US open: Stocks trade lower following Memorial Day break
By Iain Gilbert
Date: Tuesday 31 May 2022
(Sharecast News) - Major indices were in the red early on Tuesday as traders returned from the Memorial Day long weekend with concerns regarding rising inflation.
As of 1525 BST, the Dow Jones Industrial Average was down 0.77% at 32,958.65, while the S&P 500 was 0.76% weaker at 4,126.55 and the Nasdaq Composite came out the gate 0.69% softer at 12,047.31.
The Dow opened 254.31 points lower on Tuesday, taking a bite of gains recorded in the previous session when the blue-chip index snapped a seven-week-long losing streak.
Tuesday's early moves come as market participants continue to battle with fears that rising inflation in both the US and abroad may slow down global economic growth after eurozone inflation hit an all-time high for a seventh consecutive month in May, surging to 8.1%.
Traders also digested news that economic activity slowed further in China in May, according to fresh official data released on Tuesday, with measures for both the manufacturing and non-manufacturing sectors remaining in contraction territory. The official manufacturing purchasing managers' index came in at 49.6 for the month, up from 47.4 in April and just ahead of consensus expectations for a reading of 49.0.
Also weighing on sentiment was news that the European Union had agreed to ban the bulk of crude oil imports from Russia, pushing West Texas Intermediate futures up 2.76% at $118.25 per barrel and Brent crude up 1.74% at $123.79 a barrel.
On the macro front, the US housing index rose to 386.5 points in March, up from 381 points in February, according to the Federal Housing Finance Agency.
Elsewhere, the Chicago purchasing managers index increased to 60.3 in May, according to the Institute for Supply Management, up from a downwardly revised print of 56.4 in April and beating market forecasts for a print of 55.
Still on data, the Conference Board's May consumer confidence index decreased slightly in May to now stand at 106.4, down from an upwardly revised print of 108.6 in April. The present situation index, based on consumers' assessment of current business and labour market conditions, declined to 149.6 from 152.9 a month earlier, while the expectations index, based on consumers' short-term outlook for income, business, and labour market conditions, declined to 77.5 from 79.0.
Still to come, May's Dallas Fed manufacturing index was expected to come out at 1530 BST.
No major corporate earnings were slated for release on Tuesday.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Chevron Corp. (CVX) $180.66 1.33%
Nike Inc. (NKE) $117.32 1.15%
JP Morgan Chase & Co. (JPM) $131.76 0.37%
American Express Co. (AXP) $170.02 0.25%
Walmart Inc. (WMT) $128.74 0.20%
Caterpillar Inc. (CAT) $217.38 0.11%
Visa Inc. (V) $212.95 0.03%
Dowdupont Inc. (DWDP) $30.52 0.00%
Honeywell International Inc. (HON) $230.94 0.00%
Travelers Company Inc. (TRV) $177.80 -0.02%
Dow Jones - Fallers
Salesforce.Com Inc. (CRM) $161.57 -2.14%
Johnson & Johnson (JNJ) $177.43 -2.02%
Merck & Co. Inc. (MRK) $91.40 -1.80%
Coca-Cola Co. (KO) $63.53 -1.79%
Home Depot Inc. (HD) $303.06 -1.75%
3M Co. (MMM) $147.26 -1.50%
Amgen Inc. (AMGN) $251.49 -1.48%
Cisco Systems Inc. (CSCO) $44.99 -1.39%
Unitedhealth Group Inc. (UNH) $501.47 -1.11%
Apple Inc. (AAPL) $148.00 -1.10%
S&P 500 - Risers
Marathon Oil Corp. (MRO) $32.63 5.02%
CF Industries Holdings Inc. (CF) $100.28 4.76%
Mosaic Company (MOS) $62.30 4.09%
Diamondback Energy Inc. (FANG) $158.63 3.91%
Hess Corp. (HES) $127.82 3.68%
Apache Corp. (APA) $49.22 3.36%
Occidental Petroleum Corp. (OXY) $72.91 2.89%
ConocoPhillips (COP) $117.58 2.60%
Pioneer Natural Resources Co. (PXD) $286.98 2.49%
Devon Energy Corp. (DVN) $77.68 2.48%
S&P 500 - Fallers
Illumina Inc. (ILMN) $242.15 -6.17%
Seagate Technology Plc (STX) $82.87 -6.01%
Gap Inc. (GPS) $10.95 -5.56%
Albemarle Corp. (ALB) $259.36 -4.27%
Martin Marietta Mtrl (MLM) $335.54 -3.98%
PerkinElmer Inc. (PKI) $150.63 -3.55%
Quest Diagnostics (DGX) $140.35 -3.47%
PepsiCo Inc (PEP) $166.04 -3.33%
Eli Lilly and Company (LLY) $312.73 -3.32%
Nordstrom Inc. (JWN) $25.69 -3.26%
Nasdaq 100 - Risers
JD.com, Inc. (JD) $56.85 5.91%
Baidu Inc. (BIDU) $145.45 4.57%
Trip.com Group Limited (TCOM) $22.03 3.43%
Amazon.Com Inc. (AMZN) $2,339.99 1.61%
Wynn Resorts Ltd. (WYNN) $66.22 1.48%
Dish Network Corp. (DISH) $22.59 1.30%
Hasbro Inc (HAS) $88.19 1.27%
Starbucks Corp. (SBUX) $77.26 0.72%
Vodafone Group Plc ADS (VOD) $16.73 0.57%
Alphabet Inc. Class C (GOOG) $2,266.09 0.45%
Nasdaq 100 - Fallers
Illumina Inc. (ILMN) $242.15 -6.17%
Seagate Technology Plc (STX) $82.87 -6.01%
Biomarin Pharmaceutical Inc. (BMRN) $77.19 -4.67%
Mercadolibre Inc. (MELI) $780.83 -3.77%
Autodesk Inc. (ADSK) $204.51 -3.25%
Regeneron Pharmaceuticals Inc. (REGN) $670.68 -3.19%
Lam Research Corp. (LRCX) $516.70 -2.70%
Hologic Inc. (HOLX) $75.40 -2.66%
KLA-Tencor Corp. (KLAC) $362.14 -2.46%
Incyte Corp. (INCY) $75.35 -2.38%
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