May 6, 2022

U.S. stocks closed down today as investors took in a key report on the state of the labor market’s recovery, which showed solid labor market conditions but still have concerns over the Federal Reserve’s ability to bring down inflation while maintaining solid economic activity.

Dow Jones finished -99 at 32,899

S&P 500 finished -24 at 4,123

NASDAQ finished -173 at 12,144

The 10 Year Treasury closed up 6 basis points yielding 3.13%

Oil prices closed up $2.29 ending at $110.55 a barrel.

Gold prices closed up $6.30 ending at $1,882 an ounce.

In the days’ stock news:

DraftKings dropped 9%, giving back a gain from earlier in the day. DraftKings reported a loss of $1.10 per share on revenues of $417 million. Analysts surveyed by Refinitiv were expecting a loss of $1.15 per share on revenues of $412 million. DraftKings also raised its full-year revenue guidance in its quarterly report.
Peloton closed down more than 7% after The Wall Street Journal reported the at-home fitness company is looking for potential investors to take a minority stake in it in the realm of 15% to 20%. The company has struggled with post-pandemic demand on top of brand issues, supply chain challenges and a change in CEO. It will report quarterly results next week.