US stock indices pulled back from record highs Tuesday as investors digested another hot inflation reading.
The Dow Jones Industrial Average fell 111 points, or 0.31%, while the S&P 500 and Nasdaq Composite indexes fell 0.35% and 0.6%, respectively. The losses come a day after all three major averages close at all-time highs, breaking the Nasdaq’s 11-day winning streak.
| ticker | safety | Last | Change | Change % |
|---|---|---|---|---|
| Me: DJI | DOW JONES AVERAGE VALUES | 36319.98 | -112.24 | -0.31% |
| SP500 | S&P 500 | 4685.25 | -16.45 | -0.35% |
| Me: COMP | NASDAQ COMPOSITE INDEX | 15886.542552 | -95.81 | -0.60% |
The producer price index rose by 0.6% in October, which is in line with the expectations of the analysts surveyed by Refinitiv. Prices rose 8.6% year-over-year and posted the seventh record profit in a row.
According to the report, the 10-year bond yield fell six basis points to 1.43%.
On the equity side, General Electric Co. announced it would split into three separate companies focusing on aviation, healthcare and energy. The airline will use the General Electric name once the split is complete.
| ticker | safety | Last | Change | Change % |
|---|---|---|---|---|
| GIVE | GENERAL ELECTRIC CO. | 111.29 | +2.87 | + 2.65% |
Robinhood Markets Inc. said a security incident that occurred last week resulted in a hacker stealing the personal information of 7 million customers. The company says it doesn’t believe customers’ social security, bank account, or debit card numbers have been disclosed.
| ticker | safety | Last | Change | Change % |
|---|---|---|---|---|
| HOOD | ROBINHOOD MARKETS, INC. | 36.70 | -1.28 | -3.37% |
On earnings, AMC Entertainment Holdings Inc. reported a smaller-than-expected loss and revenue that exceeded Wall Street estimates, but said attendance was below pre-pandemic levels. The theater chain said it was considering launching its own non-fungible tokens.
| ticker | safety | Last | Change | Change % |
|---|---|---|---|---|
| AMC | AMC ENTERTAINMENT HOLDINGS INC | 39.93 | -5.13 | -11.38% |
PayPal Holdings Inc. missed sales and gave a disappointing sales outlook for the remainder of the year. The payment company announced a partnership with Amazon that will allow Amazon customers to use the Venmo app to make purchases on the ecommerce site.
| ticker | safety | Last | Change | Change % |
|---|---|---|---|---|
| PYPL | PAYPAL HOLDINGS, INC. | 205.42 | -24.00 | -10.46% |
Palantir Technologies Inc. said quarterly revenue was up 36% year over year, exceeding estimates as the data analytics firm won more government contracts and deals. The result met the expectations of the analysts.
| ticker | safety | Last | Change | Change % |
|---|---|---|---|---|
| PLTR | PALANTIR TECHNOLOGIES, INC. | 24.25 | -2.50 | -9.35% |
Tesla plunged for the third year in a row as investors debated CEO Elon Musk’s prospect of selling some of its shares.
| ticker | safety | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA, INC. | 1,023.50 | -139.44 | -11.99% |
Coinbase Global Inc., Krispy Kreme Inc. and Wynn Resorts Ltd. are among the companies that will report after the closing bell on Tuesday.
| ticker | safety | Last | Change | Change % |
|---|---|---|---|---|
| COIN | COINBASE GLOBAL, INC. | 357.39 | +3.47 | + 0.98% |
| DNUT | KRISPY CREAM | 12.98 | -0.57 | -4.21% |
| WYNN | WYNN RESORTS LTD. | 94.12 | -0.73 | -0.77% |
In commodities, West Texas Intermediate crude rose $ 2.22 to $ 84.15 a barrel, while gold rose $ 2.80 to $ 1,830.20 an ounce.
The overseas markets were mixed.
The European stock exchanges were consistently weak, with the German DAX 30 falling 0.04%, the French CAC 30 falling 0.06% and the British FTSE 100 falling 0.36%.
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In Asia, the Japanese Nikkei 225 lost 0.75%, while the Hong Kong Hang Seng Index and China’s Shanghai Composite Index rose 0.2% and 0.24%, respectively.
