Stock Market Today Mid-Morning Updates

On Friday, the Dow Jones Industrial Average is up by over 250 points. This comes after President Vladimir Putin says that he sees positive developments in the talks for a ceasefire. However, he did not elaborate but said that he would go into more detail with his Belarusian counterpart Alexander Lukashenko soon. Putin also says that discussions were happening almost on a daily basis, further providing relief that talks were at least ongoing. The news also helped investors look past another report showing high inflation and shook off some of the volatility from recent sessions.

Today, electronic signature company DocuSign (NASDAQ: DOCU) is down by over 20% despite reporting earnings and revenue that were slightly above estimates. The stock is down as DocuSign also issued weaker-than-expected guidance for the full year. Uber Technologies (NYSE: UBER) are up by over 1.2% today after Deutsche Bank initiated coverage with a Buy rating and a $50 price target. Deutsche Bank says that Uber’s leading position in a fast-growing market is a cause for this upgrade.

Among the Dow Jones leaders, shares of Apple (NASDAQ: AAPL) are down by 0.20% today while Microsoft (NASDAQ: MSFT) is up by 1.05%. Meanwhile, 3M (NYSE: MMM) and Nike (NYSE: NKE) are trading mixed on Friday. Among the Dow financial leaders, Visa (NYSE: V) is up by 1.14% while Goldman Sachs (NYSE: GS) is also up by 1.82%.

Shares of EV leader Tesla (NASDAQ: TSLA) are down by 0.94% on Friday. Rival EV companies like Rivian (NASDAQ: RIVN) are also down by 1.90%. Lucid Group (NASDAQ: LCID) is also down by 1.69% today. Chinese EV leaders like Nio (NYSE: NIO) and Xpeng Motors (NYSE: XPEV) opened lower today as well.

Dow Jones Today: February’s Consumer Price Index Higher Than Expected

Following the stock market opening on Friday, the S&P 500, Dow, and Nasdaq are trading higher by 0.42%, 0.76%, and 0.15% respectively. Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (NASDAQ: QQQ) is up by 0.16% while the SPDR S&P 500 ETF (NYSEARCA: SPY) is also up by 0.39%. 

The 10-year Treasury yield breached 2% on Friday after hotter than expected inflation reading. The consumer price index rose 7.9% year-over-year in February, its highest level since 1982. Oil prices continue to steady at around $106 per barrel. West Texas Intermediate crude, the American oil benchmark, was tracking to snap a two-week winning streak. Today would also mark two years since the coronavirus was declared a pandemic on March 11, 2020.

With the invasion now in its third week, the U.S. and its allies are prepared to step up their efforts to isolate and sanction Russia. According to media reports, the G-7 will move to revoke Russia’s most favored trading status. Doing this will allow the U.S. and its allies to impose tariffs on a wide range of Russian goods.

[Read More] Top Stock Market News For Today March 11, 2022

Ford And General Motors Partner Up With PG&E To Study EV Usage In Power Grids

In the news today is automotive titan Ford (NYSE: F). Notably, the company is looking to make headway in the home energy grid market now with Pacific Gas and Electric (NYSE: PCG) or PG&E for short. Through this team-up, the duo are planning to study the use of EVs as backup power generators. In detail, the current partnership will see Ford’s highly popular F-150 electric pickup truck being in the spotlight. Both companies plan to hook up the F-150 to the power grid directly. Ideally, should the tests be successful, it would add bidirectional charging to the list of features on Ford’s upcoming EV.

Not forgetting, this news comes just two days after PG&E announced a similar collaboration with General Motors (NYSE: GM). Commenting on this partnership is GM CEO Mary Barra. She notes, “GM’s collaboration with PG&E further expands our electrification strategy, demonstrating our EVs as reliable mobile sources of power. Our teams are working to rapidly scale this pilot and bring bidirectional charging technology to our customers.” With GM planning to have over 1 million units of EV capacity in North America by 2025, this would be exciting news.

Overall, PG&E CEO Patti Poppe also highlighted the sheer scale of the company’s current endeavor. According to Poppe one in five EVs sold in the U.S. are in PG&E’s service area. By the company’s estimates, this adds up to about 6,600 MW of electric energy capacity that remains untapped. As such, both F stock and GM stock could be standing out amongst their industry peers now.

F stock
Source: TradingView

[Read More] Best Stocks To Invest In Right Now? 5 Energy Stocks To Note As Oil Prices Surge

Futu In Focus After Posting Strong Quarterly Figures, Topping Solid Fiscal Year

Futu Holdings (NASDAQ: FUTU) a digitized brokerage and wealth management firm is turning heads in the stock market today. Through its comprehensive platform, Futu offers investors a fully digitized brokerage experience. It mainly caters to retail investors looking to capitalize on the current trends and opportunities in the stock market now. As it stands, the company’s platform is currently available across the U.S., Hong Kong, and China, just to name a few key markets.

By and large, the company’s brokerage services are highly accessible via a broad range of everyday devices. At the same time, Futu also has social media networking services on its proprietary platform. More importantly, the company posted stellar figures in its latest full-year financial update earlier today. In it, Futu saw massive year-over-year gains of 114% in total revenue and 112% in net income.

Not to mention, investors may also want to consider several key operational highlights. At the end of its fourth fiscal quarter, Futu had over 2.75 million paying clients, marking a solid 93.8% year-over-year jump. In terms of paying clients, the company currently has over 1.24 million, up by 140.8% from the same quarter last year. To top it all off, Futu is also authorizing a $300 million share repurchase program as well. All of this would indicate that Futu’s services remain popular despite less-than-ideal market conditions. With all this in mind, some would argue that FUTU stock could be worth considering in the stock market now.

FUTU stock
Source: TradingView

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