Market Update: BX, KO, PEP, SAP, UPS
Stocks plunged again on Tuesday morning, reversing Monday’s gains amid continued concerns about inflation, Fed policy, the war in Ukraine, and the expanding pandemic in China. Housing market data was weak. The Commerce Department said that U.S. new home sales fell 8.6% in March to a seasonally adjusted annual rate of 763,000 units, below the Reuters consensus forecast of 765,000. On the earnings front, PepsiCo shares rose slightly after the company posted better-than-expected 1Q results and raised its full-year sales guidance. The Dow fell 1.7%, the S&P 2.1%, and the Nasdaq 3.2%. Crude oil traded near $101 per barrel, while gold rose to $1904 per ounce.
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