U.S. stocks pulled back, with the Dow Jones closing down $341.41. Rising oil prices fueled inflation concerns, while movements in long-term interest rates weighed on the market.
U.S. stocks pulled back, with the Dow Jones closing down $341.41 at $51,179.87 and the Nasdaq closing down 61.20 points at 27,538.69. Inflation concerns intensified amid rising oil prices, and selling prevailed after the open.
Selling spread amid caution over rising bond yields, with financial stocks declining and Caterpillar (CAT), a manufacturer of construction and industrial equipment, also falling and weighing on the market overall. Toward the close, oil prices turned lower, while long-term interest rates stalled following a strong domestic 10-year bond auction, narrowing the market's losses.
By sector, pharmaceuticals and biotechnology and retail rose, while capital goods declined. Among individual stocks, Micron Technology (MU) rose after analysts raised their price targets. Mattel (MAT) rose amid reports that it could be acquired, while Apple (AAPL) rose following reports of plans for joint development with LG in the smart-home equipment business.
Caterpillar (CAT) and peer Deere (DE) fell following an investigative report by the FTC and USDA concerning suspected anticompetitive conduct. Space Exploration Technologies (SPCX) fell amid caution over rising credit risk following reports of financing for Nvidia (NVDA). American Express (AXP) fell after analysts cut their price targets. Levi Strauss (LEVI), which reported earnings, was bought in after-hours trading.