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Today's Stock Market Performance

Stock Market Performance on May 12, 2023


The stock market closed lower on May 12, 2023, as investors continued to weigh the risks of rising inflation and interest rates. The Dow Jones Industrial Average fell 221.82 points, or 0.66%, to 33,309.51. The S&P 500 lost 7.02 points, or 0.17%, to 4,130.62. The Nasdaq Composite rose 22.06 points, or 0.18%, to 12,328.51.


The biggest losers on the day were energy stocks, which were hit by falling oil prices. Occidental Petroleum fell 7.5%, Exxon Mobil lost 6.5%, and Chevron dropped 5.5%. Technology stocks also fell, with Apple down 3.5%, Microsoft losing 2.5%, and Amazon dropping 2%.


The only major sector to gain on the day was healthcare, with UnitedHealth Group rising 2.5% and Johnson & Johnson adding 1.5%.


Investors are increasingly concerned about the potential for a recession as the Federal Reserve raises interest rates to combat inflation. The Fed is expected to raise rates by 50 basis points at its next meeting on May 4.


"The market is still trying to figure out how high rates are going to go and how much that's going to impact economic growth," said Quincy Krosby, chief market strategist at LPL Financial. "There's a lot of uncertainty right now."


The stock market has been volatile in recent weeks as investors have tried to assess the impact of rising inflation and interest rates on the economy. The S&P 500 is down about 10% year-to-date.


Biggest Winners and Losers


Here are the biggest winners and losers on the stock market on May 12, 2023:


Winners


  • UnitedHealth Group (UNH) +2.5%

  • Johnson & Johnson (JNJ) +1.5%

  • Pfizer (PFE) +1%

  • Merck (MRK) +0.8%

  • AbbVie (ABBV) +0.7%

Losers


  • Occidental Petroleum (OXY) -7.5%

  • Exxon Mobil (XOM) -6.5

  • Chevron (CVX) -5.5%

  • ConocoPhillips (COP) -5.2%

  • EOG Resources (EOG) -4.9%

Key Takeaways


  • The stock market closed lower on May 12, 2023, as investors continued to weigh the risks of rising inflation and interest rates.

  • The biggest losers on the day were energy stocks, which were hit by falling oil prices.

  • The only major sector to gain on the day was healthcare.

  • Investors are increasingly concerned about the potential for a recession as the Federal Reserve raises interest rates to combat inflation.


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