STOCK MARKET NEWS: Markets whipsawing, Musk denies affair, gas, oil prices lower

Symbol Price Change %Change
I:DJI $31,899.29 -137.61 -0.43%
SP500 $3,961.63 -37.32 -0.93%
I:COMP $11,834.11 -225.50 -1.87%

U.S. stocks were whipsawing heading into the first day of the workweek as investors braced for the busiest week of second-quarter earnings reports led by mega-cap consumer/tech titans like Alphabet and Microsoft on Tuesday, Meta Platforms on Wednesday, and Apple and Amazon on Thursday. 

Other names to watch include General Motors, GE, Ford, Comcast, Northrop Grumman, Charter Communications, and Exxon Mobil as 12 Dow members as well as 170 companies in the S&P 500 – or just over one-third of the benchmark index – will release earnings for the April-June period.

U.S. stocks slumped Friday, snapping a three-day winning streak, as some surprisingly weak quarterly updates from companies spooked investors.

The S&P 500 fell 37.32 points, or 0.9%, to 3961.63 a day after the broad benchmark index jumped 1%. The Dow Jones Industrial Average edged down 137.61 points, or 0.4%, to 31899.29, and the Nasdaq Composite declined 225.50 points, or 1.9%, to 11834.11. 

Despite Friday’s losses, all three indexes posted weekly gains. With a 2.5% rise for the week, the S&P 500 capped its best week in a month. Nonetheless, few investors are willing to call a bottom to a selloff that has dragged the S&P 500 down 17% this year. 

Persistently high inflation, the possibility of a recession and the war in Ukraine remain at the forefront of investors’ minds. Next week’s meeting of the Federal Reserve, as well as coming gross domestic product data, could inject more volatility in the markets. 

Asian shares tumbled Monday after a retreat on Wall Street spurred by disappointing economic data and corporate earnings. 

Investors are awaiting the next move by the U.S. Federal Reserve, which is expected to raise its key interest rate again on Wednesday as it strives to beat back inflation. The Fed will likely announce its second 0.75% point increase in its short-term rate in a row, a hefty increase that it hasn’t otherwise implemented since 1994. That will put the Fed’s benchmark rate in a range of 2.25% to 2.5%, the highest level since 2018. 

On Monday in Asia, Tokyo’s Nikkei 225 shed 0.9% to 27,676.97 and the Kospi in Seoul slipped 0.6% to 2,406.98. Hong Kong’s Hang Seng declined 1.2% to 20,365.99, while the Shanghai Composite index gave up 0.8% to 3,245.19. In Australia, the S&P/ASX 200 edged 0.2% lower to 6,781.60.

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