Spiking commodity
prices sent stocks tumbling Tuesday morning, as investors took a look at oil prices
at more than $129 a barrel.
Steadily rising commodity prices have raised
worries about how further pricing pressure will hit an already strained
consumer.
U.S. light crude oil for June delivery hit an all-time trading high of
$129.45 a barrel.
Before the bell the Producer Price Index gained
0.2% in April, short of economists' expectations and following a rise of 1.1%
in the previous month. But prices excluding food and energy costs rose 0.4%,
twice what was expected.
Corporate news: Home Depot reported sharply lower
sales and earnings that nonetheless topped forecasts. Shares tumbled 4%.
Target reported weaker earnings due to tepid
sales and higher costs. However, results topped forecasts.
Staples reported higher earnings that met
forecasts on higher sales that topped estimates.