Dow Falls Triple Digits, Logs Sixth-Straight Loss

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

May 12, 2022 at 4:25 PM
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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%.

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5 Things to Know Today

  1. 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)
  2. Finland plans to apply to join NATO "without delay," while Russia vowed to retaliate. (Rueters)
  3. WeWork wows in the earnings confessional with a revenue jump.
  4. Analysts slashed their price targets on SONO after earnings.
  5. Check out this retail company's fiscal third-quarter results.

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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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