May 16, 2022

U.S. stocks closed lower today with equities resuming a downward slide as concerns over the growth outlook persisted along with elevated inflation.

Dow Jones finished +27 at 32,223

S&P 500 finished -16 at 4,008

NASDAQ finished -142 at 11,662

The 10 Year Treasury closed down 4 basis points yielding 2.89%

Oil prices closed up $3.64 ending at $114.13 a barrel.

Gold prices closed up $16.60 ending at $1,825 an ounce.

In the days’ stock news:

Carvana closed up 0.55% after the online used car retailer forecast a quicker-than-expected timeline for profitability. The company also shared plans to cut costs.
Twitter closed down 8% as speculation about whether Elon Musk would complete his takeover deal of the social media company continued. The Tesla CEO tweeted over the weekend that Twitter’s legal team said he violated a nondisclosure agreement.