US Stock Market Retreats Ahead Of Inflation Data

The U.S. stock market benchmark indexes Dow Jones Industrial Average and S&P 500 closed lower on Tuesday, May 11, while NASDAQ Composite Index ended almost flat ahead of the inflation data.

The Dow Jones lost 473 points on Tuesday while S&P 500 and tech-savvy NASDAQ lost 36 points and 12 points respectively.

All the sectors in the blue-chip index declined and only two companies in the index closed higher. In S&P 500, all sectors, except materials, were in the red. Stocks in the energy sector lost the most in percentage both the indexes.

Investors are waiting for the consumer price index report, which the U.S. Labor Department will publish before the markets open tomorrow.

The Dow Jones plunged 1.36 percent to 34269.16 on Tuesday. The S&P 500 declined 0.87 percent to 4,152.10. NASDAQ Composite Index was down 0.09 percent to 13,389.43 while the small-cap Russell 2000 decreased 0.26 percent to 2,206.99.

Meanwhile, job openings in the U.S. rose 597,000 to a record 8.1 million by the end of March, according to a latest data. Job openings increased the most in the accommodation and food services industry. The job openings rate was 5.3 percent. The unemployment rate in March came in at 6 percent and it increased to 6.1 percent in April.

Ride-sharing companies Uber Technologies Inc. and Lyft Inc. have reportedly partnered with the government to provide free rides to and from vaccination sites until July 4 in a bid to encourage vaccination. The U.S. targets to vaccinate 70 percent of its adult population with at least one dose by July 4.

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Top Gainers

Top performers on S&P 500 were NortonLifeLock Inc (10.77%),  Freeport-McMoRan Inc (4.82%), ServiceNow Inc (3.15%) and Perrigo Company PLC (2.83%).

Bridgford Foods Corp (46.16%), Sequential Brands Group Inc (36.50%), Hf Foods Group Inc (32.82%) and Saga Communications Inc (29.88%) were top performers on NASDAQ.

On Dow Jones, Salesforce.Com Inc (0.78%) and Nike Inc (0.53%) gained.

Top Losers

Top laggards on S&P 500 were HanesBrands Inc (11.96%), Occidental Petroleum Corp (7.89%), Pioneer Natural Resources Co (5.90%) and HP Inc (4.71%)

Larimar Therapeutics Inc (36.28%), Alset Ehome International Inc (34.38%), Rackspace Technology Inc (20.86%) and Rimini Street Inc (20.39%) were among the top losers on NASDAQ.

On Dow Jones, Travelers Companies Inc (3.08%), Home Depot Inc (3.07%), American Express Co (2.68%) and Chevron Corp (2.62%) were laggards.

Volume Movers

Top volume movers were Apple Inc (24.88M), Sundial Growers Inc (19.98M), Plug Power Inc (15.41M), Microsoft Corp (11.97M), General Electric Co (11.13M), Tesla Inc (10.61M), Intel Corp (10.18M) and Advanced Micro Devices Inc (10.15M).

Futures & Commodities

Gold futures were flat at US$1,838.40 per ounce on Tuesday. Silver and copper increased slightly by 0.01 percent to US$27.745 and US$ 4.7980 per ounce respectively.

Brent oil futures decreased by 0.03 percent to US$ 68.67 per barrel while WTI crude rose 0.69 percent to US$ 65.37.

Bond Market

The 30-year Treasury bond yields grew 1.22 percent to 2.347 while the 10-year bond yields increased 1.23 percent to 1.622.

US Dollar Futures Index was down 0.03 percent to US$ 90.160.