Stock Market Today Mid-Morning Updates
Friday morning, the Dow Jones Industrial Average opened more than 118 points. This comes after major inflation reports this week may indicate that the worst of inflation is behind us. In detail, the producer price index increased by 9.5% on an annual basis. However, the PPI fell 0.5% in July compared to the previous month. This is below consensus estimates of a 0.2% increase. Additionally, the CPI reading came in weaker than expected. In detail, the consumer price index rose 8.5% in July compared to a year ago, which is below expectations. This is mainly due to lower energy prices. As a result, this caused a rally in the stock market and positive investor sentiment, as this could indicate that inflation has finally peaked.
In addition, on Thursday after the market closed, companies like Rivian Automotive, Inc. (NASDAQ: RIVN), and Endeavor Group Holdings (NYSE:EDR) reported corporate earnings. In addition, on Fridays, companies like The Honest Society, Inc. (NASDAQ: HNST), Sundial The producers inc. (NASDAQ: SNDL), and Spectrum Brands Holdings Inc. (NYSE: SPB) must publish their results.
Among the Dow Jones leaders, stocks of Apple (NASDAQ:AAPL) are higher on Friday by 1.19%, while Microsoft (NASDAQ: MSFT) is also trading slightly higher by 0.55%. Meanwhile, the actions of Caterpillar, Inc. (NYSE: CAT), and Nike, Inc. (NYSE: NKE) stocks are trading higher on Friday morning. Among the Dow’s financial leaders, stocks of American Express Co. (NYSE:AXP) and JPMorgan Chase & Co. (NYSE: JPM) are trading mixed in Friday morning’s trading session.
EV Leader Shares You’re here (NASDAQ: TSLA) rose 1.08% on Friday. Rival electric vehicle companies like Rivian are also trading up 2.95%. Lucid Group (NASDAQ: LCID) the stock gained more than 1.24% on Friday. Chinese electric vehicle leaders like Nio (NYSE:NIO) and Xpeng Inc. (NYSE: XPEV) trade Friday.
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Dow Jones today: US Treasury yield rises to 2.86%
After the opening of the Stock Exchange on Friday, the main indices opened higher. The Dow, S&P 500 and Nasdaq are trading up 0.31%, 0.59% and 0.87%, respectively. Among listed index funds, the Nasdaq 100 tracker Invesco QQQ Trust (NASDAQ: QQQ) rose 0.81% as the SPDR S&P 500 ETF (NYSEARCA:SPY) is up 0.52%. The benchmark 10-year US Treasury yield is 2.86% in Friday morning trading.
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Rivian Automotive (RIVN) shares jump after earnings report
On Friday, shares of the automaker EV Rivian Automotive (RIVN) rebounded more than 2% to hit $40.06 per share. It comes after the company released its second quarter 2022 results after the market closed on Thursday. In the report, Rivian reported a loss of $1.89 per share on revenue of $364.0 million. Wall Street’s consensus estimate was a loss of $1.67 per share on revenue of $338.9 million. Additionally, the company recorded deliveries of nearly 4,470 vehicles in the second quarter, an impressive increase from less than 1,230 in the first quarter.
In its letter to shareholders, the company said: “In the second quarter of 2022, we produced 4,401 vehicles. Our equipment, people, systems and supply chain continue to progress as we strive to achieve our 2022 production target of 25,000 units. Supply chain continues to be the limiting factor in our production; however, thanks to a close partnership with our suppliers, we are making progress. We expect to be able to add a second shift for vehicle assembly towards the end of the third quarter.“
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Shares of Endeavor Group Holdings (EDR) rally on pace of earnings and revenue
Endeavor (EDR) is a global entertainment, sports and content company, which released its second quarter 2022 results on Thursday afternoon. The company beat Wall Street consensus estimates by posting earnings of $0.32 per share on revenue of $1.3 billion. For context, the estimates were earnings of $0.24 per share on revenue of $1.2 billion. Additionally, the company saw an 18.1% increase in revenue year over year.
“We enjoyed strong global growth across all of our segments in the second quarter,said Ariel Emanuel, CEO of Endeavour.While we recognize that broader macroeconomic forces are at play, given the quarter’s performance and our line of sight through the end of the year, we have once again raised our Adjusted EBITDA guidance. . We remain focused on our long-term strategy – leveraging the diversity and scale of our business to generate maximum value for our shareholders, customers and intellectual property.“Friday morning, shares of EDR rose more than 3.5% to $24.76 per share.
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