Stock market today: Dow leads markets higher as earnings roll in, Powell comments on inflation
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US stocks searched for direction on Tuesday as the Dow looked to snap a six-day losing streak. The Dow Jones Industrial Average (DJIA) edged higher in afternoon trading, climbing about 0.5%, or more than 150 points. Both the S&P 500 and tech-heavy Nasdaq Composite reversed earlier losses to rise about 0.3% and 0.5%, respectively. Yields jumped on the heels of Powell's comments with the 2-year note briefly touching above 5% — its highest level since November. The 10-year Treasury yield, which touched 2024 highs on Monday, climbed about 5 basis points to trade around 4.68%. Meanwhile, earnings reports flooded in before the bell. UnitedHealth shares added about 5% after the healthcare group beat quarterly profit estimates, even as it said it expects to take a $1.6 billion hit from a February cyberattack. Investors were also digesting more big bank results: Bank of America reported that first quarter profit dropped 18% year over year as a key revenue source weakened, while Morgan Stanley stock rose as it topped expectations. Elsewhere, BNY Mellon posted a loss while Johnson & Johnson reported a sizable losses on Monday as hot retail sales data fueled expectations that interest rates will stay higher for longer this year. Consensus is now for no interest rate cut until September as the strength of the economy gives reason for the Federal Reserve to take its time, though some believe politics could push policymakers to act earlier.
#StockMarket #DowJones #Earnings #Inflation