June 3, 2023

DS Duke

Global Business In World

Stocks Stumble in Attempt at Comeback

2 min read
U.S. stocks on Tuesday fought to rebound from Monday’s rout, but failed as the Dow...

U.S. stocks on Tuesday fought to rebound from Monday’s rout, but failed as the Dow Jones Industrial average trended lower for most of the session and closed in the red.

The 30-stock index dipped 50.63 points to 33,919.84,

The S&P 500 let go of 3.54 points to 4,354.19, following its worst day since May on Monday

The NASDAQ Composite gained 32.5 points to 14,746.40, as investors bought some major tech shares like Apple on the dip.

Also weighing on markets this month is the delta variant, which remains a global health threat as the colder months approach and vaccination hesitancy persists among some Americans. Johnson & Johnson said on Tuesday that its COVID vaccine booster shot is 94{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389} effective. J&J shares added 0.7{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389} on Tuesday.

There were other winners as well. Uber shares were a standout, jumping 11{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389} after raising its outlook for the third quarter. ConocoPhillips gained more than 3{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389} as energy stocks initially bounced following oil’s snap back from the Monday selloff.

Meanwhile, Disney shares fell 3{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389} as CEO Bob Chapek warned investors about potential headwinds for Disney+ subscriber growth in the third quarter, at a Goldman Sachs conference Tuesday.

Investors are looking for more information from Fed Chairman Jerome Powell on Wednesday about the central bank’s plans to taper its bond buying, specifically when that will happen. Powell said last month that he sees the Fed slowing its $120 billion in monthly purchases at some point this year.

The Fed will release its quarterly economic forecasts, the so-called dot plot, along with the statement on interest rates at 2 p.m. ET Wednesday. Powell will have a press conference after the announcements.

Energy stocks also bounced big as oil snapped back after selling off Monday as the China property market situation caused concerns about overall global growth.

Prices for 10-Year Treasurys were unchanged, keeping yields at Monday’s 1.32{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389}.

Oil prices picked up 22 cents to $70.51 U.S. a barrel.

Gold prices hiked $11.50 to $1,775.30 U.S. an ounce.

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