Stock Market Today Mid-Morning Updates
On Thursday, the Dow Jones Industrial Average is down by over 80 points as investors tech giants continue to report their earnings. This comes despite aggression from Russia as it continues its invasion of Ukraine. President Biden and his administration have grown increasingly bold in its support for Ukraine and is scheduled to update the American public on the current state of the war today. Russia has also decided to cut off gas shipments to Poland and Bulgaria, both NATO members.
Twitter (NYSE: TWTR) for instance, reported a bump in users. However, it misses revenue estimates, reporting $1.2 billion for the quarter, an increase of 16% year-over-year. Shares of Qualcomm (NASDAQ: QCOM) were also up today after strong earnings. It posted an adjusted earnings per share of $3.21 with a revenue of $11.16 billion. ServiceNow (NYSE: NOW) is also up by over 8% today after the company reported an earnings per share of $1.73 and a revenue of $1.72 billion.
Among the Dow Jones leaders, shares of Apple (NASDAQ: AAPL) are up by 2.03% today while Microsoft (NASDAQ: MSFT) is also up by 0.15%. Meanwhile, Disney (NYSE: DIS) and Nike (NYSE: NKE) are trading mixed on Thursday. Among the Dow financial leaders, Visa (NYSE: V) is up by 2.96% while JPMorgan Chase (NYSE: JPM) is also up by 0.41%.
Shares of EV leader Tesla (NASDAQ: TSLA) are down by 5.72% on Thursday. Rival EV companies like Rivian (NASDAQ: RIVN) are also down by 1.70%. Lucid Group (NASDAQ: LCID) is down by 1.55% today. Chinese EV leaders like Nio (NYSE: NIO) and Xpeng Motors (NYSE: XPEV) are trading lower today.
Dow Jones Today: U.S. Treasury Yields Rose After U.S. Economy Contracted By 1.4%
Following the stock market opening on Thursday, the S&P 500, Dow, and Nasdaq are trading higher at 0.63%, 0.24%, and 0.57%. Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (NASDAQ: QQQ) is up by 0.91% while the SPDR S&P 500 ETF (NYSEARCA: SPY) is also up by 0.60%.
The benchmark 10-year U.S. Treasury yield rose to 2.88% today after the government reported that the U.S. economy has contracted by 1.4% in the first quarter. This was more than what economists were expecting. Gross domestic product unexpectedly declined at a 1.4% annualized pace, marking an abrupt reversal for an economy coming off its best performance since 1984.
Shares of McDonald’s (NYSE: MCD) were also up today after reporting its first-quarter financials today. Both earnings and revenue topped Wall Street’s estimates. The company says that higher prices in the U.S. and strong international sales growth have contributed to this strong quarter. Shares of Caterpillar (NYSE: CAT), however, were down by over 4% today despite beating earnings and revenue estimates.
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Meta Stock Surges After Social Media Titan Tops Earnings Estimates Amidst Turnaround Quarter
Among the top gainers in the stock market today would be Meta Platforms (NASDAQ: FB). Notably, FB stock is now looking at gains of over 12% at today’s market open. This follows its first fiscal quarter financial release posted after yesterday’s closing bell. For starters, Meta is boasting earnings per share of $2.72. This would be well above Wall Street’s estimates of $2.56. However, the company’s total revenue for the quarter is in at $27.91 billion, short of consensus forecasts of $28.2 billion. Even so, the current upswing in its earnings among other key factors seems to be reeling investors back in.
For the most part, Meta continues to gain momentum from its somewhat disappointing fourth fiscal quarter. In which, it saw daily active users (DAUs) declined for the first time to 1.93 billion. The company’s latest DAUs of 1.96 billion is also above consensus expectations of 1.95 billion. Moreover, Meta’s average revenue per user adds up to $9.54 from throughout the quarter, topping forecasts of $9.50. Despite the revenue miss, Meta continues to deliver on its key operational metrics.
Providing an overview on all of this is CEO Mark Zuckerberg. He starts by saying, “We made progress this quarter across a number of key company priorities and we remain confident in the long-term opportunities and growth that our product roadmap will unlock.” Zuckerberg also adds, “More people use our services today than ever before, and I’m proud of how our products are serving people around the world.” With all this positive momentum on FB stock now, investors could be keen to jump on.
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Pinterest Stock Gains After Company Beats Top And Bottom Line Estimates In Latest Earnings Update
At the same time, another social media firm making waves in the stock market now would be Pinterest (NASDAQ: PINS). After posting its latest financials yesterday, the virtual pinboard platform operator is seeing notable gains. Evidently, PINS stock is now up by over 5% at today’s opening bell. Diving right in, the company is looking at earnings of $0.10 per share alongside revenue of $575 million. For reference, this would be versus consensus analyst forecasts of $0.04 and $573 million respectively. Also, Pinterest’s global average revenue per user is up by a solid 28% year-over-year, totaling $1.33. This would be just above Wall Street estimates of $1.31. While the company’s active user count cools from its pandemic-era highs, Pinterest does not seem to be sitting idly by.
Accordingly, the company writes, “we believe that consumers want positive environments dedicated to helping them go from the spark of inspiration through to planning and purchasing. With inspiring new video formats, improvements in core search and recommendations, and an ever-improving shopping experience, we see tremendous growth opportunities ahead of us.” This would go to show Pinterest’s resilience even when facing broad-based economic headwinds like its peers. By and large, all of this seems to have investors keen on PINS stock for now.
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