S&P 500 closes lower, notches 5-day losing streak ahead of key inflation report; European markets close lower as global growth concerns persist; Stoxx 600 down 0.5%
U.S. stocks fell Tuesday, reversing gains from earlier in the day as investors looked ahead to key inflation data out later in the week that will give the Federal Reserve updated information on the state of the U.S. economy.
The S&P 500 slipped 0.65% to close at 3,588.84 after rebounding from a multiyear low earlier in the session. The Nasdaq Composite fell 1.10% to 10,426.19, its lowest close since July 2020. Tuesday’s losses notched the fifth day in a row of declines for both indexes. The Dow Jones Industrial Average rose 36.31 points, or 0.12%, to close at 29,239.19, bolstered by jumps in Amgen and Walgreens Boots Alliance.
Shares of the drugstore chain Walgreens Boots Alliance jumped nearly 4%, giving the Dow Jones Industrial Average a boost. Walgreens’ rally came after the company announced an acquisition of healthcare firm CareCentrix. The stock is still down about 36% on the year. Walgreens is set to report its quarterly earnings on Thursday.
Shares of the rideshare companies, Lyft and Uber, dropped 7% and 8%, respectively, after the Labor Department proposed a new rule that could pave the way for gig workers to be reclassified as employees rather than independent contractors. The proposal could raise costs for the companies, who rely on contract workers to drive on their own schedules.
The pan-European Stoxx 600 index provisionally closed down 0.5%, recovering somewhat from steeper losses earlier in the session. German chemicals company Brenntag saw its shares slide 6.4% by mid-afternoon after Stifel cut its price target for the stock, while shares of Swiss fragrance and flavors manufacturer Givaudan also fell 6% after its third-quarter earnings report. At the top of the Stoxx 600, Qiagen climbed 5.6% after the Wall Street Journal reported that the German genetic testing firm was in merger talks with U.S.-based Bio-Rad Laboratories.
Source: CNBC, Investing.com