May 27, 2022

Vision Cim

Thank Business Its Friday

Nasdaq, S&P end higher, oil tops $92 level

U.S. stocks closed higher in what was another volatile week as investors weighed the stronger-than-expected monthly jobs report against positive earnings and rising interest rates. 

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 35089.74 -21.42 -0.06%
SP500 S&P 500 4500.53 +23.09 +0.52%
I:COMP NASDAQ COMPOSITE INDEX 14098.006675 +219.19 +1.58%

The Dow Jones Industrial Average ended with little changed, while the S&P 500 and Nasdaq Composite rose 0.5% and 1.5%, respectively. For the week, all three of the major averages posted gains. 

The yield on the 10-year Treasury rose to 1.93%, the highest since December 2019, lifting big banks higher. 

Ticker Security Last Change Change %
JPM JPMORGAN CHASE & CO. 152.56 +3.86 +2.60%
BAC BANK OF AMERICA CORP. 48.28 +1.85 +3.98%
WFC WELLS FARGO & CO. 56.33 +1.16 +2.10%

Oil tacked on 5.5% for the week, closing at $92.21 per barrel, a seven-year-high. 

Ticker Security Last Change Change %
USO UNITED STATES OIL FUND L.P. 64.91 +1.40 +2.20%

In earnings, Amazon shares rose after strong quarterly results. Wall Street had expected EPS of $3.44, but the retailer delivered a staggering $27.75. The stock registered its best day since October 2017. 

Ticker Security Last Change Change %
AMZN AMAZON.COM INC. 3,152.79 +375.88 +13.54%

Higher inflation is behind a price hike for monthly Prime memberships, which will go from $12.99 to $14.99, and annual memberships will be hiked to $139 from the current $119. The price change will go into effect for new members starting Feb. 18, and existing members will see their fees go up on the date of their next renewal after March 25.

Ticker Security Last Change Change %
SNAP SNAP INC. 38.91 +14.41 +58.82%

In earnings, Snap shares jumped after posting a profit for the first time, earning $22.6 million, or one cent per share, compared to a loss of $69 million, or eight cents per share, a year earlier. Analysts had been expecting it to report a loss of nine cents a share in the latest quarter, according to FactSet.

Facebook shares inched higher after the 26.4% wipeout, which erased more than $230 billion in market value, easily the biggest one-day loss in history for a U.S. company. The stocks of other social media companies, including Twitter and Snap, also fell.

FORD SHARES SKID DESPITE A BULLISH 2022 OUTLOOK

Ticker Security Last Change Change %
F FORD MOTOR CO. 17.96 -1.93 -9.70%
GM GENERAL MOTORS CO. 51.29 -1.82 -3.43%

Ford shares dipped despite the automaker having delivered a $17.94 billion net profit last year, even as it battled computer chip shortages that caused factory slowdowns and vehicle shortages. Sales fell 7% for the year over depressed 2020 numbers. But customers paid record prices of nearly $51,000 per vehicle in Ford’s most lucrative market, according to Edmunds.com. GM also benefited in its quarter from higher car prices. 

Ticker Security Last Change Change %
CLX THE CLOROX CO. 141.41 -23.93 -14.47%

Clorox shares sank after the maker of bacterial wipes reported an 8% decline in net sales and a 72% drop in profits from the same period a year ago. 

Ticker Security Last Change Change %
BMY BRISTOL MYERS SQUIBB CO. 64.99 +0.92 +1.44%

Bristol-Myers rose after fourth-quarter profits of $2.4 billion, or $1.07 per share, reversed losses from the year-ago period.  

JUMP TRADING REPLACES STOLEN WORMHOLE FUNDS AFTER $320M CRYPTO HACK

In cryptocurrencies, Bitcoin bounced higher, crossing the $40,000 level. 

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 The Associated Press contributed to this report.