdaq Composite (IXIC - 11,370.96) added 6.7 points, or 0.06% for the session.

Lastly, the Cboe Market Volatility Index (VIX - 31.77) lost 0.8 point, or 2.4%.

5 Things to Know Today

While Bitcoin (BTC) earlier fell below $26,000 for the first time in more than a year, the entire crypto market shed $200 billion amid Wall Street's selloff. (CNBC)
Finland plans to apply to join NATO "without delay," while Russia vowed to retaliate. (Rueters)
WeWork wows in the earnings confessional with a revenue jump.
Analysts slashed their price targets on SONO after earnings.
Check out this retail company's fiscal third-quarter results.

Gold Logs Worst Day in a Week

Oil price inched higher today, reversing earlier losses amid the supply and demand tug of war, spurred on by geopolitical tensions in Europe and inflation woes. June-dated crude added 42 cents, or 0.4%, to close at $106.13 per barrel.

Gold futures fell sharply on Thursday, as inflation anxieties spurred strength in the U.S. dollar. Logging its worst day in roughly a week, June-dated gold shed $29.10, or 1.6%, to settle at at $1,824.60 an ounce.

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