May 10, 2022

May 10, 2022

The market struggled to choose a direction today with a crazy trading session that saw the major averages waver between gains and losses. At one point, the Dow rose more than 500 points but later stooped to a session low of roughly 350 points.

 

Dow Jones finished -85 at 32,160

S&P 500 finished +10 at 4,001

NASDAQ finished +114 at 11,737

 

The 10 Year Treasury closed down 9 basis points yielding 2.99%

Oil prices closed down $3.57 ending at $99.52 a barrel.

Gold prices closed down $21.20 ending at $1,837 an ounce.

 

In the days’ stock news:

 

  • Peloton closed down 8.7% after the equipment maker disclosed it’s piling up excess inventory and burning through cash in a disappointing earnings report. Peloton also issued a dim fiscal fourth-quarter sales outlook and expects an upcoming price hike may lose the company some subscribers.
  • Sunrun closed down 3% after KeyBanc downgraded the stock to a sector weight rating from overweight. The firm cited “significant uncertainty presented by the recent proposed decision related to net metering reform in [California].”

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