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Feb. 8, 2022, 9:48 a.m. EST

Dow climbs 110 points, but broader stock market wavers Tuesday as 10-year yield nears 2%

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By Mark DeCambre

U.S. stocks opened Tuesday trading mixed, with the Dow industrials rising on the back of early moves in Amgen Inc. /zigman2/quotes/209157011/composite AMGN -0.87% and Goldman Sachs /zigman2/quotes/209237603/composite GS -2.06% .

Equity indexes, however, continued to confront friction against the prospect of rising interest rates for benchmark debt, with the 10-year Treasury note /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y +1.07% at around 1.96%, around its highest yield since 2019. Rising yields are a weight on valuations for speculative and growth-oriented stocks, which are being rerated for tighter monetary policy and higher borrowing costs.

  • The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -0.82% was trading 82 points, or 0.2%, higher at around 35,182.

  • The S&P 500 index /zigman2/quotes/210599714/realtime SPX -0.88% was trading 0.1% lower, weighed by declines in consumer discretionary /zigman2/quotes/210600228/delayed XX:SP500.25 -1.54% , energy /zigman2/quotes/210600521/delayed XX:SP500.10 -2.04% and health care /zigman2/quotes/210600439/delayed XX:SP500.35 -0.33% , despite the rise in Amgen.

  • The Nasdaq Composite Index /zigman2/quotes/210598365/realtime COMP -1.33% was trading less than 0.1% lower at 14,004.

In other corporate news, investors were focused on shares of exercise equipment maker Peloton Interactive /zigman2/quotes/208035743/composite PTON -2.86% , which was after it said it would replace its chief executive, overhaul its board and cut costs, including lay off 2,800 employees. Shares of Pfizer Inc . /zigman2/quotes/202877789/composite PFE +2.93% were lower, weighing on the health sector, after the drug maker reported fourth-quarter profit that beat expectations, while revenue more than doubled but missed forecasts.

In economic data, the U.S. trade deficit jumped 27% in 2021 to a record $859 billion largely because a recovering economy gave Americans the means to buy more imports. They also paid higher prices due to rising inflation.

The deficit widened in December by 1.8% to $80.7 billion, marking it the second largest monthly increase ever. Economists polled by The Wall Street Journal had forecast a $82.9 billion shortfall.

/zigman2/quotes/209157011/composite
US : U.S.: Nasdaq
$ 243.30
-2.13 -0.87%
Volume: 3.03M
June 30, 2022 4:00p
P/E Ratio
23.97
Dividend Yield
3.19%
Market Cap
$131.11 billion
Rev. per Employee
$1.09M
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/zigman2/quotes/209237603/composite
US : U.S.: NYSE
$ 297.02
-6.26 -2.06%
Volume: 2.67M
June 30, 2022 4:00p
P/E Ratio
5.76
Dividend Yield
2.69%
Market Cap
$104.16 billion
Rev. per Employee
$1.40M
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/zigman2/quotes/211347051/realtime
add Add to watchlist BX:TMUBMUSD10Y
BX : Tullett Prebon
3.00
+0.03 +1.07%
Volume: 0.00
June 30, 2022 10:07p
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
30,775.43
-253.88 -0.82%
Volume: 397.27M
June 30, 2022 5:30p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,785.38
-33.45 -0.88%
Volume: 2.68B
June 30, 2022 5:30p
loading...
/zigman2/quotes/210600228/delayed
add Add to watchlist XX:SP500.25
XX : S&P US
1,077.78
-16.87 -1.54%
Volume: 476.81M
June 30, 2022 5:30p
loading...
/zigman2/quotes/210600521/delayed
add Add to watchlist XX:SP500.10
XX : S&P US
546.24
-11.36 -2.04%
Volume: 241.17M
June 30, 2022 5:30p
loading...
/zigman2/quotes/210600439/delayed
add Add to watchlist XX:SP500.35
XX : S&P US
1,494.31
-5.01 -0.33%
Volume: 211.96M
June 30, 2022 5:30p
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/zigman2/quotes/210598365/realtime
US : Nasdaq
11,028.74
-149.16 -1.33%
Volume: 4.78M
June 30, 2022 5:16p
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/zigman2/quotes/208035743/composite
US : U.S.: Nasdaq
$ 9.18
-0.27 -2.86%
Volume: 11.78M
June 30, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$3.19 billion
Rev. per Employee
$443,350
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/zigman2/quotes/202877789/composite
US : U.S.: NYSE
$ 52.43
+1.49 +2.93%
Volume: 33.50M
June 30, 2022 4:03p
P/E Ratio
12.03
Dividend Yield
3.05%
Market Cap
$285.82 billion
Rev. per Employee
$1.17M
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