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Dow Plunges Nearly 300 Points Amid Growing Inflation Worries

U.S. equities traded lower in the early morning market as investors focused on inflation and rising COVID 19 cases.

Though the Nasdaq just clocked in its strongest single-day turnaround since March 2020, investors are giving up some of those gains with the Nasdaq Composite trading off 0.61% as the Dow Jones Industrial Average drops 244 points and the S&P 500 loses 0.55% or 26 points.

Investors are closely watching Fed Chairman Jerome Powell’s Senate appearance today. Wednesday’s inflation data release will also have an impact on U.S. equities.

U.S. Dollar and Treasuries

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The yield on the 10-year Treasury held steady near 1.76%. The dollar remained stable against a basket of major currencies.

Price Chg. Chg. %
U.S. Dollar Index (DXY): 95.97 -0.02 -0.02%

 

Yield Change Previous close
U.S. 1 Year Treasury Bill 0.448% 0.023 0.425%
U.S. 5 Year Treasury Note 1.537% 0.017 1.520%
U.S. 10 Year Treasury Note 1.76% -0.006 1.766%

 

Stocks To Watch

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Shares of Tesla (TSLA) traded slightly higher despite data from China showing record sales. China is the largest car market on the globe.

Pfizer (PFE) gained more than 1% after saying that it is developing a “hybrid vaccine” that would protect both against the Omicron variant as well as COVID’s original strain. The new vaccine is set to come out in March. Shares of Pfizer were stable after the announcement.

Chipmaker Advanced Micro Devices (AMD) rose in after KeyBanc increased its rating and the price target for the stock. Other chipmakers rose as well, including Intel (INTC) and NVIDIA (NVDA).

Commodities To Watch

Oil rose to $82 as investors anticipate demand to recover. Gold rose on inflation concerns, nearing $1804 per ounce. 

Resource Price Chg. %
WTI Crude Oil $79.45 1.56%
Brent Crude Oil $82.01 1.41%
Natural Gas $4.08 -0.02%
Gold $1,803.90 0.30%
Silver $22.65 0.84%
Copper $4.39 0.84%

 

Crypto

The global crypto market cap is $1.96T, a 1.99% increase over the last day. Bitcoin’s dominance is currently 40.45%, a decrease of 0.05% over the same period.

Currency Symbol Price Chg. % Market Cap.
Bitcoin BTC $41,943.96 +1.74% 793.83b
Etherium ETH $3,134.14 +2.43% 372.14b
Binance coin BNB $451.26 +5.27% 67.84b
Solana SOL $136.70 +0.43% 42.58b
Cardano ADA $ 1.152 +2.29% 35.83b

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