May 5, 2022

U.S. stocks tanked today, giving back gains after a rally on Wall Street on Wednesday, as traders continued to contemplate the Federal Reserve’s latest monetary policy decision.

Dow Jones finished -1063 at 32,997

S&P 500 finished -153 at 4,146

NASDAQ finished -647 at 12,317

The 10 Year Treasury closed up 12 basis points yielding 3.03%

Oil prices closed up $0.49 ending at $108.30 a barrel.

Gold prices closed up $9.40 ending at $1,878 an ounce.

In the days’ stock news:

Etsy closed down 16.8% after the company released weaker-than-expected guidance for the current quarter amid a drop in disposable income for consumers. Etsy did report earnings that matched expectations and post better-than-expected revenue.
Twitter closed up 2.8% after CNBC’s David Faber reported Elon Musk is expected to serve as temporary CEO of Twitter for a few months after he completes his $44 billion takeover of the social media platform. Regulatory filings published Thursday also showed Musk received another $7 billion from friends and investors to buy Twitter.