Stock Market Today Mid-Morning Updates
On Tuesday, the
Dow Jones Industrial Average
rallied by over 400 points today as the second-quarter earnings season is underway. Earnings this morning from top companies such as
Lockheed Martin
(
NYSE: LMT
), and
Johnson & Johnson
(
NYSE: JNJ
) reported early morning Tuesday, while
Netflix
(
NASDAQ: NFLX
) will report after the close.
Shares of JNJ stock moved higher following the company reporting better-than-expected quarterly revenue and earnings. The biotech company did however slash its full-year revenue and profit guidance. Furthermore, shares of Lockheed Martin slid over 1% during Tuesday morning’s trading session. This comes after the firm announced misses on both sales and earnings forecasts for its second quarter.
Among the Dow Jones leaders, shares of
Apple
(
NASDAQ: AAPL
) are up by 1.21% today while
Microsoft
(
NASDAQ: MSFT
) is also moving higher modestly by 0.85%. Meanwhile,
Disney
(
NYSE: DIS
) and
Nike
(
NYSE: NKE
) are trading higher on Tuesday. Among the Dow financial leaders, shares of
Visa
(
NYSE: V
) are up by 1.46% while
JPMorgan Chase
(NYSE: JPM)
is also up by 1.95%.
Shares of EV leader
Tesla
(
NASDAQ: TSLA
) are up by 0.56% on Tuesday morning. Rival EV companies like
Rivian
(
NASDAQ: RIVN
) are down by 1.27%.
Lucid Group
(
NASDAQ: LCID
) is trading higher by 2.51% today. Chinese EV leaders like
Nio
(
NYSE: NIO
) and
Xpeng Motors
(
NYSE: XPEV
) are both trading lower today.
Dow Jones Today: U.S. Treasury Yield Moves Back Above 3%
Following the
stock market
opening on Tuesday, the S&P 500, Dow, and Nasdaq are trading higher at 1.53%, 1.53%, and 1.33%. Among exchange-traded funds, the Nasdaq 100 tracker
Invesco QQQ Trust
(
NASDAQ: QQQ
) has gained by 1.44% while the
SPDR S&P 500 ETF
(
NYSEARCA: SPY
) is also up by 1.54%.
The benchmark 10-year U.S. Treasury yield is moving slightly higher on Tuesday. As of 10:41 a..m EST the benchmark 10-year-Treasury note was up at 3.028%. This may represent strong consumer spending despite high inflation. On the other hand, this could also potentially increase the chances of an even bigger interest-rate hike later this month. Investors are betting that a larger-sized rate hike could be in play following the most recent CPI data.
[Read More]
Best Cheap Stocks To Buy Now? 3 Software Stocks For Your List
International Business Machines Corporation
(NYSE: IBM) stock dropped more than 6% in early trading on Tuesday. This comes after the tech company reported its second-quarter earnings results late Monday. In that report, the company beat Wall Street’s revenue and earnings estimates of $15.54B vs $15.18B and $2.31 per share, vs $2.27 per share.
However, the company lowered its forecast for cash flow. The management team from IBM says now it estimates $10 billion in free cash flow, which is down from its previous range of $10 billion to $10.5 billion they reported in April. This could be due to a strong U.S. dollar and the company halting all business in Russia.
IBM also notched in $6.7 billion in software revenue for the quarter, representing a 6% increase. While the company’s consulting division reported $4.81 billion in revenue, increasing almost 10%.
“
In the quarter we delivered good revenue performance with balanced growth across our geographies, driven by client demand for our hybrid cloud and AI offerings. The IBM team executed our strategy well,
” stated IBM Chairman & CEO Arvind Krishna.
“With our first half results, we continue to expect full-year revenue growth at the high end of our mid-single digit model.”
As of 10:55 am on Tuesday, shares of IBM stock are trading down 6.77% at $128.83 a share.
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