Oil Sinks Back Below $100 a Barrel

Tech stocks rallied after early slump
By Newser Editors and Wire Services
Posted Jul 5, 2022 4:07 PM CDT
Stocks Make Small Gains After Shaking Off Slump
People walk past the New York Stock Exchange on Wednesday, June 29, 2022.   (AP Photo/Julia Nikhinson)

Major stock indexes shook off an early slump and ended with meager gains on Wall Street Tuesday as worries about the economy continue to weigh on markets. Oil prices slumped, bringing the price of US crude back below $100 a barrel for the first time since early May, the AP reports. Tech stocks staged a turnaround and ended higher. The S&P 500 rose 6.06 points, or 0.2%, to 3,831.39. The Dow Jones Industrial Average fell 129.44 points, or 0.4%, to 30,967.82. The Nasdaq rose 194.39 points, or 1.7%, to 11,322.24.

Roughly 75% of stocks in the benchmark index fell in the weak opening following a long weekend for the Independence Day holiday. Energy companies had some of the biggest losses as the price of US crude oil slumped 9.1%. Exxon Mobil fell 3.1% and Hess dropped 6.8%. Banks also fell significantly, along with bond yields. The yield on the 10-year Treasury, which helps set mortgage rates, fell to 2.80% from 2.90% late Friday. ealth care stocks also weighed on the market. UnitedHealth fell 2.5%. European markets fell broadly.

Stocks remain in a slump that pulled the S&P 500 into a bear market last month, meaning an extended decline of 20% or more from a recent peak. The market's performance in the first half of 2022 was the worst since the first six months of 1970. Wall Street will get a closer look at the employment market on Friday when the the government releases employment data for June. Investors are also looking ahead to the next round of corporate earnings for a clearer picture of inflation's impact. Several big companies recently warned that their financial results are being squeezed by inflation, including spice and seasonings maker McCormick. (More stock market stories.)

Get the news faster.
Tap to install our app.
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.