Stock Market Today Mid-Morning Updates
On Thursday, the Dow Jones Industrial Average dropped more than 80 points as tech giants continued to report investors on their earnings. It came despite aggression from Russia as its aggression on Ukraine continued. President Biden and his administration have become increasingly bold in its support for Ukraine and are set to update the American public on the current state of the war today. Russia has also decided to cut gas shipments to Poland and Bulgaria, both NATO members.
Twitter (NYSE: TWTR) for example, reported a lump to users. However, it missed revenue estimates, reporting $ 1.2 billion for the quarter, an increase of 16% year-on-year. Shares of Qualcomm (NASDAQ: QCOM) also rose today after strong earnings. It posted adjusted earnings per share of $ 3.21 with revenue of $ 11.16 billion. Service Today (NYSE: NOW) also rose more than 8% today after the company reported per-share revenue of $ 1.73 and revenue of $ 1.72 billion.
To the leaders of the Dow Jones, the components of Apple (NASDAQ: AAPL) is up 2.03% today while Microsoft (NASDAQ: MSFT) also rose 0.15%. Meanwhile, Disney (NYSE: DIS) at Nike (NYSE: NKE) mixed trading on Thursday. To Dow finance leaders, Visa (NYSE: V) rose 2.96% while JPMorgan Chase (NYSE: JPM) also rose 0.41%.
EV leader shares Tesla (NASDAQ: TSLA) was down 5.72% on Thursday. Like rival EV companies Rivian (NASDAQ: RIVN) also dropped 1.70%. Lucid Group (NASDAQ: LCID) is down 1.55% today. Chinese EV leaders want Nio (NYSE: NIO) at Xpeng Motors (NYSE: XPEV) is trading lower now.
Dow Jones Today: US Treasury Yields Rise After US Economy Contracts 1.4%
Following the stock market opening on Thursday, the S&P 500, Dow, and Nasdaq traded higher at 0.63%, 0.24%, and 0.57%. In exchange-traded funds, the Nasdaq 100 tracker Trust Invesco QQQ (NASDAQ: QQQ) rose 0.91% while the SPDR S&P 500 ETF (NYSEARCA: SPY) also rose 0.60%.
The benchmark 10-year U.S. Treasury yield rose 2.88% today after the government reported that the U.S. economy contracted 1.4% in the first quarter. This is more than economists expected. Gross domestic product unexpectedly fell at a 1.4% annualized pace, marking a sudden reversal for an economy coming from its best performance since 1984.
Shares of McDonald’s (NYSE: MCD) also rose today after reporting its first quarter financials today. Both earnings and earnings top Wall Street estimates. The company says higher U.S. prices and strong international sales growth contributed to this strong quarter. Shares of Worm (NYSE: CAT), however, dropped more than 4% today despite earnings and earnings estimates.
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Among the top gains in the stock market today are Meta Platforms (NASDAQ: FB). Notably, FB stock is now looking at gains of more than 12% in today’s open market. This follows its first fiscal quarter financial release posted after the closing bell yesterday. For starters, Meta boasts earnings per share of $ 2.72. This is higher than Wall Street’s estimates of $ 2.56. However, the company’s total revenue for the quarter was at $ 27.91 billion, falling short of consensus forecasts of $ 28.2 billion. However, the current increase in its earnings along with other key factors seems to be recurring among investors.
For the most part, Meta continues to gain momentum from its somewhat disappointing fourth financial quarter. Where, it saw daily active users (DAU) drop for the first time to 1.93 billion. The company’s latest DAU of 1.96 billion was also higher than the consensus expectations of 1.95 billion. Moreover, Meta’s average revenue per user adds up to $ 9.54 from the full quarter, topping forecasts of $ 9.50. Despite the loss of revenue, Meta continues to deliver on its key operational metrics.
Giving an overview of all this is CEO Mark Zuckerberg. He begins by saying, “WI have made progress this quarter on many of the company’s top priorities and we remain confident in the long-term opportunities and growth that our product roadmap will open up.“Zuckerberg also added,”More people are using our services now than ever before, and I am proud of how our products serve people around the world.”With all this positive momentum in FB stocks today, investors can be keen to jump.
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Pinterest Stock Gains After Company Beats Top And Bottom Line In Estimates In Latest Earnings Update
At the same time, another social media company making waves in the stock market today will be Pinterest (NASDAQ: PINS). After posting its latest financial yesterday, the virtual pinboard platform operator is seeing noticeable gains. Clearly, PINS stock has now risen more than 5% at today’s opening bell. Dive right away, the company is looking at revenues of $ 0.10 per share plus revenue of $ 575 million. For reference, this would be against consensus analyst forecasts of $ 0.04 and $ 573 million respectively. Also, Pinterest’s global average revenue per user rose a solid 28% year-over-year, with a total of $ 1.33. This is only higher than Wall Street’s estimates of $ 1.31. While the company’s active user numbers have been cooling off from its high pandemic periods, Pinterest doesn’t seem to be sitting idle.
Accordingly, the company wrote, “we believe consumers want positive environments dedicated to helping them from spark of inspiration to planning and buying. With inspiring new video formats, basic search enhancements and recommendations, and an ever-improving shopping experience, we see tremendous growth opportunities ahead of us.”This will show Pinterest’s resilience even when faced with broad economic hurdles like its peers. Overall, it all seems like there are investors who are keen on PINS stock right now.
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