US stocks slip after CPI tops 7.9% YoY; AMZN, CRWD rise - Kalkine Media

March 10, 2022 02:44 PM PST | By Versha Jain
Follow us on Google News:

Benchmark US indices retreated from the previous day’s gains to close lower on Thursday, March 10, after US inflation touched another 40-year high in February, fuelled by higher energy costs.

The Labor Department said the consumer price index (CPI), which measures the cost of goods and services across the economy, surged to a four-decade high of 7.9% YoY in February.

Economists expect inflation to stay high in March even if the Fed increases the interest rate next week. They said the Ukraine-related disruptions would fuel further inflation. Oil prices came down on Thursday, paring the previous day’s gain but remained above US$110 per barrel.

The S&P 500 fell 0.43% to 4,259.53. The Dow Jones declined 0.34% to 33,174.07. The NASDAQ Composite fell 0.95% at 13,129.96, and the small-cap Russell 2000 was down 0.30% to 2,010.32.

The Ukrainian and Russian foreign ministers’ talks to end the three-week-long war on Thursday failed to arrive at a decision. President Vladimir Putin said Russia would emerge stronger despite Western sanctions.

Nine out of the 11 sectors of the S&P 500 closed in the red. Energy, consumer discretionary, and utility sectors advanced. Technology, financials, and consumer staples were the bottom movers.

Shares of Amazon.com, Inc. (AMZN) grew by over 6% after its board approved a 20-for-1 stock split and a US$10-billion share repurchase plan the day before.

CrowdStrike Holdings, Inc. (CRWD) stock rose 13% in intraday trading after the upbeat forecast in an earnings call. Its revenue increased by 66% to US$1.45 billion in fiscal 2022. The company expects revenue to be between US$2.13 billion and US$2.16 billion in fiscal 2023.

Asana, Inc. (ASAN) stock fell over 21% after more than expected first quarter loss.

Chinese company JD.com, Inc. (JD) stock slid more than 16% after posting slow revenue growth and a fourth-quarter loss of US$61.5 million.

In the energy sector, Exxon Mobile Corporation (XOM) surged 3.15%, Chevron Corporation (CVX) rose 2.71%, and BP plc (BP) increased by 0.03%. Schlumberger Limited (SLB) was up by 2.11%, and ConocoPhillips (COP) increased by 3.55%.

In the consumer discretionary sector, Amazon.com, Inc. (AMZN) stock rose 5.63%, The Home Depot, Inc. (HD) was up 0.15%, and Airbnb, Inc. (ABNB) surged 2.71%. The TJX Companies, Inc. (TJX) and Marriott International, Inc. (MAR) were up 1.44% and 1.99%, respectively.

In the technology sector, Apple Inc. (AAPL) stock plunged 2.72%, Microsoft Corp. (MSFT) slid 1.02%, and Nvidia Corporation (NVDA) fell 1.41%. Broadcom Inc. (AVGO) and Cisco Systems, Inc. (CSCO) decreased by 1.40% and 2.22%, respectively.

The global cryptocurrency market was down 4.71% to US$1.75 trillion at 2.25 pm ET, as per coinmarketcap.com. Bitcoin’s (BTC) price fell 6.28% to US$39,237.69 in the last 24 hours.  

Also Read: Amazon (AMZN) rallies on stock split, share buyback plan, what’s next?

(Energy, Consumer Discretionary, and Utilities sectors gained on Thursday)

Also Read: Why is Elrond (EGLD) crypto gaining attention?

Three of all eleven stock segments of S&P 500 index closed in green.

Also Read: OXY, CVX, KR among top 5 Warren Buffett stocks to watch now

Futures & Commodities

Gold futures surged 0.98% to US$2,007.70 per ounce. Silver futures increased by 1.96% to US$26.323 per ounce, while copper futures surged 1.61% to US$4.6463.

Brent oil futures declined by 0.99% to US$110.04 per barrel and WTI crude futures were up by 1.95% to US$106.58.

Bond Market

The 30-year Treasury bond yields increased 3.21% to 2.376, while the 10-year bond yields were up 2.06% to 1.988.

US Dollar Futures Index surged 0.60% at US$98.537.

 


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