By Yasin Ebrahim

Investing.com — On Tuesday, the Dow fell after it reversed an intraday gain of more than 500 points. This is because investors are still wary about making large investments in stocks on a day when inflation data will be available.  

The fell 0.3%, or 85 points, the rose 0.24%, and the gained 1%.

The close saw Tech lose some steam as intraday dip-buying activity slowed while Treasury yields took an extended breather. 

Alphabet, Microsoft and Apple led big tech gains. Each closed over 1% higher.  Facebook (NASDAQ;) and Amazon(NASDAQ:) both closed above the flatline.  

It fell below 3% a day ahead fresh U.S. Inflation data, which is likely to show a slowing in price pressures and may boost stock investor sentiment.  

“Investors are looking for signs of a potential ‘peak’ in the inflationary pressures we have encountered over the last several months- and if they get a hint of anything close, the markets could be set to stage a strong rally in our view,” Janney Montgomery Scott said in a note.

Peloton Interactive (NASDAQ) was down 9% as Peloton Interactive, a connected-equipment fitness company that reported a better third quarter than anticipated, provided guidance which fell short of expectations. Stock was down by more than 20% during intraday. 

“Our Q4 outlook reflects softer demand vs. our February forecast,” Peloton said, adding that its subscription price hike had led to an increase in cancellations, but the impact was expected to be “modest.”

AMC Entertainment (NYSE:) fell more than 5% even as the movie chain operator reported that beat on both the top and bottom lines as box office hits including “The Batman,” spurred a return to the big screen for moviegoers.

Biogen (NASDAQ): Health stocks surged by 4% after Biogen made more progress towards approval of the proposed Alzheimer’s drug lecanemab.

Biogen and Eisai filed a rolling drug Biologics Licensing Application for Lecanemab. This could be, dependent on the results of a confirmatory clinical trial, allow the companies to submit for approval later in the year.

Novavax (NASDAQ) reported that Wall Street had not expected the NASDAQ to reduce losses, but they still traded more than 1% above their previous trading levels.

As oil prices fell, energy stocks reacted to the fact that demand was still high despite being stoked by Shanghai’s tightening of security measures. “[T]he strict zero-Covid strategy in China is putting the brakes on oil demand there,” Commerzbank said in a note.

Halliburton (NYSE 🙂 Devon Energy (NYSE:) and Occidental Petroleum, (NYSE:), were each more than 2% higher. They were the largest gainers in this sector.