Stocks continued to fall on Tuesday as some tech stocks slumped lower and new inflation data came in hotter-than-expected ahead of the Federal Reserve's latest monetary policy decision. The Dow Jones Industrial Average fell over 100 points, while the S&P 500 and Nasdaq slipped about 0.7% and 1%, respectively.
Microsoft
Here's how the market settled on Tuesday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Uber CEO says company just had "best week ever":
Uber
Gross bookings usually refers to the company's combined bookings for both its ride-sharing and delivery businesses.
"Our overall mobility business continues to get closer to pre-pandemic levels," Khosrowshahi siad, quoted by CNBC. "We're starting to inch up to call it like the 90% mark, we're not quite there. Last week was our best week, you know, post-pandemic."
Omicron now represents about 3% of U.S. sequenced cases:
U.S. Centers for Disease Control and Prevention (CDC) data published Tuesday showed that the Omicron COVID-19 variant now makes up 2.9% of cases sequenced in the United States, up from 0.4% recorded the previous week.
Still, the Delta variant still is the dominated strain in the nation, representing about 97% of cases analyzed, according to CDC data.
Wholesale prices jump at fastest pace on record annually:
Wholesale prices soared by a record 9.6% in November compared to last year, according to the Labor Department's latest report published Tuesday, marking the fastest annual pace on record and a sign that inflation pressures will likely to persist.
Additionally, November's Producer Price Index rose to 0.8% after a 0.6% gain in October, marking the highest monthly reading in four months. Moreover, food prices jumped 1.2% in November after falling 0.3% in October, while energy prices were up 2.6% after October's 5.3% rise.
Tuesday's hotter-than-expected inflation reading comes as the Federal Reserve starts its two-day monetary policy setting meeting. The central bank will release a statement on Wednesday, which will include projections for the economy, inflation and interest rates.
Here's how market benchmarks started trading soon after opening bell:
S&P 500 Index: -0.79% or -36.88 points to 4,632.09
Dow Jones Industrial Average: -0.40% or -141.06 points to 35,509.89
Nasdaq Composite Index: -1.39% or -217.32 points to 15,413.28