Expedia Group Inc EXPE:NASDAQ

Last Price$102.34NASDAQ Previous Close - Last Trade as of 4:00PM ET 6/24/22
NASDAQ 15-minute delayed Bid/Ask Quotes
Today's Change0(0.00%)
Bid (Size)$101.52 (1)
Ask (Size)$102.55 (3)
Day Low / HighN/A - N/A
Volume4.3 M

US Stocks Higher Tuesday as Factory Orders Top Expectations; Fed Kicks Off Policy Meeting

5:35PM ET 5/03/2022 MT Newswires
US stocks were higher Tuesday as factory new orders for March beat expectations and the Federal Reserve began its two-day policy meeting.

The Dow Jones Industrial Average climbed 0.2% to 33,128.79, with the S&P 500 up 0.5% to 4,175.48 and the Nasdaq Composite was 0.2% higher at 12,563.76.

Energy, financials and real estate led gainers, with all but two sectors, consumer staples and consumer discretionary, in the red.

The US 10-year yield dropped 2.1 basis points to 2.98%.

West Texas Intermediate crude-oil futures slumped $2.41 to $102.76 per barrel.

The Federal Open Market Committee is expected to raise the federal funds rate by 50 basis points and detail the process for reducing its securities holdings, as suggested by several FOMC officials including Chairman Jerome Powell. The FOMC's statement following Wednesday's meeting is due for release at 2:00 pm ET, with Powell's press conference scheduled for 2:30 pm ET.

Wells Fargo Investment Institute recently increased its 2022 year-end target range for the federal funds rate to 2.5%-2.75% from 1.5%-1.75% as its economists concluded the red-hot inflation in the US is likely to be "sticky."

The Federal Reserve's aggressive interest rate hikes and balance sheet cuts over the next 16 months in a bid to tame inflation won't achieve a soft landing and may lead to a recession, according to CNBC's May Fed Survey, which polled economists, fund managers and strategists.

Meanwhile, a more than 2% gain in factory new orders for March, 2.3% increase in factory shipments and stronger job openings were the highlights of US data released on Tuesday. New orders for US factory goods rose by 2.2% in March, above expectations for a 1.2% increase in a survey compiled by Bloomberg and following a 0.1% increase in February. US job openings rose to more than 11.5 million in March, the Bureau of Labor Statistics said. That number beat the 11.2 million expected in a survey compiled by Bloomberg and was up from about 11.3 million reported in February.

In company news, Elliott Management called for a full strategic review of Western Digital (WDC) and offered $1 billion equity capital to facilitate the separation of its NAND flash memory business. Shares of Western Digital surged 14.5%, the most on the S&P 500.

Expedia Group (EXPE) said it expects a "robust" travel season this summer as demand continues to recover, setting the stage for improving sales as losses narrow even amid a challenging macroeconomic and geopolitical environment. Shares of travel bookings operator plummeted 14%, the second-worst performer on the S&P 500.

Gold rose $3.40 to $1,867.00 per troy ounce, and silver was flat at $22.58 per ounce. Among energy ETFs, the United States Oil Fund was down 2.2% to $76.69, and the United States Natural Gas Fund was up 3% to $26.79.