Stock Market Today: Stocks End Lower Ahead of Major Inflation Update
Energy was the worst-performing sector as U.S. crude futures sold off on worries over slowing oil demand.


Broader markets bounced around Tuesday as investors waited for guidance from a pair of impending market catalysts: the latest inflation data and the start of second-quarter earnings season.
As for tomorrow morning's release of the June consumer price index (CPI), "it does seem that the market is pretty well prepared for a hot number at least from a headline perspective," says Michael Reinking, senior market strategist for the New York Stock Exchange. "Street estimates are calling for headline CPI to be up more than 1% on a monthly basis, with some calls that the year-over-year increase could be as high as 9%."
Reinking adds that a big driver of inflation will likely be oil prices, which peaked in the middle of the month and have moved sharply lower since. Indeed, U.S. crude futures plummeted 7.9% today to settle at $95.84 per barrel as China's latest round of COVID-related restrictions sparked concerns over slowing oil demand, and are now down more than 21% from their June peak above the $122 per-barrel mark.

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Not surprisingly, energy (-2.0%) was the worst performing sector today, with APA (APA, -5.2%) and Occidental Petroleum (OXY, -3.6%) among the biggest decliners.
The weakness in energy stocks weighed on the broader S&P 500 Index (-0.9% at 3,818), while the Nasdaq Composite also finished lower (-1.0% at 11,264). The Dow Jones Industrial Average, meanwhile, spent most of the day higher as blue chip Boeing (BA) jumped 7.4% on solid Q2 delivery data, but ended the day down 0.6% at 30,981.
Other news in the stock market today:
- The small-cap Russell 2000 gave back 0.2% to end at 1,728.
- Gold futures shed 0.4% to settle at $1,724.80 an ounce.
- The rout in Bitcoin continued, with the cryptocurrency falling 5.3% to $19,397.89. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m.)
- Gap (GPS) fell 5.0% today after the retailer said CEO Sonjia Syngal is stepping down, effective immediately. The company also expects its adjusted operating margin percentage to be zero to slightly negative in the second quarter due to higher promotional activity. "While the macro is far from good today, the majority of these issues appear to be self-inflected and centered on Old Navy," says Wells Fargo analyst Ike Boruchow, who downgraded GPS stock to Equalweight from Overweight (the equivalents of Hold and Buy, respectively. "As such, as we remain cautious on our space. We simply cannot continue to recommend a name that is juggling company specific challenges on top of growing macro pressure."
- American Airlines Group (AAL) soared 10% after the air carrier said it is guiding for a pretax profit of $585 million in its second quarter. The news created a halo effect for other travel stocks, with Delta Air Lines (DAL, +6.2%) and United Airlines Holdings (UAL, +8.1%) among those gaining ground.
Don't Give Up on Consumer Discretionary Stocks
Higher inflation will likely continue to weigh on how consumers are feeling about the economy – as well as their willingness to open their wallets. While the latest credit and debit card spending data from BofA Data Analytics shows that total retail spending, excluding auto, was up 25% in June over the same period in 2019, it also revealed that most of this rise was due to higher prices. In fact, all categories they track outside of jewelry were down on a month-to-month basis.
This, of course, is creating headwinds for many consumer-facing companies, which are only being compounded by dwindling COVID-related stimulus, rising input costs and worker shortages, says Wells Fargo Advisors analyst Brian Postol.
But not all hope is lost, and Postol believes "blue skies are faintly appearing in the distance, and brighter days will return." The analyst sees demand building across many pockets of the consumer discretionary sector, including automotive retail and e-commerce.
And with the sector down more than 30% so far in 2022, investors have plenty of opportunity to find some solid consumer discretionary plays at a bargain. Read on as we explore the best consumer discretionary stocks to buy for the rest of 2022.
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at a local investment research firm. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
-
Amazon Resale: Where Amazon Prime Returns Become Your Online Bargains
Feature Amazon Resale products may have some imperfections, but that often leads to wildly discounted prices.
-
IRS Watchdog: Three Problems the IRS Must Address in 2025
IRS The tax season is over, but new changes to the IRS can pose risks to your taxpayer experience.
-
Stock Market Today: Another Quarter, More Mixed Price Action
"Up and to the right" remains the general trend despite persistent uncertainty around critical policy issues.
-
Stock Market Today: A Historic Quarter Closes on High Notes
"All's well that ends well" is one way to describe the second quarter of 2025, at least from a pure price-action perspective.
-
Stock Market Today: Stocks Swing as Trump Scraps Canada Trade Talks
Despite a mid-afternoon slip, the S&P 500 and Nasdaq ended the day at new record highs.
-
Stock Market Today: S&P 500, Nasdaq Near New Highs
The S&P 500 hasn't hit a new high since February. It's been since December for the Nasdaq.
-
Stock Market Today: Stocks Struggle to Sustain Gains
Mixed messages from multiple sources continue to make for a messy market for investors, traders and speculators.
-
Stock Market Today: Stocks Soar on Israel-Iran Ceasefire
It was a rocky start to the truce, but a temporary halt to fighting between Israel and Iran appears to be holding for now.
-
The Riskiest S&P 500 Stocks Right Now
Buyer beware: These are five of the riskiest stocks in the S&P 500 at the moment, based on one measure of volatility.
-
Stock Market Today: Stocks Rise on a Little More Uncertainty
The best response to a major geopolitical event is often no response at all, especially if you're looking at the big picture.