Stocks end up getting mixed up as technological trails; Biden operates SPR to bring oil prices under control
Stocks closed mixed on Tuesday as tech stocks continued their decline as investors grappled with supply chain issues and President Joe Biden’s decision to appoint Jerome Powell for a second term as president from the Federal Reserve.
The Dow Jones Industrial Average ended up 194 points, or 0.55%, at 35,813, the S&P 500 was up 0.17%, while the Nasdaq was down 0.50%.
Facebook parent meta (FB) – Get the Class A report from Facebook, Inc. ended down 1.1% and Netflix (NFLX) – Get the Netflix, Inc. (NFLX) report slipped nearly 1% as tech stocks reacted to Biden’s announcement to appoint Powell for a second term as Fed chairman.
Meanwhile, the White House announced the release of 50 million barrels of oil from the country’s strategic oil reserves in a bid to bring soaring energy costs under control.
Brent crude contracts for January, the global benchmark for prices, recently rose $ 2.85 to $ 82.55 a barrel.
“Inflation is all over the news,” said Louis Navellier, chief investment officer at Navellier & Associates. “While economic growth remains strong, the University of Michigan consumer confidence index recently fell to its lowest level in 10 years as inflation and product shortages make people angry.”
Focus on video communications (ZM) – Get the Zoom Video Communications (ZM) report was the biggest lag on the Nasdaq, closing at 14.7% as stocks slumped as growth concerns offset higher-than-expected third-quarter earnings and strong full-year sales outlook .
XPeng (XPEV) – Get the Xpeng report Shares jumped 8.3% after the Chinese electric car maker posted higher-than-expected profits in the third quarter and said year-end deliveries would beat Street’s forecast.
Best buy (BBY) – Get the report from Best Buy Co., Inc. fell 12% after posting higher-than-expected profits in the third quarter, but expected comparable store sales to decline over the holiday season as supply chain disruptions trickle down to the industry. retail electronics.
Dollar tree (DLTR) – Get the Dollar Tree, Inc. Stocks dominated the Nasdaq, gaining 9.2% after posting third quarter earnings broadly in line with Wall Street expectations.