Categories
Featured Investing Stock Market News Stock Market Today

Stock Market Today: Dow Jones, S&P 500 Tumbles; Palantir Stock Down On Mixed Earnings

Markets opened lower as the market sell-off continues with the new week.

Stock Market Today Mid-Morning Updates

On Monday, the Dow Jones Industrial Average is down by 360 points as investors continue their sell-off, following the Federal Reserve’s direction last week. Some begin to doubt if the central bank can get inflation under control. Furthermore, two key inflation reports will be coming out later this week. President Vladimir Putin today gave a speech on Victory Day, to celebrate the Soviet Union’s victory over Nazi Germany and draw comparisons to Russia’s current invasion of Ukraine. He also claims that the invasion is necessary because the West was preparing for the invasion of its land.

Uber (NYSE: UBER) is down on today’s opening bell after it announced plans to cut spending on marketing and incentives according to an email that was sent to Uber employees from CEO Dara Khosrowshahi. Energizer (NYSE: ENR) however is up by over 8% today after beating estimates. It posted a quarterly profit of $0.47 per share. Also, shares of Tyson Foods (NYSE: TSN) are in focus after it beat profit and revenue estimates for its latest quarter as well.

Among the Dow Jones leaders, shares of Apple are down by 2.14 today while Microsoft (NASDAQ: MSFT) is also down by 2.57%. Meanwhile, Disney (NYSE: DIS) and Nike (NYSE: NKE) are trading lower on Monday. Among the Dow financial leaders, Visa (NYSE: V) is down by 2.44% while JPMorgan Chase (NYSE: JPM) is also down by 0.91%.

Shares of EV leader Tesla (NASDAQ: TSLA) are down by 3.55% on Monday. Rival EV companies like Rivian (NASDAQ: RIVN) are also down by 13.79%. Lucid Group (NASDAQ: LCID) is also down by 4.99% today. Chinese EV leaders like Nio (NYSE: NIO) and Xpeng Motors (NYSE: XPEV) are trading lower today. 

Dow Jones Today: U.S. Treasury Yields Rises to 3.18% Amid Rising Interest Rates

Following the stock market opening on Monday, the S&P 500, Dow, and Nasdaq are trading lower at 1.64%, 1.15%, and 2.14%. Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (NASDAQ: QQQ) is down by 1.98% while the SPDR S&P 500 ETF (NYSEARCA: SPY) is also down by 1.57%. 

The benchmark 10-year U.S. Treasury yield topped 3.18% today after breaching 3% last week. This has been the highest since late 2018. The steady rise in Treasury yield follows the central bank’s increase of its interest rates by 50-basis points. Investors saw a wipeout last Thursday after a relief rally. Bitcoin is also down over the weekend, dropping below the $33,000 mark as the world’s largest cryptocurrency remained correlated to tech stocks and the Nasdaq. This is against the argument that Bitcoin is an inflation hedge like gold.

[Read More] Top Stock Market News For Today May 9, 2022 

Palantir Stock Slides Following Mixed Earnings And Lackluster Outlook

Palantir (NYSE: PLTR) is in the news today after posting its latest quarterly financial update. In essence, the big data firm is looking at earnings of $0.02 per share on revenue of $446 million. Overall, the company missed Wall Street’s earnings estimates by $0.02 and topped revenue forecasts. In particular, the company’s quarterly revenue is up by over 30% year-over-year, a sizable increase. Moreover, Palantir’s revenue outlook for the current quarter is currently at $470 million. This would be just shy of consensus expectations of $483.76 million. As a result, PLTR stock is now seeing losses of over 21% at today’s opening bell. 

Despite the current downturn in its share prices, Palantir seems to be chugging along fine on the operational end. Notably, the company’s overall commercial revenue is up by 54% year-over-year. Over the same period, its U.S. commercial revenue, Government-related revenue, and customer count are up by 136%, 16%, and 86% respectively. Additionally, Palantir’s current outlook is also a base estimate. Simply put, according to Palantir, there is a “wide range of potential upside,” to its current guidance. The company cites its position in helping governments respond to “developing geopolitical events,” as a possible driver for such growth. All in all, some would argue that the current dip in PLTR stock would be somewhat overdone. For investors looking to bet on the big data analytics market, Palantir could be an attractive play at its current price point.

Source: TradingView

[Read More] Best Stocks To Invest In 2022? 4 Software Stocks For Your List

Rivian Stock Dives Following News Of Ford Reportedly Looking To Trim Stake

Also among the top losers in the stock market today would be Rivian (NASDAQ: RIVN). Namely, the company’s shares are now looking at losses of over 14% at today’s opening bell. By and large, the current movement in RIVN stock is likely a result of a report from CNBC. According to CNBC’s unnamed sources, Ford (NYSE: F) is looking to sell off 8 million of its 102 million-share stake in Rivian. Reports suggest that Ford is already considering this as the post-IPO lockup frame for the EV firm expired yesterday. Furthermore, the source also indicates that Ford could be looking to do so via Goldman Sachs (NYSE: GS).

If that wasn’t enough, CNBC also notes that another unnamed investor is looking to make a similar move. Reports point toward the firm having already hired JPMorgan Chase (NYSE: JPM) to dump somewhere between 13 million to 15 million of RIVN shares at the same time. Overall, should these moves be true, it would not be all that surprising. Since going public at a per-share price of $78 on November 10 last year, RIVN stock is continuing its decline. Evidently, the company’s shares are entering the current trading week at a price point of just over $24. With all this alongside Rivian recently halving its 2022 production goals back in March, the company could be looking at bumpy roads ahead. Safe to say, there will be no shortage of attention around RIVN stock in the stock market now.

Source: TradingView

If you enjoyed this article and you’re interested in learning how to trade so you can have the best chance to profit consistently then you need to checkout this YouTube channel. CLICK HERE RIGHT NOW!!

By Adam Lawrence

Adam Lawrence is a serial entrepreneur and financial writer for StockMarket.com. He calls Miami, Florida his home but has a love for travel. He started his first digital marketing and website design business, in 2006 at the age of 23. He has worked with and consulted for hundreds of publicly traded companies. His vast knowledge of the public markets has allowed him to gain real-world experience in corporate communications. No matter what is going on in the stock market today, Adam is at the front of the line to track new trends and present them to readers.

As an active contributor to other financial sites like GuruFocus and Benzinga, Adam has gained prominence for reporting on several topics. These include biotech stocks, technology stocks, gold stocks, as well as marijuana stocks. These active stock market sectors have presented investors with some of the biggest opportunities in the stock market today. Adam's goal is to present readers with easily digestible content that is both informative and actionable.

Adam's years of experience in digital marketing have helped give him an edge above other financial writers. His ability to pick up on stock market trends before they hit Main Street is one of the things that has afforded him the opportunity to interact with and engage public companies. Reporting on current events is one thing but being able to dissect them and translate them for readers is of the utmost importance. In doing so, Adam has set a personal standard to deliver timely information that dives deeper than simple headlines and goes into the fine details of what's driving stock market trends. He also stays on top of the most current social media trends among top influencers.

With the emerging landscape surrounding new media, Adam takes an active approach to learn what drives interest in different social media and finds ways to tap into whatever is trending at that time then apply it to his approach to the stock market. In his free time, he enjoys being with his family and working on his house. He's also an avid car enthusiast.

Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments