Wall Street begins a new month of trading after a volatile May. The blue chip S&P 500 and the DJIA finished the month essentially flat. In May, the tech-laden index slid for the fourth month in a row, as investors worried about high inflation and the Federal Reserve's response to it. The stock market was closed Monday for the Memorial Day holiday. The broad S&P 500 declined 0.6% on Tuesday while the Dow lost about 223 points. The index fell. The major U.S. stock indexes have fallen from their all-time highs. The peak of the index was in November. The S&P 500 and the DOW are both down from their January highs.
Oil pumping jacks, also known as “nodding donkeys,” in a Rosneft Oil oilfield near Sokolovka village, in the Udmurt Republic, Russia, on Friday, Nov. 20, 2020.The Wall Street Journal reported Wednesday that some members of the Organization of the Petroleum Exporting Countries are considering suspending Russia from the energy alliance. After the publication of the Journal's report, crude futures settled lower. West Texas Intermediate crude rose 1.3% to about $116.20 per barrel on Wednesday. The international benchmark was up by 1.4% to around $117.20 per barrel. Western sanctions on Russian crude have made oil prices soar this year. Russia's Energy Ministry and the Organization of the Petroleum Exporting Countries did not respond to CNBC's request for comment about the Journal's report. The policy meeting of the oil producers is scheduled for Thursday.
Signage on a Saleforce office building in San Francisco, California, U.S., on Tuesday, Feb. 23, 2021.After the enterprise software maker reported fiscal first-quarter results that topped analyst estimates, its shares were up more than 8% in premarket trading. The company earned an adjusted 98 cents per share on revenue of $7.41 billion. Wall Street expected per-share earnings to be 94 cents on revenue of $7.38 billion. The forward guidance was mixed. Its fiscal second-quarter projections for earnings and sales came in lower than expected. The adjusted earnings guidance was boosted by the company to between $4.74 and $4.76 per share, better than the analysts' estimate of $4.75 per share. As of Tuesday's close,Salesforce shares were down about 36% for the year, as high-multiple tech stocks fell out of favor. The investors were anticipating the numbers to get a sense of how enterprise spending is holding up.
Demand from corporate customers helped offset softer consumer purchases as HP posted better-than- expected fiscal second-quarter results. The PC maker's shares were basically unchanged before the bell. HP earned an adjusted $1.08 per share on sales of $16.49 billion, beating the per-share earnings of $1.05 and $16.17 billion in revenue analysts expected, according to Refinitiv. HP's total unit shipments in the quarter declined year over year in both of its segments. Personal systems revenue rose 9% to $11.5 billion, aided by 18% growth in its commercial business. The CEO of HP said on the earnings conference call that consumer demand is still above pre-pandemic levels. It was the first report since Warren Buffet disclosed a stake in the company.
A for sale sign is posted in front of a home for sale on March 18, 2022 in San Rafael, California.The Mortgage Bankers Association's seasonally adjusted index shows that mortgage demand last week was its lowest level since December. The volume of mortgage applications to buy a house was down in the last week compared with the previous week. Home loan applications fell 5% for the week. They were 75% lower than the same week in the previous year. The data Wednesday from the MBA offers more insight into the state of the market. Mortgage rates have gone up a lot this year, making it difficult to afford a home. According to the S&P CoreLogic Case-Shiller Home Price Index, home prices were nearly 21% higher in March than they were a year ago.
CNBC contributed to this report.
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