Stock Market Today Mid Morning Updates
On Monday morning, the Dow Jones Industrial Average opened modestly lower by 10 points. This comes after four straight weeks of S&P 500 gains. Also, China reported disappointing economic data, which weighed on markets on Monday morning. The country’s central bank also cut rates surprisingly, heightening concern over China’s economic recovery.
Just last week, the S&P 500 gained 3.25% to record its fourth consecutive week of gains, making it the longest winning streak since last year. Meanwhile, the Nasdaq composite gained 3.08% last week, while the Dow posted an increase of 2.9%. Additionally, this week investors will be closing attention to retail earnings. This week, top retail stocks such as Home Depot (NYSE: HD), Walmart (NYSE: WMT), and Target (NYSE: TGT) will report their most recent quarterly earnings results.
Amid the Dow Jones leaders, shares of Apple (NASDAQ: AAPL) are flat on Monday, while Microsoft (NASDAQ: MSFT) is trading slightly lower by 0.20%. Meanwhile, shares of Caterpillar, Inc. (NYSE: CAT), and The Walt Disney Co (NYSE: DIS) shares are trading mixed on Monday morning. Among the Dow financial leaders, shares of American Express Co. (NYSE: AXP) and JPMorgan Chase & Co. (NYSE: JPM) are trading lower during Monday morning’s trading session.
Shares of EV leader Tesla (NASDAQ: TSLA) are advancing on Monday by 1.90%. Rival EV companies like Rivian are also trading lower by 3.24%. Lucid Group (NASDAQ: LCID) stock dropped by 0.16% on Monday. Chinese EV leaders like Nio (NYSE: NIO) and Xpeng Inc. (NYSE: XPEV) are trading down on Monday.
Dow Jones Today: U.S. Treasury Yield Drops To 2.77%
Following the stock market opening on Monday, the major indices opened lower. The Dow, S&P 500, and Nasdaq are trading lower by 0.07%, 0.21%, and 0.15%, respectively. Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (NASDAQ: QQQ) is flat while the SPDR S&P 500 ETF (NYSEARCA: SPY) is red by 0.22%.
The benchmark 10-year U.S. Treasury yield is at 2.77% during the Monday morning trading session. Furthermore, investors await key economic data on Wednesday. In detail, the Fed minutes from the central bank’s latest policy meeting and U.S. retail sales are both scheduled to be released on Wednesday this week.
Li Auto (LI) Stock Falls Following Earnings Report
Shares of the Chinese EV maker Li Auto (NASDAQ: LI) fell over 2% to $31.90 per share during Monday morning’s trading session. This comes after the company reported its unaudited second quarter 2022 financial results. In it, Li Auto reported a loss of $0.10 per share on revenue of $1.3 billion. What’s more the company posted a 67.1% increase in revenue on a year-over-year basis. In the news release, the company reported its estimated Q3 revenue to come in between $1.34 billion to $1.43 billion. For context, wall street consensus expectations is a revenue estimate of $2.02 billion for Q3.
Continuing on, the EV maker reported its delivery numbers for July 2022. In detail, the company delivered 10,422 Li ONEs, which reflects a 21.3% increase from the same period in 2021. Mr. Xiang Li, founder, chairman, and chief executive officer of Li Auto, stated, “We delivered solid second quarter results in an environment with challenges and uncertainties through operational and product excellence. Our vehicles continued to win family users, not only illustrating the strength of our vehicle and the growing appeal of our brand, but also reaffirming the effectiveness of our strategy.”