Stock Market Today: Dow Jones, S&P 500 Open Lower; Chewy Stock In The Limelight On Surprise Profit


Stock Market Today Mid-Morning Updates

On Thursday, the

Dow Jones Industrial Average

is down by over 190 points as several key employment reports are out for investors to dissect. Amidst the soaring cost of gasoline and food prices, President Joe Biden says that there is little that he can do to lower them. The President has been focusing on the economy that is plagued by inflation and supply chain issues that have caused the price of everyday goods and essentials to rise in the last few months.

Shares of

Designer Brands

(

NYSE: DBI

) are up by over 4% on today’s opening bell after reporting better than expected earnings and revenue in its latest quarter. The company also raised its full-year growth outlook.

GameStop

(

NYSE: GME

) is also up after posting a sales increase for its latest quarter as more people started shopping in its retail stores. Shares of

Snap

(

NYSE: SNAP

) and

Pinterest

(

NYSE: PINS

) fell today as investment bank Piper Sandler downgraded both companies on concerns over the ad market.

Microsoft

(

NASDAQ: MSFT

) today cut its fourth-quarter forecast for profit and revenue, citing a hit from a stronger dollar.

Among the Dow Jones leaders, shares of

Apple

(

NASDAQ: AAPL

) are down by 0.34% today while

Microsoft

(

NASDAQ: MSFT

) is also down by 2.18%. Meanwhile,

Disney

(

NYSE: DIS

) and

Nike

(

NYSE: NKE

) are trading mixed on Thursday. Among the Dow financial leaders,

Visa

(

NYSE: V

) is up by 1.81% while

JPMorgan Chase

(

NYSE: JPM

)


is down by 0.41%

Shares of EV leader

Tesla

(

NASDAQ: TSLA

) are up by 0.97% on Thursday. Rival EV companies like

Rivian

(

NASDAQ: RIVN

) are also up by 0.69%.

Lucid Group

(

NASDAQ: LCID

) is down by 0.31% today. Chinese EV leaders like

Nio

(

NYSE: NIO

) and

Xpeng Motors

(

NYSE: XPEV

) are trading higher today.

Dow Jones Today: U.S. Treasury Yields Rose To 2.9%; ADP Report Shows Deceleration Of Jobs Creation In May

Following the

stock market

opening on Thursday, the S&P 500, Dow, and Nasdaq are all trading lower at 0.51%, 0.60%, and 0.15% respectively. Among exchange-traded funds, the Nasdaq 100 tracker

Invesco QQQ Trust

(

NASDAQ: QQQ

) is down by 0.32% while the

SPDR S&P 500 ETF

(

NYSEARCA: SPY

) is also down by 0.50%.

The benchmark 10-year U.S. Treasury yield rose to 2.9% as investors look to the latest employment data released by the payroll processing firm, ADP. In it, the report states that private-sector employment rose by 128,000 in May. Job creation in companies has decelerated to its slowest pace of the pandemic-era recovery in May. This was also very short of the 299,000 Dow Jones estimate. Furthermore, the slowdown in hiring comes as there are fears of a broader economic pullback.

Coupled with rising inflation and the ongoing war in Ukraine, the U.S. could be on the brink of a recession. On top of that, oil prices are under pressure as there were sources that report that Saudi Arabia is preparing to raise its crude production. This comes as there could be a significant drop in Russia’s output due to sanctions. West Texas Intermediate, the U.S. benchmark is down to $112 per barrel. The international benchmark, Brent crude, is also down to $113 per barrel.


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Top Stock Market News For Today June 2, 2022

Chewy Gains On Surprise Profit And Reaffirms Outlook

Shares of

Chewy

(

NYSE: CHWY

) are up by over 14% on today’s opening bell. This comes after the pet product and services retailer reported a strong quarter. According to the company’s press release, Chewy’s total revenue for the quarter is $2.43 billion, marking a 13.7% increase year-over-year. Moreover, the company’s quarterly earnings per share is $0.04, against a consensus forecast of a loss per share of $0.14. As you can imagine, the surprise profit from Chewy would lead to CHWY stock being in the spotlight now.

With many consumers adopting pets over the course of the pandemic, Chewy continues to see strong demand for its services. After all, the company primarily operates as an e-commerce pet product provider. Its services include pet food and vet subscriptions. Furthermore, it boasts a wide selection of over 100,000 products at competitive prices. As it stands, the company notes that it has 20.6 million active customers, translating to a year-over-year increase of 4.2%.

In its shareholder letter that was released alongside its first-quarter financials, the company says this,

“Fiscal year 2022 is off to a good start as we delivered solid top-line growth and sequential improvements in both gross margin and overall profitability. First-quarter net sales increased 14 percent to $2.43 billion. Consumables and Healthcare were the strongest categories this quarter, reflecting their non-discretionary nature and higher Autoship penetration rates. Notably, first-quarter Autoship customer sales increased to 72.2 percent of net sales, which is a new record high for the company.”

With that being said, investors could be watching out for CHWY stock right now.

CHWY stock
Source: TradingView


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4 Top Cybersecurity Stocks To Watch Today

Ford Stock In Focus After It Announced $3.7 Billion Investment In Assembly Plants For EV Production.

Also, we have

Ford Motor Company

(

NYSE: F

) in focus today. The company announced today that it will be investing $3.7 billion in its assembly plants. It will also be adding more than 6,200 new union manufacturing jobs in Michigan, Ohio, and Missouri. These new jobs will create an additional 74,000 indirect new jobs in America by the end of 2026. This investment and jobs will support the company’s Ford+ strategy to produce 2 million electric vehicles a year globally. It hopes to achieve this goal by the end of 2026.

Ford also confirmed an all-new electric commercial vehicle for Ford Pro customers produced in Ohio that will debut by 2025. Accordingly, plant expansion will begin this year. Its all-new global Mustang coupe and Ranger pickup for North America will also be built in Michigan. Additionally, the company also plans to increase the production of its all-new F-150 Lightning electric truck to 150,000 per year at the Rouge Electric Vehicle Center in Dearborn. The investment will also include a $35 million fund to build an all-new Ford Customer Service Division packaging facility in Monroe that will create more than 600 union jobs. Operations are scheduled to begin in 2024 to help accelerate parts shipments for Ford customers. Given this piece of news, investors could be turning their radars to F stock today.

F stock
Source: TradingView

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