US stocks slip after CPI data; COIN, Unity decline - Kalkine Media

May 11, 2022 02:15 PM PDT | By Rupam Roy
Follow us on Google News:

Wall Street's main indices drifted lower on Wednesday, May 11, after US inflation rose more than expected month-on-month for comfort, renewing fears about the Fed's aggressive rate hikes.

The S&P 500 was down 1.65% to 3,935.18. The Dow Jones fell 1.02% to 31,834.11. The NASDAQ Composite decreased by 3.18% to 11,364.24, and the small-cap Russell 2000 was down 2.48% to 1,718.14.

The consumer-price index (CPI) surged 0.3% in April, the slowest pace of increase since last August, following a 1.2% surge in the prior month, as gasoline prices declined from their record highs in March.

The CPI data of the Labor Department also showed that inflation slowed to 8.3% YoY from 8.5% in March, which was the largest year-on-year gain since December 1981.

Although the pace of inflation eased in April, it is still above analysts' estimates, raising concerns that the Fed may continue its aggressive stance on interest rates to tackle inflation.

On Wednesday, the energy and utilities sectors were the top movers on the S&P 500 index. Eight of the 11 sectors of the index stayed in the negative territory. Information technology and consumer discretionary segments were the laggards.

Shares of Coinbase Global, Inc. (COIN) dropped 26.84% in the intraday session after the company reported weak quarterly results and a decline in user numbers from the previous quarter.

Gaming software company Unity Software Inc. (U) stocks plummeted 35.74% after reporting losses in the first quarter and missing analysts' revenue forecast for its second quarter.

Videogame publisher Electronic Arts Inc. (EA) stock rose 1.05% after posting a 24% increase in fiscal year revenue and announcing the end of its partnership with FIFA.

In the energy sector, Exxon Mobil Corporation (XOM) increased by 2.08%, Chevron Corporation (CVX) rose 1.48%, and Shell plc (SHEL) gained 1.69%. TotalEnergies SE (TTE) and ConocoPhillips (COP) advanced 2.86% and 1.06%, respectively.

In technology stocks, Apple Inc. (AAPL) decreased by 5.18%, Microsoft Corporation (MSFT) fell by 3.32%, and NVIDIA Corporation (NVDA) declined by 5.48%. Adobe Inc. (ADBE) and Intel Corporation (INTC) fell 3.49% and 2.68%, respectively.

In the consumer discretionary stocks, Amazon.com, Inc. (AMZN) dropped 3.20%, Tesla, Inc. (TSLA) slipped 8.25%, and The Home Depot, Inc. (HD) tumbled 2.82%. Toyota Motor Corporation (TM) and Nike, Inc. (NKE) plunged 5.64% and 1.43%, respectively.

In the crypto space, Bitcoin (BTC) and Ethereum (ETH) retreated 6.58% and 10.41%, respectively. The global crypto market cap fell 11.29% to US$1.27 trillion at 4:33 pm ET on May 11.

Also Read: Top 5 paper stocks to watch in Q2: ITP, MERC, PKG, GPK & WRK

Top movers and losers in the US stock market on May 11

Also Read: TLRY, CRON among top 5 cannabis stocks to explore in May

Top volume movers in the US stock market on May 11

Also Read: Is FTX Token (FTT) crypto trending on New York Trust Charter news?

Futures & Commodities

Gold futures were up 0.56% to US$1,851.36 per ounce. Silver increased by 0.57% to US$21.547 per ounce, while copper rose 1.42% to US$4.2133.

Brent oil futures increased by 4.85% to US$107.43 per barrel and WTI crude was up 5.81% to US$105.56.

Also Read: Why is XYO (XYO) crypto rising despite market turbulence?

Bond Market

The 30-year Treasury bond yields were down 2.55% to 3.049, while the 10-year bond yields fell 2.09% to 2.930.

US Dollar Futures Index increased by 0.09% to US$104.040.


Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media LLC (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.



Top Listed Companies