Dow falls for a sixth straight day after another wild session; European stocks close lower as hot U.S. inflation data rattles global markets; European stocks close mixed as global markets struggle for direction
During regular trading the S&P dipped 0.39%. In a volatile session the benchmark index at one point gained 0.56%, while shedding about 1% at the session low.
The Dow Jones Industrial Average saw a similar swing, although the 30-stock index eked out a 0.8% gain at the closing bell, pushed higher by Chevron and UnitedHealth.
The Nasdaq Composite, meantime, was the session’s underperformer as the carnage in tech stocks continued. The tech-heavy index finished the day 1.2% lower, and is now 28% below its intraday all-time high from Nov. 22.
Inflation concerns have been a mounting headwind for stocks, with some investors worried the economy could ultimately tip into a recession.
While the bulk of earnings season is in the rearview mirror, a number of companies are on deck for Tuesday, including Walmart, Home Depot and JD.com.
As of Friday afternoon, of the more than 90% of the S&P 500 that’s posted quarterly results, 78% of companies have beat earnings expectations while 75% have topped revenue forecasts, according to data from Refinitiv.
The pan-European Stoxx 600 closed fractionally above the flatline, having clawed back losses of up to 0.8% earlier in the day. Basic resources jumped 1.6% to lead gains while tech stocks dropped 1.4%.
Earnings came from Ryanair on Monday, the Irish airline posting a 355 million euro ($369.06 million) net loss for the pandemic-affected 12 months to the end of March. Ryanair said it was hoping for a return to “reasonable profitability” this year. Shares of the firm fell slightly by the close.
Source: CNBC, Investing.com