Stock Market Today Mid-Morning Updates
On Wednesday, the
Dow Jones Industrial Average
is up by over 40 points as investors eagerly await for the Fed to release its minutes from its June policy-setting meeting. The minutes will be released at around 2:00 p.m. ET and could provide insight into the central bank’s strategy to raise rates in its fight against inflation. U.K. Prime Minister Boris Johnson is facing a political crisis as key members in his government including the finance minister and health secretary have resigned. They cite a lack of confidence in his leadership following multiple scandals.
Shares of
Altria
(
NYSE: MO
) are up today after the FDA temporarily suspended its ban on Juul e-cigarette products. Altria has a 35% stake in the e-cigarette company. Juul can now keep its products in the market as it appeals the FDA ban.
Coinbase
(
NASDAQ: COIN
) was downgraded to a ‘Neutral’ rating by Atlantic Equities.
Kornit Digital
(
NASDAQ: KRNT
) is down by over 30% after slashing its current-quarter guidance by almost half.
Among the Dow Jones leaders, shares of
Apple
(
NASDAQ: AAPL
) are up by 0.78% today while
Microsoft
(
NASDAQ: MSFT
) is also up by 0.70%. Meanwhile,
Disney
(
NYSE: DIS
) and
Nike
(
NYSE: NKE
) are trading lower on Wednesday. Among the Dow financial leaders,
Visa
(
NYSE: V
) is down by 0.49% while
JPMorgan Chase
(
NYSE: JPM
)
is also down by 0.83%
Shares of EV leader
Tesla
(
NASDAQ: TSLA
) are down by 1.25% on Wednesday. Rival EV companies like
Rivian
(
NASDAQ: RIVN
) are up by 10.50%.
Lucid Group
(
NASDAQ: LCID
) is trading higher by 4.64% today. Chinese EV leaders like
Nio
(
NYSE: NIO
) and
Xpeng Motors
(
NYSE: XPEV
) are trading lower now.
Dow Jones Today: U.S. Treasury Yields Steadies At 2.82%; Mortgage Demand Slides
Following the
stock market
opening on Wednesday, the S&P 500, Dow, and Nasdaq are trading higher at 0.14%, 0.16%, and 0.17%. Among exchange-traded funds, the Nasdaq 100 tracker
Invesco QQQ Trust
(
NASDAQ: QQQ
) is up by 0.21% while the
SPDR S&P 500 ETF
(
NYSEARCA: SPY
) is also up by 0.12%.
The benchmark 10-year U.S. Treasury yield steadied at 2.82% today. Notably, the yield on the 2-year Treasury jumped higher than the 10-year yield. This is usually considered a sign that a recession will happen soon or is already underway. Today, the Biden administration announced that it was making sweeping changes to the federal student loan system. Among the proposals would include an easier path to loan forgiveness for public servants and new limits on the accrual of interest.
Furthermore, demand for mortgages also fell week-over-week despite rates declining slightly. Rates fell 10 basis points last week but total mortgage demand has dropped 5.4% from one week ago, according to data from the Mortgage Bankers Association. This comes amid signs of a slowdown in the housing market, with prices remaining high and supply being tight.
[Read More]
Top Stock Market News For Today July 6, 2022
Rivian Stock Jumps Following Latest Quarterly Production Update
Shares of EV firm
Rivian
appear to be on the rise in the stock market today. Evidently, RIVN stock is currently gaining by over 10% at the opening bell. For the most part, the current movement in the EV maker’s shares is likely thanks to its latest production update. According to Rivian, its total EV deliveries for the second quarter of 2022 is 4,467 vehicles. Also in the release, the company produced 4,401 vehicles over the same period. Notably, this would mark quarter-over-quarter gains of 296% and 72% respectively. Following these sizable increases, EV investors would be looking at RIVN stock.
All in all, Rivian also seems to be kicking into high gear on the operational front. Thanks to its current momentum, Rivian writes that all this is “
in line with the company’s expectations, and it believes it is on track to deliver on the 25,000 annual production guidance previously provided.
” Not to mention, the company is also actively working on expanding its charging station network in the U.S. Just last week, it opened three fast-charging sites in Colorado and California, initiating work on its Rivian Adventure Network. According to Rivian, these charge sites offer drivers up to 140 miles of range with a 20-minute charge. With all this in mind, it would make sense that RIVN stock is making headlines today.
[Read More]
Best Recession Proof Stocks To Buy Now? 4 Utility Stocks For Your List
Amazon Includes One-Year Grubhub Subscription To Prime Membership Perks And Receives Option To Take Additional 2% Stake In Firm
At the same time,
Amazon
(
NASDAQ: AMZN
) appears to be busy bolstering its Amazon Prime subscriber offerings. Namely, as of earlier today, the company is currently working with Grubhub, a food delivery firm and subsidiary of
Just Eat Takeaway
(
OTC: JTKWY
). To begin with, through the current deal, Amazon now has an option to take an additional 2% stake in Grubhub. Should it decide to do so, it would increase the e-commerce titan’s current ownership to 15%. Moreover, Amazon Prime subscribers also stand to benefit from this team-up. This seems to be the case as a one-year Grubhub membership is the latest perk on Amazon’s Prime subscription program.
Getting into the specifics, Prime members can now make Grubhub orders with no food delivery fees. Also, the collaboration can be used by members in over 4,000 cities nationwide. As a result, some of the largest names in the food delivery space like
Uber
(
NYSE: UBER
) and
DoorDash
(
NYSE: DASH
) are losing ground. For today, UBER stock and DASH stock are trading lower by over 2% and 8% respectively. Overall, such a move by Amazon would not be all that surprising as food delivery is another area which it has yet to expand into. In the words of Amazon Prime VP Jamil Ghani, “
The value of a Prime membership continues to grow with this offer.
” After considering all this, AMZN stock could be gaining attention now.
If you enjoyed this article and you’re interested in learning how to trade so you can have the best chance to profit consistently then you need to checkout this YouTube channel.
CLICK HERE RIGHT NOW!!
