Stock Market Today Mid-Morning Updates
On Tuesday, the Dow Jones Industrial Average is up by 230 points. Investors are digesting a key inflation report that was released by the Bureau of Labor Statistics. The Consumer Price Index (CPI) rose 8.5% in March compared to the same month last year. This would mark the fastest rise in prices since 1982. Core CPI in March increased 0.3%, below the consensus estimate of 0.5%. This seems to be a relief for investors as core price pressures could finally appear to be moderating.
Today, shares of Crowdstrike (NASDAQ: CRWD) rose by over 8% after Goldman Sachs (NYSE: GS) upgraded the cybersecurity company to a Buy rating from Neutral. Goldman thinks that the company has shown strong execution while demand continues to grow as well. However, Citigroup (NYSE: C) downgraded Cisco Systems (NASDAQ: CSCO), saying that the networking equipment’s competitors are poised to gain market share from Cisco.
Among the Dow Jones leaders, shares of Apple (NASDAQ: AAPL) are up by 1.12% today while Microsoft (NASDAQ: MSFT) is also up by 1.87%. Meanwhile, Disney (NYSE: DIS) and Nike (NYSE: NKE) are trading higher on Tuesday. Among the Dow financial leaders, Visa (NYSE: V) is down by 0.08% while JPMorgan Chase (NYSE: JPM) is up by 0.59%.
Shares of EV leader Tesla (NASDAQ: TSLA) are up by 4.22% on Tuesday. Rival EV companies like Rivian (NASDAQ: RIVN) are up by 6.12%. Lucid Group (NASDAQ: LCID) is also up by 2.86% today. Chinese EV leaders like Nio (NYSE: NIO) and Xpeng Motors (NYSE: XPEV) opened higher today.
Dow Jones Today: Treasury Yields Breaches 2.8% Temporarily Before Inflation Report Released.
Following the stock market opening on Tuesday, the S&P 500, Dow, and Nasdaq are trading higher at 1.09%, 0.70%, and 1.79% respectively. Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (NASDAQ: QQQ) is up by 1.68% while the SPDR S&P 500 ETF (NYSEARCA: SPY) is also up by 0.98%.
The 10-year Treasury yield rose to its highest point since December 2018 today, breaching 2.82% before retreating to 2.79%. The yield further fell to 2.73% after the Labor Department released its March consumer price index report at 8:30 a.m. ET today. Treasury yields, which move inversely to prices, have climbed rapidly in recent weeks. However, yields have surged as the bond market braces for more aggressive policy tightening from the Federal Reserve.
The U.S. is monitoring unconfirmed reports of a potential Russian chemical weapons attack in the city of Mariupol. Ukrainian President Volodymyr Zelenskyy also warned that Russia could be using chemical weapons in Ukraine and called on the West to impose strong sanctions on Moscow. In China, Shanghai’s Covid lockdowns have been eased for some residents on Tuesday.
[Read More] Top Stock Market News For Today April 12, 2022
Beyond Meat Stock Rises Following Expansion Of Chicken Tender Distribution
For starters, Beyond Meat (NASDAQ: BYND) is hard at work growing its plant-based meat alternative business. This is evident as the company is now expanding the distribution of its “Beyond Chicken Tenders” (BCTs). Accordingly, the current move will see Beyond’s BCTs being available in up to 8,000 new physical locations. In detail, the company is working with a variety of heavy-hitting consumer staples businesses to accomplish this. Supporting this expansion is Albertsons (NYSE: ACI), Amazon’s (NASDAQ: AMZN) Whole Foods Market, and CVS Helath (NYSE: CVS). Not to mention, all Kroger (NYSE: KR) locations will carry the BCTs by the end of April 2022. Following this positive update, BYND stock is now trading higher by over 5% at today’s opening bell.
Providing an overview into Beyond’s intentions behind this play is chief growth officer Deanna Jurgens. According to Jurgens, “From a selling standpoint, wherever our customers have interest in carrying our product, we want it to be available so our consumers can ultimately shop there as well.” Namely, this could serve to increase Beyond’s overall market reach as consumers look for healthier meat alternatives. Moreover, this would be a strategic push by the company to bolster its overall business. If anything, it would be another key area of growth to consider seeing as Beyond Meat spent most of 2021 working on fast-food partnerships. All in all, the company seems to be pressing forward on the operational front and BYND stock appears to be coming into focus because of this.
Veru In Focus After Clinical Trial Data On Covid-19 Drug Candidate Shows 55% Reduction In Deaths
Veru (NASDAQ: VERU) appears to be among the head turners in the stock market now as well. By and large, the current attention on VERU stock is likely a result of Veru’s latest operational update. For those uninitiated, Veru identifies as an oncology biopharmaceutical firm that specializes in developing novel medicines. While the company primarily focuses on treating breast and prostate cancers, it is also working on a Covid-19 treatment, Sabizabulin. Regarding the latter, Veru provided a key update from its Phase 3 clinical trials yesterday.
Diving in, clinical data suggests that Sabizabulin is effective in the treatment of hospitalized Covid-19 patients at high risk for Acute Respiratory Distress Syndrome (ARDS). Going into the specifics, Veru’s Phase 3 clinical data comes from a study involving 150 hospitalized Covid-19 patients in the aforementioned group. More importantly, the company also states that Sabizabulin showed statistically significant results, reducing deaths in this patient population by 55%. This is, of course, in comparison to a use of a placebo in moderate-severe hospitalized patients.
Overall, Veru highlights that the oral daily dosing of Sabizabulin was well tolerated. As a result of all this, the company is planning to meet with the FDA to seek Emergency Use Authorisation. Speaking about the impact of these findings is Veru CEO, Mitchell Steiner. He says “We strongly believe that sabizabulin, with its dual anti-viral and anti-inflammatory properties which demonstrated positive efficacy and safety results in the Phase 3 COVID-19 study, can be that greatly needed oral therapy for hospitalized moderate to severe COVID-19 patients.” Because of all this, VERU stock could be worth looking out for now.