U.S. stocks finished mixed on Tuesday after the White House confirmed it will release 50 million barrels of oil from the Strategic Petroleum Reserve in an effort to combat higher energy prices.
|I:DJI||DOW JONES AVERAGES||35813.8||+194.55||+0.55%|
The Dow Jones Industrial Average closed up 194 points or 0.5%, with Goldman Sachs, Travelers Companies, and JP Morgan Chase accounting for more than half of its gains, while the S&P 500 closed up 0.17%.
|GS||THE GOLDMAN SACHS GROUP, INC.||406.32||+10.14||+2.56%|
|TRV||THE TRAVELERS COS., INC.||160.26||+3.39||+2.16%|
|JPM||JPMORGAN CHASE & CO.||168.28||+3.93||+2.39%|
Meanwhile, the Nasdaq slipped 0.5%, falling for the second consecutive day, as rising bond yields weighed on big tech stocks.
|I:COMP||NASDAQ COMPOSITE INDEX||15775.138332||-79.62||-0.50%|
Oil rose 2.3% closing at $78.50 per barrel as traders doubted Biden’s move will take prices lower. Big oil rose in tandem.
|USO||UNITED STATES OIL FUND L.P.||56.20||+1.75||+3.21%|
|XOM||EXXON MOBIL CORP.||63.14||+1.64||+2.67%|
The 10-year Treasury yield jumped to a one-month high of 1.67%.
In earnings news, shares of Zoom tumbled 14% in Tuesday’s trading session, pressuring the broader market, following a slowdown in sales as more workers return to the office.
|ZM||ZOOM VIDEO COMMUNICATIONS, INC.||206.64||-35.64||-14.71%|
Investors also digested a mixed bag of retail earnings. Dick’s Sporting Goods raised its full-year guidance citing strong consumer demand, while Dollar Tree announced price hikes for all stores to $1.25 after quarterly results were in-line with expectations and Best Buy forecast fourth-quarter holiday sales that fell short of analysts estimates.
|DLTR||DOLLAR TREE, INC.||144.71||+12.15||+9.17%|
|DKS||DICK’S SPORTING GOODS, INC.||134.55||-5.73||-4.08%|
|BBY||BEST BUY CO., INC.||121.01||-16.99||-12.31%|
Retailers to watch after the bell include Gap and Nordstrom.
On the economic docket, the Markit manufacturing PMI came in slightly ahead of estimates at 59.1, but the services PMI missed estimates by two points with a reading of 57. Any reading above 50 indicates an expanding sector.
U.S. financial markets are closed on Thursday for the Thanksgiving holiday and have a shortened session with a 1 pm ET close on Friday. Wednesday markets will be open as usual.