U.S. stocks were trimming earlier gains Tuesday, with the Dow turning negative, despite further signs of inflation slowing and mega-retailer Walmart offering a rosier annual forecast.How are stocks are trading
S&P 500 index
rose 7 points, or 0.2%, to 3,968.
Dow Jones Industrial Average
shed 138 points, or 0.4%, at 33,401, after touching a nearly three-month high of 33,987.06 earlier.
climbed 110 points, or 1%, to 11,306.
On Monday, U.S. stocks finished near session lows after early gains evaporated. The Dow Jones Industrial Average fell 211 points, or 0.6%, while the S&P 500 declined 36 points, or 0.9% and the Nasdaq Composite dropped 226 points, or 2%.
What’s driving markets U.S. stocks trimmed earlier gains in afternoon trade Tuesday, despite another batch of inflation data showed that whole prices rises were slowing in October for the second straight month. The Dow’s negative turn comes after reports that Russian military bombarded Ukraine with missiles Tuesday. In the barrage, Russian missiles crossed into Poland, a member of NATO, the Associated Press said, citing a senior U.S. intelligence official. “Geopolitical concerns obsviously are never positive for the market,” said Peter Cardillo, chief market economist at Spartan Capital Securities. While markets had started to price in the toll of Russian’s invasion of Ukraine, it has not priced in an potential escalation of the war, said Kent Engelke, chief economic strategist at Capitol Securities Management. “Talk about gepolitical angst returning,” Engelke said, later adding “If there were really missiles shot to Poland and that was really not an accident, wow, that is really increasing the scope of the war.” While international worries may be clouding the session, there’s also encouraging domestic news. The producer-price index climbed 8% over the 12 months through October, the Labor Department said Tuesday, easing from September’s revised 8.4% increase. Last week, stocks surged after the October consumer-price index rose more slowly than expected. See: Wholesale prices rise slowly again and point to softening U.S. inflation Tuesday’s PPI report helped support the notion that inflation has peaked, at least for now. “Today, it’s really about the PPI and the market reaction to it,” said Steve Sosnick, chief strategist at Interactive Broke …