Last Price$109.37NYSE Previous Close - Last Trade as of 7:00PM ET 5/18/22

Today's Change-6.53(5.63%)
Bid (Size)$107.52 (1)
Ask (Size)$108.29 (4)
Day Low / High$108.78 - 113.36
Volume1.5 K

Stocks Start Week Mostly Lower, Nasdaq Erases Losses in Late-Session Recovery

4:50PM ET 1/10/2022 MT Newswires
US stocks finished mostly lower Monday, with the Nasdaq Composite, however, managing to stage a late-session recovery, ending fractionally higher. The S&P 500 and the Dow Jones Industrial Average also trimmed losses a few minutes before the markets closed.

The S&P 500 was down 0.1% to 4,670.29, the Nasdaq was slightly higher at 14,942.83 and the Dow was 0.5% lower at 36,068.87.

Most sectors were in the red, with industrials and materials the hardest hit, while technology and communications services managed to join healthcare as late-session gainers.

The 10-year US Treasury yield also changed course late in the session, swinging into negative territory to 1.751% after touching 1.81% earlier in the session, its highest intraday level since January 2020. The 10-year yield, which ended last year at 1.52%, surged to about 1.76% by the end of last week, a 24 basis-point jump in just five days.

"The speed of rate moves matters for equity returns," Goldman analysts, including David Kostin, said in a research note. "Equities typically struggle when the 5-day or 1-month change in nominal or real rates is greater than two standard deviations. The magnitude of the recent yield backup qualifies as a 2+ standard deviation event in both cases."

West Texas Intermediate crude oil dropped 0.6% to $78.40 a barrel.

In economic news, with a dearth of economic data, Tuesday's main event will be Fed Chair Jerome Powell's nomination hearing before the Senate Banking Committee. Committee members will likely grill Powell on his measures to control inflation, including the Federal Reserves' timetable for raising US interest rates.

In company news, Moderna (MRNA) said advanced purchase agreements for 2022 delivery rose to $18.5 billion, up from $17 billion previously. Shares of the vaccine maker, whose product sales for 2021 hit $17.5 billion, surged 9.3%, the most on S&P 500.

Take-Two Interactive Software (TTWO) said it struck a deal to acquire Zynga (ZNGA) for $9.86 per share in a cash-and-stock deal that values the mobile game developer at $12.7 billion. Shares of Take-Two Interactive plummeted 13%.

HSBC downgraded Nike (NKE) to hold from buy, with a price target of $182 per share. Wedbush said in a research note Adidas sub-brand Yeezy drove the increase in product launches during the holiday selling period of December as it offered 11 new products last month. In contrast, Nike (NKE) missed that pace year on year. Nike's shares dropped 4.2%, the steepest decliner on the Dow.

Gold was up 0.2% to $1,801.50, silver was up 0.5% to $22.52 an ounce, and copper was down 0.8% to $4.38 per pound in metals markets trading. Among energy ETFs, the United States Oil Fund was down 0.9% to $56.16, and the United States Natural Gas Fund was up 5.5% to $13.74.