Stock Market Update
31-May-22 12:00 ET
Dow Jones Transportation Average underperforms
Dow -89.61
at 33123.37,
Nasdaq +12.82
at 12143.94,
S&P -8.53
at 4149.72
[BRIEFING.COM] The major indices are all well off earlier lows. At their worst levels of the morning, the Dow, Nasdaq, and S&P 500 were down 1.4%, 1.6%, and 1.3% respectively. Currently they are down 0.3%, up 0.1%, and down 0.2%.
With oil prices factoring prominently in today's market action, we are seeing weakness in the Dow Jones Transportation Average (-0.7%), which is underperforming the broader market. The average is down 13% for the year.
On a related note, it was indicated in today's Consumer Confidence report for May that "Vacation plans have also softened due to rising prices."
Every component in the transportation average is lower today with the exception of FedEx (FDX 222.71, +3.04, +1.4%).
