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Home Business

Stocks Rebound, Nike Jumps, Oil At $109 – Fox Business

by NewsReporter
March 22, 2022
in Business
stocks-rebound,-nike-jumps,-oil-at-$109-–-fox-business
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U.S. stocks rebounded on Tuesday as steady trading in commodity prices and a fresh basket of corporate earnings helped balance out the uncertainty of the Russia- Ukraine conflict and the prospect of more aggressive rate hikes by the Federal Reserve.

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 34807.46 +254.47 +0.74%
SP500 S&P 500 4511.61 +50.43 +1.13%
I:COMP NASDAQ COMPOSITE INDEX 14108.817117 +270.36 +1.95%

RUSSIA INVADES UKRAINE: LIVE UPDATES

The rebound comes as Treasury yields hit their highest level since May 2019, 2.375%, after Fed Chairman Jerome Powell on Monday signaled more aggressive rate hikes may be needed to combat inflation. His remarks were made at the National Association of Business Economics.

Financial shares including JPMorgan, Goldman Sachs and Bank of America rose in tandem with higher yields. 

Ticker Security Last Change Change %
JPM JPMORGAN CHASE & CO. 142.69 +3.04 +2.18%
GS THE GOLDMAN SACHS GROUP INC. 343.06 +4.03 +1.19%
BAC BANK OF AMERICA CORP. 44.19 +1.31 +3.06%

WHAT IS STAGFLATION?: WHY ECONOMISTS ARE WORRYING ABOUT A 1970S-STYLE CATASTROPHE

Oil closed at $111.76 per barrel, while Brent, the global benchmark, rose to $115.48. Oil prices are up more than 45% this year, and prices for wheat and corn have also surged. Natural gas prices also remain elevated above $5.00 

CLICK HERE TO READ MORE ON FOX BUSINESS

Ticker Security Last Change Change %
USO UNITED STATES OIL FUND L.P. 78.56 -0.98 -1.23%
BNO UNITED STS BRENT OIL FD LP UNIT 31.83 -0.35 -1.09%
UNG UNITED STATES NATURAL GAS FUND LP UNIT (POST REV SPLIT) 18.09 +0.65 +3.73%
2stocks 3 22 22

  (AP Photo/Richard Drew)

In stocks, Nike shares rose after profits and sales beat Wall Street estimates. Additionally, the apparel giant reiterated its commitment to Foot Locker, which gets a big chunk of revenue from its products. 

Ticker Security Last Change Change %
NKE NIKE INC. 133.07 +3.04 +2.34%
FL FOOT LOCKER INC. 31.50 +0.49 +1.58%

Security firm Okta was under pressure after reports of a security breach by a group called LAPSUS$ based on screenshots shared online. 

OKTA HACK: WHAT TO KNOW

“We believe the screenshots shared online are connected to this January event. Based on our investigation to date, there is no evidence of ongoing malicious activity beyond the activity detected in January” said Chief Security Officer David Bradbury. 

Ticker Security Last Change Change %
OKTA OKTA INC. 166.43 -2.98 -1.76%

SAUDI ARABIA SAYS IT WON’T TAKE BLAME FOR OIL SHORTAGES AFTER FACILITIES HIT BY HOUTHI REBELS

Alibaba shares rose after the Amazon of China announced a $25 billion share repurchase plan, its largest ever. 

Ticker Security Last Change Change %
BABA ALIBABA GROUP HOLDING LTD. 114.98 +11.39 +11.00%

TESLA BERLIN IS HERE!

Tesla in focus as CEO Elon Musk opened Germany’s Gigi factory in Berlin along with German Chancellor Olaf Scholz. The move is a big win for investors, according to Wedbush Securities analyst Dan Ives. 

German Chancellor Olaf Scholz, Dietmar Woidke, Minister President of the State of Brandenburg, and Elon Musk, Tesla CEO, from left, attend the opening of the Tesla factory Berlin Brandenburg in Gruenheide, Germany, Tuesday, March 22, 2022. The first European factory in Gr’nheide, designed for 500,000 vehicles per year, is an important pillar of Tesla’s future strategy. (Patrick Pleul/Pool via AP)

“We cannot stress the production importance of Giga Berlin to the overall success of Tesla’s footprint in Europe and globally,” said Ives in a research note to clients. 

Ticker Security Last Change Change %
TSLA TESLA INC. 993.98 +72.82 +7.91%

Moderna in focus as it announced new development programs to expand use of its COVID-19 vaccine to treat conditions related to the virus. 

Ticker Security Last Change Change %
MRNA MODERNA INC. 186.72 +11.34 +6.47%

In cryptocurrencies, Bitcoin traded above the $42,000 level.  

GET FOX BUSINESS ON THE GO BY CLICKING HERE 

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