Stocks ended another bumpy day with mixed results on Wall Street Monday. The S&P 500 went up, down, up, and then down again in the last hour of trading to wind up with a loss of 0.4%. Losses in several big tech companies left the Nasdaq down 0.6% and the Dow Jones Industrial Average closed essentially unchanged. Small-company stocks rose. The S&P 500 fell 16.66 points to 4,483.87. The Dow rose 1.39 points to 35,091.13. The Nasdaq fell 82.34 points to 14,015.67. The uncertain trading follows weeks of volatility for major indexes as traders try to figure out how stock valuations will be affected by the interest rate hikes looming on the horizon as the Federal Reserve moves to tame inflation, the AP reports.
Energy and financial companies made solid gains. Chevron rose 2% and insurer Allstate rose 2.2%. Retailers, travel-related companies. and others that rely on direct consumer spending also gained ground. Carnival rose 7.8%. Losses for several big technology and communications companies tempered gains elsewhere in the market. Facebook’s parent, Meta, fell 5.1% and Google's parent company Alphabet fell 2.9%. Microsoft fell 1.6%. Investors have another busy week reviewing the latest corporate report cards. Meat producer Tyson Foods rose 12.2% after reporting strong results
Several big companies are on deck this week to report their results, including Pfizer on Tuesday and Walt Disney on Wednesday. Twitter and Coca-Cola will report on Thursday. Outside of earnings, several companies gained ground on buyout news. Spirit Airlines jumped 17.2% after Frontier Airlines’ parent company agreed to buy the carrier in a deal worth $2.9 billion. Peloton rose 20.9% following reports that the exercise bike and treadmill company is a buyout target for companies including Nike and Amazon. (More stock market stories.)
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