Wall Street is experiencing a decline after a successful multi-day winning streak.

BY THE NUMBERS

The stock market showed signs of recovery on Wednesday, with the Dow, S&P 500, and Nasdaq all poised to break their two-month losing streaks. The Nasdaq had closed out of correction territory, leaving it just 10% below its November record high. U.S. oil prices also saw a 2% rise after two consecutive days of losses. The Nasdaq was on track for its fourth straight monthly gain. (CNBC)

The 5-year yield flipped above the 30-year on Monday for the first time since 2006 and stayed that way Tuesday. The and the benchmark went virtually flat Tuesday and remained close early Wednesday. Mortgage rates surged last week, driving total home loan volume down 6.8%. The Mortgage Bankers Association said the 30-year fixed-rate mortgage saw its largest one-week jump in 11 years. That sent refinance applications down 15% week over week and down a whopping 60% from a year ago. Home loan purchase demand increased 1% for the week but was 10% lower week over week.

The ADP report on Wednesday morning revealed that U.S. companies added 455,000 jobs in March, which is close to the estimated figure. However, this was below the upwardly revised 486,000 jobs added in February. As a result, ADP's first-quarter private payrolls count reached 1.45 million. (Source: CNBC)

IN THE NEWS TODAY

Russian attacks on Ukraine persisted on Wednesday, despite Moscow's promise to reduce its military activity near Kyiv and Chernihiv the day before. The credibility of Russia's commitment to de-escalate was questioned by Ukraine, the US, and Britain. Russian and Ukrainian officials met in Istanbul on Tuesday. (CNBC & AP)

Susan Collins, a Republican senator, announced her support for Ketanji Brown Jackson to be appointed to the Supreme Court, providing bipartisan backing for President Biden's first nominee to the high court. As a result, Jackson is now almost certain to become the first Black woman to serve as a Supreme Court justice. (Source: CNBC)

The FDA has approved the fourth and fifth doses of Pfizer and Moderna Covid-19 vaccines for individuals aged 50 and older, as well as a fifth dose for certain individuals with compromised immune systems. The CDC has recommended that adults who received two doses of Johnson & Johnson's vaccine receive a third shot of either Pfizer or Moderna. However, those who received the J&J vaccine and a second shot of Pfizer or Moderna are not yet eligible for a third dose unless they are age 50 and older or have compromised immune systems. All of the new boosters must be administered at least four months after the last shot.

The MORE Act, which is set to be heard in the House Rules Committee on Wednesday, could lead to a vote in the full House on Friday. If it passes, the bill would face an uncertain future in the Senate. Meanwhile, Walgreens is turning to robots to fill prescriptions, allowing pharmacists to take on more responsibilities. (CNBC)

Bill Ackman, the investor, has decided to stop participating in vocal activist short selling campaigns. This decision was made after his five-year bet against HLF ended with significant losses in 2018. During his campaign against Herbalife, Ackman famously engaged in a heated verbal battle with Icahn on CNBC. Meanwhile, Icahn has expanded his animal welfare campaign to Kroger, having previously targeted McDonald's (CNBC).

STOCKS TO WATCH

Five Below's premarket trading slid 3.4% after a mixed quarterly report. Despite beating earnings estimates by a penny with $2.49 per share, both revenue and comparable sales fell short of analyst forecasts.

Despite reporting lower-than-expected revenue for its latest quarter, Restoration Hardware's profit came in slightly above Wall Street forecasts. The company also announced a 3-for-1 stock split. In premarket trading, its stock fell 2.8%.

Despite a quarterly revenue miss, Lululemon's athletic apparel company rallied 7.4% in premarket action. Lululemon reported an adjusted quarterly profit of $3.37 per share, 9 cents above estimates, and issued upbeat guidance for 2022. Additionally, the company announced a $1 billion share buyback program.

Micron reported better-than-expected revenue and an adjusted quarterly profit of $2.14 per share, 17 cents above estimates. The computer chip maker's stock jumped 4% in the premarket.

The pet products seller, CHWY, experienced a 13.5% decline in premarket trading after missing both its top and bottom line expectations for the latest quarter. The company lost 15 cents per share, which was wider than the 8-cent loss that analysts had predicted. This was due to rising labor costs and shrinking profit margins.

The railroad operator's announcement of a new $10 billion share buyback program caused NSC's stock to rise 2% in premarket trading.

Sandeep Mathrani, the Chief Executive Officer, has assumed the role of chairman at the office-sharing company, replacing Marcelo Claure who left earlier this year. WeWork's stock price increased by 3% in the premarket.

After Apollo private equity firm announced that it couldn't agree on a takeover bid with an educational publisher, PSO's stock price dropped 7% in the premarket.

After Loop Capital downgraded the stock to "sell" from "hold," (W) dropped 4.5% in premarket trading, with the analysts predicting a negative impact from Fed tightening and the end of Covid-related stimulus.

WATERCOOLER

Tiger Woods, a five-time Masters champion, played 18 holes at Augusta National Golf Club on Tuesday, according to sources.