May 11, 2022

May 11, 2022

U.S. stocks dropped sharply today as investors digested a key report on the state of inflation in the U.S., which came in hotter-than-expected across most major metrics.

 

Dow Jones finished -327 at 31,834

S&P 500 finished -66 at 3,935

NASDAQ finished -373 at 11,364

 

The 10 Year Treasury closed down 7 basis points yielding 2.93%

Oil prices closed up $5.48 ending at $105.24 a barrel.

Gold prices closed up $11.30 ending at $1,852 an ounce.

 

In the days’ stock news:

 

  • Unity Software closed down 37% after the video game software company posted revenue below expectations. Unity Software reported $320 million in revenue in the first quarter, while analysts surveyed by Refinitiv expected $322 million.
  • Coinbase closed down 26.4% after Coinbase reported first-quarter revenue below expectations. Coinbase posted revenue of $1.17 billion versus the Refinitiv consensus estimate of $1.48 billion. The company said lower crypto asset prices and market volatility impacted first-quarter results.

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