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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 -0.34% and Goldman Sachs /zigman2/quotes/209237603/composite GS -1.45% .

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 -2.97% 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 -1.17% was trading 82 points, or 0.2%, higher at around 35,182.

  • The S&P 500 index /zigman2/quotes/210599714/realtime SPX -0.61% was trading 0.1% lower, weighed by declines in consumer discretionary /zigman2/quotes/210600228/delayed XX:SP500.25 +1.31% , energy /zigman2/quotes/210600521/delayed XX:SP500.10 -5.36% and health care /zigman2/quotes/210600439/delayed XX:SP500.35 -1.65% , despite the rise in Amgen.

  • The Nasdaq Composite Index /zigman2/quotes/210598365/realtime COMP +0.88% 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 +11.01% , 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 -2.20% 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
$ 244.71
-0.84 -0.34%
Volume: 1.23M
July 5, 2022 2:28p
P/E Ratio
24.08
Dividend Yield
3.18%
Market Cap
$131.17 billion
Rev. per Employee
$1.09M
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/zigman2/quotes/209237603/composite
US : U.S.: NYSE
$ 294.88
-4.35 -1.45%
Volume: 1.47M
July 5, 2022 2:28p
P/E Ratio
5.72
Dividend Yield
2.72%
Market Cap
$102.77 billion
Rev. per Employee
$1.32M
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/zigman2/quotes/211347051/realtime
add Add to watchlist BX:TMUBMUSD10Y
BX : Tullett Prebon
2.81
-0.09 -2.97%
Volume: 0.00
July 5, 2022 2:28p
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
30,734.12
-363.14 -1.17%
Volume: 193.08M
July 5, 2022 2:29p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,801.97
-23.36 -0.61%
Volume: 1.54B
July 5, 2022 2:29p
loading...
/zigman2/quotes/210600228/delayed
add Add to watchlist XX:SP500.25
XX : S&P US
1,113.38
+14.42 +1.31%
Volume: 310.67M
July 5, 2022 2:19p
loading...
/zigman2/quotes/210600521/delayed
add Add to watchlist XX:SP500.10
XX : S&P US
524.41
-29.69 -5.36%
Volume: 173.04M
July 5, 2022 2:19p
loading...
/zigman2/quotes/210600439/delayed
add Add to watchlist XX:SP500.35
XX : S&P US
1,487.52
-24.95 -1.65%
Volume: 81.12M
July 5, 2022 2:19p
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/zigman2/quotes/210598365/realtime
US : Nasdaq
11,225.31
+97.47 +0.88%
Volume: 2.89M
July 5, 2022 2:29p
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/zigman2/quotes/208035743/composite
US : U.S.: Nasdaq
$ 10.14
+1.01 +11.01%
Volume: 8.39M
July 5, 2022 2:28p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$3.08 billion
Rev. per Employee
$443,350
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/zigman2/quotes/202877789/composite
US : U.S.: NYSE
$ 51.16
-1.15 -2.20%
Volume: 10.47M
July 5, 2022 2:28p
P/E Ratio
11.71
Dividend Yield
3.13%
Market Cap
$293.51 billion
Rev. per Employee
$1.17M
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