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Stocks close rollercoaster week lower as technology shares lag

Stocks close rollercoaster week lower as technology shares lag

U.S. stocks fell on Friday and ended the week lower as investors took in a key report on the state of the labor market’s recovery, which underscored still-solid labor market conditions. Friday’s losses extended steep declines from the prior session, when concerns over the Federal Reserve’s ability to bring down inflation while maintaining solid economic activity resurged.

The S&P 500 dropped by 0.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} Friday to close at 4,123.67. The Nasdaq Composite dropped 1.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, ending at 12,144.66. The Dow fell by just under 100 points to settle at 32,901.08. A day earlier, the S&P 500 shed 3.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, while the Nasdaq dropped 5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} for its worst day since June 2020. The Dow had lost more than 1,000 points.

The moves Friday morning came in the wake of the Labor Department’s April jobs report, which showed a better-than-expected 428,000 non-farm payrolls returned across the U.S. economy last month. Consensus economists were looking for job gains of 380,000, according to Bloomberg consensus data. And the unemployment rate held steady from March to come in at 3.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, or just slightly above February 2020’s multi-decade low of 3.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

The report suggested at least the labor portion of the U.S. economy was still on strong footing even as the Federal Reserve began its process of tightening monetary policies. Stocks had swung violently from gains Wednesday to losses on Thursday, as investors appraised the implications of the Federal Reserve’s latest telegraphed monetary policy path forward for the U.S. economy and markets.

“The solid 428,000 gain in non-farm payroll employment in April illustrates that the Fed was right to ignore the misleading contraction in first-quarter GDP,” Paul Ashworth, chief U.S. economist for Capital Economics, wrote in a note Friday morning.

Investors have had to weigh whether the Fed’s monetary policy path forward will succeed in being aggressive enough to address rising prices while still avoiding triggering a deep downturn in the economy. While investors momentarily cheered Fed Chair Jerome Powell’s suggestions earlier this week that the central bank was not considering raising rates by a more drastic 75 basis points at a time, they have also had to consider whether more moderate hikes will ultimately be able to bring down inflation currently running at the hottest levels since the 1980s.

“[Wednesday], I think the markets had a sense of relief that maybe Powell took 75 basis points off the table for further rate hikes, suggesting the Fed might take a more mild path,” Jeffrey Kleintop, Charles Schwab chief global investment strategist, told Yahoo Finance Live on Thursday. “But [Thursday], I think the market’s recognizing that there are risks associated with that — higher inflation, maybe.”

“That’s certainly what we’re seeing here with [Treasury] yields spiking higher. And to me, this is an enduring theme, this isn’t just a one-day phenomenon,” Kleintop added. “If you look all the way back to August of 2020, there’s been one major theme in the markets, and that is short-duration stocks, meaning low price to cash flow, have been outperforming longer-duration stocks, or high price to cash flow … and that is a trend that’s going to continue here.”

Treasury yields on the long end of the curve rose further, and the benchmark 10-year yield rose above 3.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. The continued march higher in Treasury yields and borrowing costs has weighed on growth and technology stocks, which are valued heavily on their future earnings potential.

And the most recent economic data including Friday’s jobs report have bolstered the central bank’s case that the U.S. economy remains, at least for now, strong enough to absorb some more monetary policy tightening. However, whether that ultimately continues amid even higher interest rates and the myriad of other macro concerns remains to be seen — and that uncertainty has remained a key source of investor consternation.

“The job market is very tight … there’s tons of geopolitical impacts, especially on things like energy and food, which creeps into everything else. Supply chains remain challenged, and we have now Chinese COVID shutdowns which make it even more stressed,” Paul Kim, Simplify Asset Management CEO, told Yahoo Finance Live on Thursday. “Bottom line is, there’s too much demand for goods and services and not enough supply. And the Fed can’t solve those real-world problems, and I think that’s what’s solving this indigestion.”

“I don’t think we’ve hit the bottom yet, simply because we’re just starting the hiking process,” Kim added. “There’s arguably hundreds of basis points to go.”

—

4:01 p.m. ET: Stocks fall, ending volatile week in the red

Here were the main moves in markets as of 4:01 p.m. ET:

  • S&P 500 (^GSPC): -23.20 (-0.56{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,123.67

  • Dow (^DJI): -96.89 (-0.29{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 32,901.08

  • Nasdaq (^IXIC): -173.03 (-1.40{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 12,144.66

  • Crude (CL=F): +$2.30 (+2.12{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $110.56 a barrel

  • Gold (GC=F): +$7.80 (+0.42{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,883.50 per ounce

  • 10-year Treasury (^TNX): +5.7 bps to yield 3.1230{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

—

1:02 p.m. ET: What economists are saying about the April jobs report

The April jobs report marked another solid print on the state of U.S. labor market, with payrolls growing by more than 400,000 for a twelfth consecutive month and the jobless rate holding near its lowest level since 1969. However, the declining labor force participation rate further solidified that labor supply challenges were lingering, putting upward pressure on wages and broader inflation.

Here’s what some economists had to say about the report, based on notes and commentary sent to Yahoo Finance:

  • “The April employment report was mixed. On the one hand, job growth remained robust with non-farm payrolls adding 428k jobs, topping consensus expectations for a 380k increase. Wage growth was solid with average hourly earnings increasing by 0.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} mom, or 5.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} yoy [year-over-year], and March was revised up from 0.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} mom to 0.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} mom … On the other hand, the unemployment rate held at 3.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} as employment according to the household survey, fell by 353K, and the participation rate declined by 0.2ppt [percentage points] to 62.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. The mixed signals from today’s report make it more of a push than anything else. It does not alter our monetary policy or economic outlook in any significant way.” – Stephen Juneau, Bank of America U.S. economist

  • “The report cannot be music to the Federal Reserve’s ears as the almost record low unemployment rate means wages are going even higher, shooting out more sparks to light inflation fires across the country which keeps Fed officials pumping the brakes … [T]he labor market has returned nearly to where it was before the pandemic, but it turned out to be a pyrrhic victory as full employment and labor shortages have opened up a virtual Pandora’s box of the most dangerous inflation outbreak seen since the 70s.” – Chris Rupkey, chief economist at FWDBONDS

  • “A further decline in the participate rate could exacerbate the labor supply shortage, resulting in further wage pressures that will inevitably flow through to broad-based inflation. The Fed will surely speed up the pace of tightening if the participation rate continues to decline amid a robust hiring backdrop.” – Peter Essele, head of portfolio management for Commonwealth Financial Network

  • “The solid 428,000 gain in non-farm payroll employment in April illustrates that the Fed was right to ignore the misleading contraction in first-quarter GDP, with the economy still on a firm footing. Admittedly, we expect employment growth to slow this year, but fears of an imminent recession, which have been amplified by the latest bout of weakness in equities, are overblown.” – Paul Ashworth, chief North America economist for Capital Economics

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10:30 a.m. ET: Under Armour shares slide by 22{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to pace toward biggest drop in five years as supply chain concerns weight on guidance

Under Armour (UAA) was on track for its biggest single-session slide since 2017, with supply chain challenges pressuring revenue for the current fiscal year.

The athletic-wear maker said Friday it expects revenue to rise between 5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} and 7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} for the current fiscal year. Last fiscal year, revenue rose 27{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to reach a total of $5.7 billion.

The company’s current-year forecast “includes approximately three percentage points of headwinds related to our strategic decision to work with our vendors and customers to cancel orders affected by capacity issues, supply chain delays, and emergent COVID-19 impacts in China,” Under Armour said in a statement.

For Under Armour’s latest reported quarterly results, revenue rose 3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to reach $1.3 billion. North American revenue, which is the company’s largest geographical segment, increased 4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} year-over-year. In Asia Pacific, however, sales fell 13{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} on a currency neutral basis, with renewed virus-related lockdowns in China weighing on results.

—

9:34 a.m. ET: Stocks open lower after jobs report

Here’s where markets opened Friday morning:

  • S&P 500 (^GSPC): -33.96 (-0.82{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,112.91

  • Dow (^DJI): -243.43 (-0.74{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 32,754.54

  • Nasdaq (^IXIC): -138.38 (-1.12{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 12,179.31

  • Crude (CL=F): +$1.28 (+1.18{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $109.54 a barrel

  • Gold (GC=F): +$1.20 (+0.06{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,876.90 per ounce

  • 10-year Treasury (^TNX): +5.1 bps to yield 3.1170{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

—

7:35 a.m. ET Friday: Stock futures fall as traders await jobs report

Here’s where stocks were trading Friday morning:

  • S&P 500 futures (ES=F): -22.5 points (-0.54{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,120.75

  • Dow futures (YM=F): -126 points (-0.38{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 32,784.00

  • Nasdaq futures (NQ=F): -95.5 points (-0.74{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 12,762.50

  • Crude (CL=F): +$2.08 (+1.92{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $110.34 a barrel

  • Gold (GC=F): +$8.20 (+0.44{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,883.90 per ounce

  • 10-year Treasury (^TNX): +2.5 bps to yield 3.093{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

—

6:01 p.m. ET Thursday: Stock futures open little changed

Here’s where markets were trading Thursday evening:

  • S&P 500 futures (ES=F): unchanged 4,143.25

  • Dow futures (YM=F): -12 points (-0.04{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 32,898.00

  • Nasdaq futures (NQ=F): +15 points (+0.12{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 12,873.00

NEW YORK, NEW YORK - MAY 05: Traders work the floor of the New York Stock Exchange during morning trading on May 05, 2022 in New York City. Stocks opened lower this morning after closing high on Wednesday after the Federal Reserve announced an interest-rate hike by half a percentage point in an effort to further lower inflation. (Photo by Michael M. Santiago/Getty Images)

NEW YORK, NEW YORK – MAY 05: Traders work the floor of the New York Stock Exchange during morning trading on May 05, 2022 in New York City. Stocks opened lower this morning after closing high on Wednesday after the Federal Reserve announced an interest-rate hike by half a percentage point in an effort to further lower inflation. (Photo by Michael M. Santiago/Getty Images)

—

Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter.

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Stocks rebound to close higher as investors weigh flurry of earnings reports

Stocks rebound to close higher as investors weigh flurry of earnings reports

U.S. stocks rallied Tuesday, clawing back from a rough start to the week as investors assessed a deluge of earnings reports for clues on how corporate America has fared against a backdrop of war in Eastern Europe and rising inflationary pressures.

[Click here to read what’s moving markets heading into Wednesday, April 20] 

The S&P 500 advanced 1.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to mark its best day in a month, and the Dow Jones Industrial Average closed the session out 500 points higher. The tech-heavy Nasdaq Composite extended gains to 2.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} after settling at a one-month low on Monday along with the S&P 500.

Meanwhile, Treasury yields continued their climb, with the 10-year U.S. benchmark hitting 3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} for the first time in three years.

“The bond market, you could argue, is way out ahead of the Fed in a way the stock market is playing wait-and-see,” Interactive Brokers’ chief strategist Steve Sosnick told Yahoo Finance Live on Tuesday. “Maybe the stock market is actually, in this case, saying ‘I’m not going to fight the Fed,’ and the bond market in fact is.”

The International Monetary Fund (IMF) said Tuesday that the global economic recovery will “slow significantly” this year due to Russia’s invasion of Ukraine. IMF officials downgraded their forecasts for economic growth, projecting global GDP will rise 3.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in 2022 (a downgrade from January’s projection of 4.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) and another 3.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in 2023 (also a downgrade from the last projection of 3.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}).

“This crisis unfolds while the global economy was on a mending path but had not yet fully recovered from the COVID-19 pandemic,” said IMF Economic Counsellor Pierre-Olivier Gourinchas.

Quarterly results from 69 companies in the S&P 500 are in the queue for investors to digest through Friday. Big names on the docket of earnings set for release this week include United Airlines (UAL), American Express (AXP) and Tesla (TSLA).

Netflix (NFLX) — the first tech giant to report earnings this week — revealed an unexpected drop in net subscribers, a closely-watched metric for investors, in its results out Tuesday after the bell. The subscriber losses, the first for the company in over a decade, came as Netflix navigated an exit from Russia and an increasingly saturated North American market.

Netflix shares cratered nearly 22{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in post-market trading to $272.40 a piece as of 4:11 p.m. ET.

As of Monday (the latest available data), 53{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of 34 S&P 500 companies (comprising 10{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of index earnings) that have reported so far beat on both sales and earnings per share, Bank of America’s research team pointed out, slightly better than the typical Week 1 beat rate of 47{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} and last quarter’s Week 1 rate of 50{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. The institution expects a first quarter EPS beat of 4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} but anticipates downside risks to the full year 2022 estimates, which imply earnings accelerating every quarter into next year.

“Pressure on profit margins from higher costs for virtually everything, notably labor, materials, and transportation, made this quarter difficult to navigate,” LPL Financial strategists Jeff Buchbinder and Ryan Detrick said in commentary Monday. “Add spillover from the Russia-Ukraine conflict and intermittent COVID-19 lockdowns in China, and companies’ bottom lines are getting hit from several directions.”

“Despite the tough environment, we believe the odds favor companies beating estimates as they have done historically on the back of double-digit revenue growth,” Buchbinder and Detrick added. “High inflation translates into more revenue so earnings can grow at a solid pace even with some narrowing of profit margins.”

Contrary to BofA, research from FactSet suggests that although analysts have tempered their expectations on first quarter earnings, lowering bottom-up EPS forecasts in aggregate for Q1 by 0.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} from $52.21 to $51.83, EPS forecasts for the second, third, and fourth quarters are higher. Earnings estimates for all of 2022 have also risen 2.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} this year to $228.50 per share.

“The number one takeaway for investors should be to watch how your stock reacts more than the news,” Heritage Capital President Paul Schatz told Yahoo Finance Live. “If your stock rallies on bad news, that’s a pretty good sign the markets have absorbed and digested and have priced in the bad news.”

—

4:12 p.m. ET: Netflix reports subscriber loss for first time in more than 10 years

Streaming giant Netflix (NFLX) reported an unexpected drop in first-quarter net subscribers, a closely-watched metric for investors. The subscriber losses — the first for the company in over a decade — came as Netflix navigated an exit from Russia and an increasingly saturated North American market.

Netflix shares cratered nearly 22{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in post-market trading to $272.40 a piece as of 4:11 p.m. ET.

The drop in new users came as a surprise to Wall Street, with analysts looking for a slowdown but still positive growth in subscriptions during the fiscal first quarter. Subscribers grew by nearly 4 million in the same quarter last year. And in total, Netflix had more than 220 million global subscribers as of the end of last quarter.

—

4:00 p.m. ET: S&P 500, Dow, and Nasdaq gain as earnings season ramps up

Here’s how the major indexes capped the trading session following an up day on Wall Street:

  • S&P 500 (^GSPC): +70.79 (+1.61{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,462.48

  • Dow (^DJI): +501.19 (+1.46{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,912.88

  • Nasdaq (^IXIC): +287.30 (+2.15{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 13,619.66

  • Crude (CL=F): -$5.53 (-5.11{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $102.68 a barrel

  • Gold (GC=F): -$36.60 (-1.84{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,949.80 per ounce

  • 10-year Treasury (^TNX): +5.1 bps to yield 2.9130{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

—

3:16 p.m. ET: Johnson & Johnson rescinds vax sales forecast amid lower demand

Johnson & Johnson (JNJ) dialed back its forecast for COVID-19 vaccine sales due to a glut of supply over hesitancy in low income countries.

The company previously projected sales of up to $3.5 billion on the single-dose shot in 2022, but demand has waned.

Use of the shot has been weak in high-income countries, hurt by reports of rare, potentially deadly blood clots, production issues, including an accidental mix-up of ingredients by a contract manufacturer, and concerns about efficacy.

Shares of Johnson & Johnson were up 3.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to $183.45 a piece as of 3:15 p.m. ET.

—

1:49 p.m. ET: All three major indexes advance more than 1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} with earnings underway

Here were the main moves in markets during intraday trading:

  • S&P 500 (^GSPC): +51.23 (+1.17{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,442.92

  • Dow (^DJI): +368.87 (+1.07{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,780.56

  • Nasdaq (^IXIC): +220.18 (+1.65{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 13,552.54

  • Crude (CL=F): -$5.14 (-4.75{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $103.07 a barrel

  • Gold (GC=F): -$28.70 (-1.44{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,957.70 per ounce

  • 10-year Treasury (^TNX): +4.1 bps to yield 2.9030{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

—

11:16 a.m. ET: Investors await earnings report from Netflix after the bell

Netflix (NFLX) is set to report quarterly after market close. Investors are bracing for a further growth slowdown amid the company’s exit from Russia and as its key North American market grows increasingly saturated.

Wall Street expects Netflix will report revenue of $7.95 billion for the fiscal first quarter, earnings per share of $2.91, and net subscriber additions of 2.51 million.

If realized, new subscribers of 2.51 million would represent the smallest quarterly addition for Netflix since the second quarter of 2021. Subscribers grew by nearly 4 million in the same quarter last year, and in total, Netflix had more than 220 million global subscribers as of the end of last quarter.

Netflix has been grappling with slowing user growth for much of the past year, with new users slowing to a trickle after a pandemic-fueled surge in sign-ups. But further exacerbating this slowdown will be Netflix’s exit from Russia in early March, which came following the country’s invasion of Ukraine earlier this year. Cowen analyst John Blackledge estimated Russia comprised about 1 million subscribers for Netflix.

Shares of Netflix were up 3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} during intraday trading to $347.99 per share as of 11:16 a.m. ET.

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9:33 a.m. ET: Stocks flat as investors digest earnings, downgraded IMF forecast

Here’s where the main indexes were trading during Tuesday’s opening bell:

  • S&P 500 (^GSPC): +3.54 (+0.08{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,395.23

  • Dow (^DJI): +92.77 (+0.27{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,504.46

  • Nasdaq (^IXIC): -18.72 (-0.14{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 13,332.36

  • Crude (CL=F): -$3.38 (-3.12{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $104.83 a barrel

  • Gold (GC=F): -$22.50 (-1.13{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,963.90 per ounce

  • 10-year Treasury (^TNX): +4.3 bps to yield 2.9050{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

—

9:08 a.m. ET: IMF says Russia-Ukraine war will cause global economy to ‘slow significantly’

The International Monetary Fund (IMF) said the global economic recovery will “slow significantly” this year due to Russia’s invasion of Ukraine.

The IMF downgraded growth prospects in Eastern European countries but also warned that countries around the world will be affected by the disruption to commodities markets as a result of the war. The international body now expects global GDP, a measure of economic growth, to rise 3.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in 2022 (a downgrade from January’s projection of 4.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) and another 3.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in 2023 (also a downgrade from the last projection of 3.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}).

“This crisis unfolds while the global economy was on a mending path but had not yet fully recovered from the COVID-19 pandemic,” said IMF Economic Counsellor Pierre-Olivier Gourinchas.

Russia saw the largest downgrade in the IMF report, with the country’s economy now expected to contract by 8.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} this year (compared to the 2.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} growth it had projected prior to the invasion).

—

8:58 a.m. ET: Housing starts rise, building permits increase in March

U.S. homebuilding activity picked up unexpectedly last month, but starts for single-family housing fell amid rising mortgage rates.

The Commerce Department reported housing starts registered an increase of 0.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in March to a seasonally adjusted annual rate of 1.793 million units last month. February data was revised higher to a rate of 1.788 million units from the previously reported 1.769 million units. Bloomberg economists had forecast starts slipping to a rate of 1.740 million units.

Permits for future homebuilding increased 0.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to a rate of 1.873 million units last month.

The 30-year fixed-rate mortgage averaged 5.0{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} during the week ended April 14, the highest since February 2011, up from 4.72{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in the prior week, per mortgage finance agency Freddie Mac. Further increases are expected as the Federal Reserve moves forward on its monetary tightening plans.

“Mortgage rates are flying ever higher, but residential construction of single-family homes started this month are solid and home builders are not heading for the exits yet,” FWDBONDS chief economist Christopher S. Rupkey said in a note. “At some point, housing starts will fall this year as the market is on a collision course for buyers with rising prices and higher costs of borrowing.”

Residential single family homes construction by KB Home are shown under construction in the community of Valley Center, California, U.S. June 3, 2021. REUTERS/Mike Blake

Residential single family homes construction by KB Home are shown under construction in the community of Valley Center, California, U.S. June 3, 2021. REUTERS/Mike Blake

—

7:10 a.m. ET: Stock futures near breakeven, Treasury yield grazes 2.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

Here’s how the main benchmarks fared in pre-market trading Tuesday:

  • S&P 500 futures (ES=F): -2.75 points (-0.06{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,384.00

  • Dow futures (YM=F): -2.00 points (-0.01{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,311.00

  • Nasdaq futures (NQ=F): -18.25 points (-0.13{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 13,889.50

  • Crude (CL=F): -$1.59 (-1.47{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $106.62 a barrel

  • Gold (GC=F): -$5.00 (-0.25{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,981.40 per ounce

  • 10-year Treasury (^TNX): +0.00 bps to yield 2.8620{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

—

6:13 p.m. ET Monday: Futures jump as earnings season sets into full swing

Here were the main moves in markets heading into overnight futures trading Monday:

  • S&P 500 futures (ES=F): +14.25 points (+0.32{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,401.00

  • Dow futures (YM=F): +104.00 points (+0.30{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,417.00

  • Nasdaq futures (NQ=F): +59.50 points (+0.43{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 13,967.25

  • Crude (CL=F): -$0.77 (-0.71{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $107.44 a barrel

  • Gold (GC=F): -$4.90 (-0.25{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,981.50 per ounce

  • 10-year Treasury (^TNX): +3.4 bps to yield 2.8620{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

A trader works on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., April 11, 2022. REUTERS/Andrew Kelly

A trader works on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., April 11, 2022. REUTERS/Andrew Kelly

—

Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc

Read the latest financial and business news from Yahoo Finance

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Stocks reverse earlier gains to close lower with inflation data in focus

Stocks reverse earlier gains to close lower with inflation data in focus

U.S. stocks pared gains and fell in the final hour of trading Tuesday to close a second straight session in the red as investors assessed fresh inflation data out of Washington that showed prices in March further accelerated to a new 40-year high.

The S&P 500 retreated to fall 0.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, and the Dow Jones Industrial Average gave up an intraday climb to cap trading roughly 90 points lower. The Nasdaq Composite faltered after an earlier advance, declining 0.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. Meanwhile, Treasury yields slightly retreated, but the benchmark 10-year yield remained above 2.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, the highest level since January 2019.

The moves follow an earlier bounce in stocks after some key elements in the Tuesday’s read on the Consumer Price Index (CPI) came in less severe than anticipated, with the core figure coming in close to consensus numbers.

“While today’s inflation print hit a four-decade high, there was a sigh of relief as some components of core inflation weakened,” Allianz Investment Management senior investment strategist Charlie Ripley said in a note.

Investors were focused on the latest gauge on inflation in the U.S. in Tuesday’s session. The Bureau of Labor Statistics’ (BLS) CPI index rose 8.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in March compared to the same month last year, according to the latest report released Tuesday. The figure marks the fastest rise since December 1981 and follows a 7.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} annual increase in February. Heading into the report, consensus economists were looking for an 8.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} jump for March, according to Bloomberg data.

“Regarding peak inflation, we have been at this juncture before where subtle shifts within the data make it appear that the level of inflation has reached its peak for the cycle only to keep marching higher,” Ripley said. “Going forward, the greater concern is really around how entrenched inflation has become as Americans continue to worry about rising prices.”

The red-hot print comes as investors grapple with the likelihood Fed officials will act more aggressively to combat inflation after a hawkish readout of minutes last week from the central bank’s March meeting suggested “many” policymakers “would have preferred a 50 basis point increase” in benchmark interest rates last month.

“Investors are laser focused on what the Federal Reserve is going to do in its upcoming meetings and it’s looking like 50 basis point hikes are more and more likely,” Commonwealth Financial Network head of investment management Bill Price said in a reaction to the CPI print. “The market seems to be discounting 50 basis point hikes and several members of the Fed have been pretty vocal about their desire to curb inflation.”

Although investors are largely prepared for the likelihood Fed policymakers will be more combative in their inflation-fighting efforts, worries have emerged that a ramp up in monetary tightening may cause an economic contraction.

Strategists have begun to discuss the possibility of a recession more widely in recent weeks, notably with economists at Deutsche Bank recently warning central bank measures could materially slow growth in the second half of 2023.

Some have said it’s too early to make such a call but that the possibility is on the table.

“I would say that it’s probably closer to a coin toss that the economy will be moving into recession by the end of the year,” said Dreyfus and Mellon Chief economist and macro strategist Vince Reinhart on Yahoo Finance Live.

—

4:00 p.m. ET: Stocks close lower following U-turn from earlier advances

Here’s how the main indexes fared at the end of Tuesday’s trading session:

  • S&P 500 (^GSPC): -15.18 (-0.34{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,397.35

  • Dow (^DJI): -88.19 (-0.26{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,219.89

  • Nasdaq (^IXIC): -40.38 (-0.30{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 13,371.57

  • Crude (CL=F): +$6.23 (+6.61{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $100.52 a barrel

  • Gold (GC=F): +$23.90 (+1.23{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,972.10 per ounce

  • 10-year Treasury (^TNX): -5.5 bps to yield 2.7250{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

—

12:39 p.m. ET: JPMorgan shares are down nearly 16{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} year-to-date

JPMorgan is the first mega-bank to unveil first quarter results Wednesday as it kicks off the earnings season. Analysts estimate the company will report earnings per share (EPS) of $2.72, according to Bloomberg consensus estimates.

Financials have lagged the broader market meaningfully year-to-date amid concerns over U.S. bank ties to Russia and worries of an economic slowdown. In his recent annual letter to shareholders, JPMorgan CEO Jamie Dimon warned the bank is positioned to lose as much as $1 billion over time as a result of the war.

Although the major bank said it is not worried about its direct exposure to Russia, the institution is concerned about the “secondary and collateral effects” the crisis and sanctions pose on so many companies and countries.

Shares of JPMorgan were down slightly in intraday trading by 0.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to $132.64 a piece as of 12:37 p.m. ET. The stock is down 15.8{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} year-to-date.

—

12:18 p.m. ET: Lululemon climbs after expansion of trade-in and resell program

Shares of athletic apparel retailer Lululemon (LULU) rose as much as 6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to the highest intraday level since Jan. 3 following an announcement the company will broaden its trade-in and resell program “Lululemon Like New” nationwide.

Lululemon Like New will be available to customers across the U.S. starting on Earth Day, April 22 after a successful two-state pilot in 2021. The retailer will reinvest 100{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of profits to support its Impact Agenda, including making 100{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of products with sustainable materials and end-of-use solutions by 2030.

LULU was up 4.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to $384.80 per share as of 12:14 p.m. ET, likely boosted by an up date in the broader markets after CPI data came in less severe than anticipated, with the core figure coming in just below the consensus numbers.

The S&P 1500 Consumer Discretionary Index rose as much as 2.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

—

9:30 a.m. ET: Stocks push forward despite report showing red-hot inflation in March

Here were the main moves in markets during Tuesday’s opening bell:

  • S&P 500 (^GSPC): +28.07 (+0.64{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,440.60

  • Dow (^DJI): +100.67 (+0.29{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,408.75

  • Nasdaq (^IXIC): +162.91 (+1.21{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 13,574.87

  • Crude (CL=F): +$4.36 (+4.62{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $98.65 a barrel

  • Gold (GC=F): +$25.20 (+1.29{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,973.40 per ounce

  • 10-year Treasury (^TNX): -6.1 bps to yield 2.7190{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

—

8:35 a.m. ET: March CPI climbed more-than-expected 8.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} over last year

U.S. consumers paid more for a variety of goods and services in March compared to the prior month as price levels across the economy continued to accelerate amid persisting supply and demand disruptions.

The Bureau of Labor Statistics’ (BLS) Consumer Price Index (CPI) rose 8.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in March compared to the same month last year, according to the latest report released Tuesday. That marked the fastest rise since December 1981. This followed a 7.9{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} annual increase in February. Heading into the report, consensus economists were looking for an 8.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} jump for March, according to Bloomberg data.

With definitive signs of a peak yet to be seen in inflation, members of the Federal Reserve have escalated their rhetoric on using monetary policy tools to bring down fast-rising prices. Last week, Fed Governor Lael Brainard said that bringing down inflation was “our most important task,” while San Francisco Fed President Mary Daly said that high inflation was “as harmful as not having a job.”

—

7:10 a.m. ET: Contracts on S&P 500, Dow, and Nasdaq flat as investors await CPI print

Here’s how the main indexes fared in futures trading ahead of Tuesday’s opening bell:

  • S&P 500 futures (ES=F): +1.25 points (+0.03{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,410.25

  • Dow futures (YM=F): -1.00 points (-0.00{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,218.00

  • Nasdaq futures (NQ=F): +14.25 points (+0.10{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,014.25

  • Crude (CL=F): +$3.81 (+4.04{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $98.10 a barrel

  • Gold (GC=F): +$10.30 (+0.53{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,958.50 per ounce

  • 10-year Treasury (^TNX): +0.00 bps to yield 2.7800{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

—

6:40 a.m. ET: US small business sentiment falls as inflation worries rise

Confidence levels among small business owners across the country further waned in March, and a higher number of mom-and pop-shop operators reported inflation as their single most important concern, a survey out Tuesday showed.

The National Federation of Independent Business said its Small Business Optimism Index dropped 2.4 points to 93.2 last month to mark the third straight month of readings below the 48-year average of 98. The index has declined every month this year so far.

Of respondents, 31{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} identified inflation as their single most important problem, up 5 points from February’s survey. The figure is the largest share of participants citing inflation as their biggest concern since the first quarter of 1981, also replacing worries about “labor quality” as the number one problem confronting small businesses.

High inflation caused by shortages, massive fiscal stimulus and low interest rates have pressured the economy in recent months.

—

6:10 p.m. ET Monday: Stock futures little change ahead of Tuesday’s inflation data

Here’s where markets were trading ahead of the overnight session on Monday:

  • S&P 500 futures (ES=F): +2.75 points (+0.06{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,411.75

  • Dow futures (YM=F): +29.00 points (+0.08{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,248.00

  • Nasdaq futures (NQ=F): +9.75 points (+0.07{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,009.75

  • Crude (CL=F): +$0.97 (+1.03{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $95.26 a barrel

  • Gold (GC=F): +$9.30 (+0.48{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,957.50 per ounce

  • 10-year Treasury (^TNX): +6.7 bps to yield 2.7800{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

A trader works on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., April 11, 2022. REUTERS/Andrew Kelly

A trader works on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., April 11, 2022. REUTERS/Andrew Kelly

—

Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc

Read the latest financial and business news from Yahoo Finance

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Stocks close higher after March jobs report stokes choppy trading session

Stocks close higher after March jobs report stokes choppy trading session

U.S. stocks closed higher Friday to cap a choppy first trading day of April as investors saw a closely-watched recession indicator in the bond market briefly flash red and mulled strong labor market data out of Washington that reaffirmed expectations for more hawkish monetary tightening plans by the Federal Reserve.

The S&P 500 rebounded into the close to rise 0.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, and the Dow Jones Industrial Average jumped 150 points after both benchmarks struggled for direction during intraday trading. The Nasdaq Composite edged 0.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} higher, to mark a third week of gains for the tech-heavy index and the S&P 500. Friday’s moves come after Wall Street capped its worst quarter since the start of 2020.

A key part of the part of the U.S. Treasury yield curve briefly inverted Friday morning. The spread, or difference, between the 2-year and 10-year Treasury note yields narrowed and inflected for the third time this week. The phenomenon has a history of predicting a recession, with each of the last eight recessions dating back to 1969 preceded by a yield curve inversion. On Friday, the yield on the 10-year U.S. Treasury bond ended the day at 2.38{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, 6 basis points below the 2-year U.S. Treasury yield of 2.44{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}.

Investors also digested the Labor Department’s monthly jobs report, the most up-to-date snapshot of the strength in hiring across the U.S. economy. Employers added 431,000 jobs in March, below Bloomberg consensus economist estimates of a 490,000 rise in non-farm payrolls. The latest figure reflected a slowdown from February’s 678,000 gain but still marked an increase well above pre-pandemic trends and underscored the likelihood Fed policymakers will raise interest rates more aggressively in coming months than initially expected.

Meanwhile, West Texas Intermediate (WTI) crude oil fell $14 to dip below $100 per barrel in its biggest weekly dollar loss since 2011. U.S.-allied countries in the International Energy Agency (IEA) on Friday agreed to their second coordinated deployment of oil stockpiles in a month to calm Russia-Ukraine war-roiled energy markets, one day after President Biden unveiled plans for the largest ever release from the U.S. Strategic Petroleum Reserve. The U.S. is expected to deploy 1 million barrels of oil a day from its emergency supply for the next six months starting.

Stocks kicked off April higher after the S&P 500 and Dow each dropped more than 4.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} for the first three months of 2022, closing out their worst quarters — and first quarterly declines — since Q1 2020. The Nasdaq Composite saw the biggest loss, shedding 9.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} over the past three-month period as investors rotated away from the technology and growth stocks that had led the market higher last year.

Despite day-to-day choppiness, stocks staged a solid comeback in the second half of March as the S&P rallied to climb more than 10{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} off its year-to-date low. Market-watchers have attributed the resurgence to optimism around the possibility of a peace negotiation between Russia and Ukraine, and to investors adjusting to the Fed’s liftoff on interest rates. However, LPL Financial points out that corporate profits may be another component driving the latest rebound.

Even in the face of war in Eastern Europe and decades-high inflation, earnings have been holding up, and estimates for S&P 500 Index earnings per share over the next four quarters are higher in March. Although not by much at 1.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, the positive forecast is significant under the circumstances – particularly compared to how other countries have fared. Inflation is driving the more sizable corporate profits as companies enjoy more pricing power as they pass along higher costs to customers.

“On the back of energy independence, the trajectory of U.S. corporate profits has been unaffected by rising energy costs and high inflation so far,” LPL Financial equity strategist Jeffrey Buchbinder noted, adding that conversely, earnings expectations in international markets have fallen in March. “The U.S. profit outlook is the envy of the world right now.”

Also on the companies front, meme-stock favorite GameStop revealed in a form 8-K filed with the SEC after the bell Thursday that the video-game retailer will seek approval for a stock split at its upcoming shareholder meeting. GME is following a growing list of major companies — Alphabet, Amazon, Tesla — it what could be the “summer of stock splits.” Stock splits are a corporate action taken to improve trading liquidity and make shares more affordable without impacting market capitalization. GME was up 6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to about $176.43 as if 11:55 a.m. ET during intraday trading Friday.

April has historically been a strong month for stocks, and has in fact produced a positive return for the S&P 500 in 15 of the last 16 years, according to LPL Financial’s Ryan Detrick. This time, however, stocks are facing a variety of headwinds that may upend this historically positive seasonality.

Namely, a confluence of concerns around the geopolitical and macroeconomic backdrop contributed to stocks’ worst quarterly performance in two years, and have yet to be fully resolved. Geopolitical risks have been elevated since Russia’s invasion of Ukraine in late February, raising the specter of further snarls to global supply chains that have already been struggling to recover from pandemic-era disruptions. A broad-based spike in prices, and in oil and energy prices especially, has further stoked concerns over the resilience of the consumer — the key driver of the domestic economy — going forward. And the Federal Reserve has begun a protracted process of raising interest rates and tightening financial conditions in a market that had grown accustomed to easy monetary policy since 2020.

“I think investors are very happy that the quarter is over. It was a tough one. Obviously inflation was bad all the way until … the end of the quarter,” Robert Cantwell, Upholdings portfolio manager, told Yahoo Finance Live on Thursday. “And in all likelihood, the next four to six weeks, it’s likely going to continue to be bad news because inflation is persistent, and we’re still comping record growth rates from the first four months of last year.”

“That said, as you get to the second half of next quarter, you could see a scenario where growth rates start accelerating again while inflation tempers, and that has the potential to bring a lot of the bulls back into the market,” he added.

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4:00 p.m. ET: Stocks bounce back after chopping intraday trading

Here’s how stocks ended the first trading day of April:

  • S&P 500 (^GSPC): +15.40 (+0.34{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,545.81

  • Dow (^DJI): +139.85 (+0.40{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,818.20

  • Nasdaq (^IXIC): +40.98 (+0.29{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,261.50

  • Crude (CL=F): -$0.71 (-0.71{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $99.57 a barrel

  • Gold (GC=F): -$26.90 (-1.38{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,922.30 per ounce

  • 10-year Treasury (^TNX): +5 bps to yield 2.3770{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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12:42 a.m. ET: S&P 500 on pace for weekly loss after erasing earlier gains

Here were the main moves in markets as of 12:42 p.m. ET:

  • S&P 500 (^GSPC): -15.47 (-0.34{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,514.94

  • Dow (^DJI): -80.99 (-0.23{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,597.36

  • Nasdaq (^IXIC): -62.95 (-0.44{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,157.57

  • Crude (CL=F): -$1.19 (-1.19{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $99.09 a barrel

  • Gold (GC=F): -$26.50 (-1.36{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,927.50 per ounce

  • 10-year Treasury (^TNX): +5.7 bps to yield 2.3840{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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12:28 a.m. ET: Amazon workers in New York win first US union in company’s history

Employees at Amazon’s (AMZN) warehouse on Staten Island narrowly won a historic union election on Friday to establish the first U.S. union in the company’s nearly 30-year history.

As of early Friday afternoon, the union was poised for victory with a margin of nearly 500 votes. The National Labor Relations board said that the union and Amazon had challenged 66 ballots, suggesting that the margin of victory would exceed the number of contested ballots and conclude the election without further dispute.

“A win is potentially world-changing,” Erik Loomis, a labor historian and professor at the University of Rhode Island, told Yahoo Finance prior to the vote. “It would set a precedent that there is a big demand out there to organize this new economy.”

The move also stands to intensify a nationwide surge of organizing across major companies like Starbucks (SBUX) and Disney (DIS).

Amazon JFK8 distribution center union organizer Jason Anthony speaks to the press about preliminary results regarding the vote to unionize, outside the NLRB offices in Brooklyn, New York City, U.S., April 1, 2022. REUTERS/Brendan McDermid

Amazon JFK8 distribution center union organizer Jason Anthony speaks to the press about preliminary results regarding the vote to unionize, outside the NLRB offices in Brooklyn, New York City, U.S., April 1, 2022. REUTERS/Brendan McDermid

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12:19 a.m. ET: US allies to follow suit on Biden’s oil-stock release

U.S.-allied countries in the International Energy Agency (IEA) agreed to their second coordinated deployment of oil stockpiles in a month to calm Russia-Ukraine war-roiled energy markets, one day after President Biden unveiled plans for the largest ever release from the U.S. Strategic Petroleum Reserve.

The timing and volumes of the releases from each country will be decided at a later date, Japan’s industry ministry said.

A month ago, IEA members agreed on a 61.7-million barrel release, with 30 million coming from the U.S. and 2.2 million from the U.K, though the move had minimal impact on prices as turmoil in Eastern Europe threatened to trigger one of the biggest oil-supply disruptions in history.

“This is a moment of consequence and peril for the world, and pain at the pump for American families,” Biden said at an event at the White House Thursday.

“Our prices are rising because of Russian President Vladimir Putin’s actions,” he said. There isn’t enough supply, and the bottom line is if we want lower gas prices we need to have more oil supply right now.”

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11:18 a.m. ET: General Motors stock falls after carmaker reports decline in Q1 deliveries

Shares of General Motors (GM) dipped after the automaker reported its U.S. deliveries fell 20.1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in the first quarter to 512,846, dragged down by Buick deliveries which more than halved.

GM was down 1.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to $43.10 per share as of 11:16 a.m. ET.

“Supply chain disruptions are not fully behind us, but we expect to continue outperforming 2021 production levels, especially in the second half of the year,” the carmaker said Friday.

General Motors also indicated the company expects inventory to remain “relatively low throughout the year due to high demand.”

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11:02 a.m. ET: JPMorgan ditches Apple, Qualcomm from top picks list

JPMorgan dropped iPhone giant Apple (AAPL) and chipmaker Qualcomm (QCOM) from the brokerage’s “Analyst Focus List,” indicating slowing demand for smartphones is expected to put a dent in the companies’ growth.

The move comes as analysts warned that another wave of COVID lockdowns in China and higher prices on goods are likely to weigh on demand this year.

“There has been understandably a lot of noise around demand weakness across global tech, but we believe the macro weakness seeping through the sector will impact the consumer end-markets more materially,” JPMorgan analyst Samik Chatterjee said.

Apple already reportedly has plans to limit production on some iPhones and its AirPods due to a decrease in demand.

Shares of the tech giant were down 0.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} as of 11:01 a.m. ET to $173.75 a piece. Qualcomm fell 3.7{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to $147.12 per share.

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9:30 a.m. ET: Stocks open higher following March jobs report

Here were the main moves in markets at Friday’s open:

  • S&P 500 (^GSPC): +12.54 (+0.28{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,542.95

  • Dow (^DJI): +74.62 (+0.22{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,752.97

  • Nasdaq (^IXIC): +70.78 (+0.50{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,291.30

  • Crude (CL=F): -$1.01 (-1.01{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $99.27 a barrel

  • Gold (GC=F): -$23.10 (-1.18{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,930.90 per ounce

  • 10-year Treasury (^TNX): +9.9 bps to yield 2.4260{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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8:30 a.m. ET: Payrolls rise by 431,000 as unemployment rate falls to 3.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

The U.S. economy notched another sizable payroll gain in March as the labor market extending its strong and speedy recovery to bring employment back to pre-pandemic levels. U.S. employers added 431,000 jobs, lower than the expected 490,000 jobs.

Meanwhile, the unemployment rate dropped a more-than-expected two-tenths of one percent, edging closer to the historic low of 3.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} seen in February 2020, Bankrate senior economic analyst Mark Hamrick noted, though pointing out that the labor force participation rate remains 1 percentage point below its pre-pandemic level.

The labor force participation ticked up slightly to 62.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} after an unexpected jump to 62.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in last month’s data signaled more individuals were returning to look for work or be placed in jobs after being sidelined by COVID-19.

“Beyond the positive March snapshot, the outlook for the next year is for further moderation in jobs creation,” Hamrick said in a note. “Emboldened by exorbitantly high inflation, a hawkish Federal Reserve feels compelled to slam on the brakes. It is hard to imagine how tightening doesn’t ultimately affect the job market.”

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7:14 a.m. ET: Futures charge higher to kick off April trading

Here were the main moves in futures trading ahead of the open Friday:

  • S&P 500 futures (ES=F): +22.00 points (+0.49{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,552.75

  • Dow futures (YM=F): +172.00 points (+0.50{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,790.00

  • Nasdaq futures (NQ=F): +80.00points (+0.45{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,948.75

  • Crude (CL=F): +$0.14 (+0.14{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $100.14 a barrel

  • Gold (GC=F): -$21.90 (-1.12{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,932.10 per ounce

  • 10-year Treasury (^TNX): 0.00 bps to yield 2.3270{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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6:24 p.m. ET Thursday: GameStop surges to 4-month high after filing stock split plans

GameStop (GME) shares rallied in extended trading following an announcement after the bell indicating the video-game retailer plans to seek approval for a stock split.

The meme-stock favorite rallied as much as 20{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} in extended trading to a 4-month high of more than $200 per share following the news.

The company said in an 8-K SEC filing it plans to request stockholder approval at its upcoming annual shareholder meeting to increase the number of authorized Class A shares from 300 million to 1 billion in order to implement the split through a dividend.

With GME following suit on a growing list of companies recently reporting similar plans – Alphabet, Amazon, Tesla – it could be the “summer of stock splits.” Stock splits are a corporate action taken to improve trading liquidity and make shares more affordable, without impacting market capitalization.

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6:10 p.m. ET Thursday: Futures tick up slightly ahead of first April trading day

Here’s where the major stock index futures opened heading into the overnight session Thursday:

  • S&P 500 futures (ES=F): +12.25 points (+0.27{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,543.00

  • Dow futures (YM=F): +96.00 points (+0.28{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,714.00

  • Nasdaq futures (NQ=F): +49.75 points (+0.33{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,918.50

  • Crude (CL=F): +$1.04 (+1.04{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $101.32 a barrel

  • Gold (GC=F): -$12.20 (-0.62{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,941.80 per ounce

  • 10-year Treasury (^TNX): -3.1 bps to yield 2.3270{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

NEW YORK, NEW YORK - MARCH 28: Traders work on the floor of the New York Stock Exchange (NYSE) on March 28, 2022 in New York City. Following a positive week for stocks, the Dow Industrial Average was down over 100 points in morning trading. (Photo by Spencer Platt/Getty Images)

NEW YORK, NEW YORK – MARCH 28: Traders work on the floor of the New York Stock Exchange (NYSE) on March 28, 2022 in New York City. Following a positive week for stocks, the Dow Industrial Average was down over 100 points in morning trading. (Photo by Spencer Platt/Getty Images)

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Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter.

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Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter.

Read the latest financial and business news from Yahoo Finance

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Party’s Over: Dubai’s Monthslong Expo 2020 Comes to a Close | Business News

Party’s Over: Dubai’s Monthslong Expo 2020 Comes to a Close | Business News

By ISABEL DEBRE, Linked Press

DUBAI, United Arab Emirates (AP) — The world’s truthful in Dubai, a tech-saturated site teeming with speaking robots and photo voltaic canopies, sought to be the long run.

The pandemic-delayed Expo 2020 in the United Arab Emirates shut on Thursday right after 8 a long time of anticipation, in excess of $7 billion in financial investment, 240 million several hours of labor and 6 months of festivities.

The fate of the fairgrounds is crystal clear. Some nationwide pavilions will be demolished. A couple will stay, like an enormous lacework dome and the UAE’s soaring falcon-shaped pavilion. Other properties will be rebranded for a new business district shortly to increase from the site.

Political Cartoons

But the further legacy of the occasion proves more elusive.

When Dubai gained the bid to host Expo again in 2013, it felt like a rebirth. Just 4 several years previously, the glitzy metropolis-state endured a real-estate crash in the Terrific Recession, rescued by a $20 billion bailout from oil-rich Abu Dhabi.

As residence costs roared back, the Expo — the to start with world’s good in the Center East — appeared to signal Dubai’s problems have been powering it. Officers available dazzling predictions. The “world’s greatest show” would attract 25 million guests. It would make $33.4 billion in financial investment until eventually 2031. It would enable Dubai push into the prime tier of global economical facilities.

But, in the stop, the billions of bucks, frenzy of fantastical development initiatives and barrage of publicity proved powerless from the coronavirus pandemic, which compelled Dubai to postpone the occasion for a calendar year.

“It undoubtedly fell small of what officials would have needed,” explained James Swanston, an economist at Capital Economics. “There ended up particularly optimistic assessments about Expo driving the following five to 10 many years of development in true estate and business enterprise, and COVID disrupted that.”

Dubai raced to prevalent vaccination so it could open its borders and unwind virus constraints — earning it a status as a bash haven for vacationers escaping lockdowns back residence.

The honest has since logged a staggering, albeit murky, overall of 23 million visits — fueled by repeated stops by those people currently dwelling in the town. Public sector workforce got 6 times compensated depart to pay a visit to. Schoolchildren regularly descended on Expo for subject trips.

Whilst concert lineups included just a several starry names, these as Coldplay and Alicia Keys, culturally certain group-pleasers succeeded in drawing various and rabid enthusiast bases. K-pop stars, Bollywood singers and a beloved Iranian pop diva lured 1000’s.

​​“It’s a once-in-a-lifetime experience for all of us,” explained 37-year-previous Samiya Awan, a Pakistani resident of Dubai and Expo fanatic who volunteered at three national pavilions. “I am coming listed here every single working day, even if I’m not volunteering, I’m coming with my young ones.”

But the event brought scrutiny as effectively.

As the FIFA Globe Cup has for host Qatar, Expo has shined a mild on the problems of migrant laborers. Many minimal-compensated Expo employees have told of plunging into personal debt to address recruitment charges, owning their passports confiscated and struggling to find the money for food stuff whilst toiling at the multibillion-greenback honest.

Even so, no businesses or nations in the end heeded calls by the European Parliament to withdraw their involvement in Expo around human rights problems. Dubai has counted on the occasion to elevate its international profile and offer you a jolt to its financial state as it bounces again from the pandemic.

“Bringing the world to Dubai and showcasing Dubai to the entire world has been a person of the successes of this event,” explained Tarek Fadlallah, chief govt at Nomura Asset Administration Middle East.

Other analysts take note that when Dubai increasingly has elbowed its way onto the earth stage in modern months, that could have a lot less to do with Expo’s attract than the government’s pandemic response and key reforms.

The UAE has adjusted its weekend to align with the West, allowed unmarried couples to legally reside with each other and eased visa restrictions and foreign investment decision procedures. Gambling seems to be up coming. As hordes of very well-heeled foreigners flock to the emirate, the charges of luxury homes and villas have surged.

“I wouldn’t give Expo all the credit for residential house cost raises,” explained Sapna Jagtiani, a director at S&P World wide Rankings. “It was mostly driven by how the UAE managed the pandemic and higher web-truly worth people today transferring to the region.”

Dubai might no extended have a main world function but observers say the city’s organization-friendly procedures and absence of sanctions and politics will buoy the emirate in its Expo comedown. That’s particularly real as Russia’s war on Ukraine has pushed oil selling prices to multi-yr highs and stirred financial turmoil in the location.

“We have a large amount of oil income that finds its way to Dubai true estate,” Jagtiani added. “It’s viewed as a secure haven exactly where expense flows when there’s conflict.”

Even so, considerations linger that the conclude of Expo could irritate Dubai’s financial debt and oversupply challenges if demand fails to materialize for the expected flood of new hotel and housing construction. Rising desire premiums loom as well.

“It may well not blow up in the same way as 2009, but it could raise considerations about financial debt repayments wherever Abu Dhabi has to step in yet again,” Swanston mentioned.

But whilst uncompleted white elephant projects nonetheless litter Dubai, some others much more effective have propelled development and transformed swaths of its broad deserts into gleaming new developments.

Regardless of whether the Expo site has a long lasting effects continues to be to be found, even as crowds rushed in for the remaining couple of several hours of the party.

“I’ve heard a ton of combined comments about how fantastic or how terrible the Expo was, how it didn’t fulfill specific anticipations,” reported Khaled Iskandar, a Palestinian architect browsing the site for the fourth time this 7 days. “Personally … I was in awe.”

At a razzle-dazzle closing ceremony, Expo’s dome gleamed with hypnotic scenes of swirling h2o and orange-yellow mild.

“When the Expo finishes and this internet site evolves … the enduring spirit of Expo 2020 Dubai will persist,” proclaimed Jai-chul Choi, president of the Standard Assembly of the Paris-centered Bureau Intercontinental des Expositions that oversees Expos.

Renowned cellist Yo-Yo Ma done a slow and mournful solo. The darkish sky lit up with fireworks.

Linked Press author Malak Harb in Dubai contributed to this report.

Observe Isabel DeBre on twitter at www.twitter.com/isabeldebre.

Copyright 2022 The Affiliated Push. All rights reserved. This material may well not be printed, broadcast, rewritten or redistributed.

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Stock futures point to higher open after all three benchmarks close at 6-week highs

Stock futures point to higher open after all three benchmarks close at 6-week highs

Futures on Wall Street’s main benchmarks pushed higher in pre-market trading Tuesday following a choppy previous session that saw stocks climb in the final hour to cap the day at six-week highs.

Contracts on the S&P 500 were up 0.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, and the Dow Jones Industrial Average jumped 150 points. Futures tied to the Nasdaq Composite were up 0.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} after the index was buoyed by a comeback in technology stocks during the previous session. Big names in the sector — Tesla, Amazon, and Apple — each rallied during intraday trading Monday following a rough start to the year stoked by a risk-off sentiment amid a liftoff in interest rates by the Federal Reserve.

“Corporate America is in excellent shape — earnings estimates are higher in 2022 now than they were at the start of the year, which is no small feat,” LPL Financial equity strategist Jeff Buchbinder said in a note, adding, however, that the positive outlook was not without risks, particularly around the Fed’s inflation fight. Buchbinder pointed out the S&P 500 registered a 19{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} correction when the Federal Reserve last bumped rates up three years ago.

“We saw in 2018 what can happen when the market thinks the central bank is getting too aggressive,” he said. “And certainly we would not dismiss the potential for an escalation of the war in Europe and a broader conflict.”

Also weighing on corporate earnings is a slowdown in economic expansion and a challenging margin environment set forth by wage pressures, supply chain woes, materials and labor shortages, and rising commodity price, LPL Financial noted. These factors could make big earnings upside for companies to achieve and leave valuations to do the heavy lifting — but those valuations may not offer enough support to prop the S&P 500 up to 5,000 at year-end.

F.L. Putnam chief market strategist Ellen Hazen echoed a similar view on Yahoo Finance Live Monday.

“As we see inflation across the board for companies, we expect margins to continue to be under pressure,” Hazen said.

Inflation worries are also mounting for everyday Americans. The Conference Board’s Consumer Confidence Index due for release on Tuesday will show a timely snapshot of their thinking following the latest spike in prices. Economists surveyed by Bloomberg are looking for the index to fall to 107.0 for March following a read of 110.5 last month.

There will also be a new read on labor demand with the Job Openings and Labor Turnover Survey (JOLTS) for February scheduled for release Tuesday morning. Analysts are expecting 11 million vacancies, little changed from January’s 11.26 million openings. The results will jump start a week of fresh jobs data for March, which includes ADP’s private payrolls (out on Wednesday) and the crucial jobs report (Friday).

Investors got some relief on Monday as the CBOE Volatility Index (^VIX), which measures volatility and serves as a gauge of market sentiment, dipped. Wall Street’s “fear index,” better known as the VIX, settled below 20 for the first time since January after hovering at elevated levels in recent weeks.

Meanwhile, oil prices tanked on Monday after Shanghai implemented a lockdown to curb a surge in COVID-19 infections, renewing fears of a slowdown in demand. WTI Crude Oil futures (CL=F) plunged 9.2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} to settle at around $103 per barrel, recording their biggest drop in two weeks.

The war in Ukraine remains on the radar for investors. The Kremlin said Monday that peace talks between Russia and Ukraine may continue this week when officials from both countries meet in Turkey on Tuesday.

“While we cannot and will not speak about progress at the talks, the fact that they continue to take place in person is important, of course,” Kremlin spokesperson Dmitry Peskov told reporters on a conference call.

Peskov added that no major progress had been made in the talks themselves or the possibility of a face-to-face meeting between Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskyy.

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7:10 a.m. ET: Stock futures rise ahead of consumer confidence, jobs data

Here were the main moves in markets ahead of Tuesday’s open:

  • S&P 500 futures (ES=F): +16.00 points (+0.35{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,584.00

  • Dow futures (YM=F): +132.00 points (+0.38{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,985.00

  • Nasdaq futures (NQ=F): +40.75 points (+0.27{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,026.00

  • Crude (CL=F): +$0.88 (+0.83{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $106.84 a barrel

  • Gold (GC=F): -$28.50 (-1.47{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,911.30 per ounce

  • 10-year Treasury (^TNX): -0.00 bps to yield 2.477{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

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6:16 p.m. ET Monday: Futures open flat after stocks close at 6-week highs

Here’s where the major stock index futures opened Monday evening:

  • S&P 500 futures (ES=F): +0.25 points (+0.01{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,568.25

  • Dow futures (YM=F): -14.00 points (-0.04{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 34,839.00

  • Nasdaq futures (NQ=F): -10.75 points (-0.07{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 14,974.50

  • Crude (CL=F): -$2.43 (-2.29{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $103.53 a barrel

  • Gold (GC=F): -$17.60 (-0.91{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,922.20 per ounce

  • 10-year Treasury (^TNX): -1.5 bps to yield 2.477{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

NEW YORK, NEW YORK - MARCH 28: Traders work on the floor of the New York Stock Exchange (NYSE) on March 28, 2022 in New York City. Following a positive week for stocks, the Dow Industrial Average was down over 100 points in morning trading. (Photo by Spencer Platt/Getty Images)

NEW YORK, NEW YORK – MARCH 28: Traders work on the floor of the New York Stock Exchange (NYSE) on March 28, 2022 in New York City. Following a positive week for stocks, the Dow Industrial Average was down over 100 points in morning trading. (Photo by Spencer Platt/Getty Images)

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Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc

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