Categories
Featured Investing Stock Market News Stock Market Today

Stock Market Today: Dow Jones, S&P 500 Rebound; Take-Two Surges On Solid Earnings

Markets opened higher today after a slew of strong retail earnings.

Stock Market Today Mid-Morning Updates

On Tuesday, the Dow Jones Industrial Average is up by 280 points as major retail companies begin to report their earnings this week. Notable names would include Home Depot (NYSE: HD) and JD.com (NASDAQ: JD). Home Depot, for instance, reported another solid quarter, with sales of $38.9 billion, an increase of 3.8% year-over-year. This would be the highest quarter for sales in the company’s history. Also, it posted net earnings of $4.2 billion or $4.09 per diluted share.

Citigroup (NYSE: C) is also up today after Berkshire Hathaway (NYSE: BRK.A) announced a nearly $3 billion stake in the bank during the first quarter, according to its latest SEC filing. Citi now joins some of its rivals in Buffett’s portfolio. For instance, Berkshire Hathway also owns about $41.6 billion of Bank of America (NYSE: BAC) shares at the end of March. Also, shares of United Airlines (NYSE: UAL) are up after the company raised its current-quarter revenue forecast, saying that it expects its busiest summer since the pandemic began.

Among the Dow Jones leaders, shares of Apple are up by 1.31% today while Microsoft (NASDAQ: MSFT) is also up by 1.41%. Meanwhile, Disney (NYSE: DIS) and Nike (NYSE: NKE) are trading higher on Tuesday. Among the Dow financial leaders, Visa (NYSE: V) is up by 1.88% while JPMorgan Chase (NYSE: JPM) is also up by 3.69%.

Shares of EV leader Tesla (NASDAQ: TSLA) are up by 2.62% on Tuesday. Rival EV companies like Rivian (NASDAQ: RIVN) are up by 5.59%. Lucid Group (NASDAQ: LCID) is also up by 0.98% today. Chinese EV leaders like Nio (NYSE: NIO) and Xpeng Motors (NYSE: XPEV) are trading higher today. 

Dow Jones Today: U.S. Treasury Yields Holds Near 3% On Positive April Retail Sales Report

Following the stock market opening on Tuesday, the S&P 500, Dow, and Nasdaq are trading higher at 1.19%, 0.88%, and 1.56%. Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (NASDAQ: QQQ) is up by 1.54% while the SPDR S&P 500 ETF (NYSEARCA: SPY) is also up by 1.22%. 

The benchmark 10-year U.S. Treasury yield ticked around 2.9% today after the government announced its retail sales rose by 0.9% in April compared to a month earlier. This comes even despite the red-hot inflation that has grasped the economy since the end of last year. This would also be an 8.2% increase compared to a year ago. Retail sales would measure how much consumers spent on a number of everyday goods like food and gas. 

[Read More] Top Stock Market News For Today May 17, 2022 

Walmart Stock Sinks After Falling Short On Earnings Estimates In Latest Quarterly Report

Walmart (NYSE: WMT) is also coming into focus at today’s stock market open following its latest financial update. According to the company’s press release, Walmart reported earnings of $1.30 per share on revenue of $141.57 billion. To put things into perspective, the consensus on Wall Street was an earnings per share of $1.48 and quarterly revenue of $138.94 billion. Despite beating revenue estimates, investors appear to be focusing on Walmart’s earnings miss. Evidently, WMT stock is now down by over 9% at today’s opening bell.

Going into the specifics, the discount retailer seems to be feeling the pressure from growing macroeconomic headwinds. Among the key factors possibly weighing in on its margins now would be rising fuel costs. At the same time, with fewer consumers buying groceries in bulk, Walmart also adds that its inventory levels remain high. However, even with all this in mind, the company seems to be confident about the fiscal year ahead. Based on its earnings report, Walmart is raising its net sales outlook for the year from a 3% year-over-year gain to 4%. While doing so, the company is also lowering its annual profit expectations to a year-over-year decrease of 1%.

Providing some insight into all this is Walmart CEO, Doug McMillion. He says, “We’re adjusting and will balance the needs of our customers for value with the need to deliver profit growth for our future.” Overall, Walmart remains the largest discount retailer in the world. As such, some investors could see opportunities amidst the current weakness in WMT stock.

Source: TradingView

[Read More] Recession-Proof Stocks To Buy Now? 4 Retail Stocks To Know

Take-Two Stock Rises After Topping Wall Street Estimates Across The Board

Among the major head turners in the stock market today would be Take-Two Interactive (NASDAQ: TTWO). By and large, the reason for this would be the company reporting its latest quarterly earnings update. According to the release, Take-Two’s total quarterly revenue is $930 million. On top of that, the report also indicates that Take-Two’s earnings per share is $0.95. For reference, this is versus the Wall Street consensus of a revenue of $884.62 million and earnings of $0.62 per share. Providing an overview on all this CEO Strauss Zelnick. He notes, “Our strong fourth-quarter results concluded another highly successful year for our Company, during which we delivered Net Bookings of $3.4 billion.

Adding to that, Zelnick also highlights Take-Two’s key moves throughout the quarter that contributed to its current success. He says, “I am pleased that we took pivotal steps to position our organization for the long term by investing in talent, broadening our portfolio further, and agreeing upon our transformational pending combination with Zynga, which has the potential to exponentially increase our Net Bookings from mobile, while also enabling us to deliver substantial cost synergies and revenue opportunities.” All in all, Take-Two appears to be firing on all cylinders as it enters the next fiscal year.

Speaking of fiscal 2023, the company appears confident of its ability to perform in the current fiscal year as well. According to Take-Two’s latest earnings report, the company is anticipating record annual Net Bookings between $3.75 billion to $3.85 billion. To meet this goal, Take-Two aims to invest in new business models and platforms. While doing so, it will also be focusing on emerging markets and strengthening its distribution channels. As a result, TTWO stock is now gaining by over 11% at today’s opening bell.

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 Joe Samuel

Joe Samuel is a dedicated stock market researcher and financial contributor. His love for the stock market started at a young age learning from his grandfather. Joe earned a bachelor of science degree in corporate finance and business management. After finishing college, he went the route of an entrepreneur starting numerous businesses and eventually became a financial contributor to a number of outlets including Seeking Alpha, Invesitng.com, and actively contributes to FactSet. At StockMarket.com, Joe looks for emerging stories. One of his traits is identifying new trends before they become mainstream. Whether it’s a biopharmaceutical company debuting a novel treatment or the next technology start-up developing a new platform, Joe looks to be on the cutting edge of that trend.

After years of living in New York, he made the move to Miami, Florida where he’s become an active member of the finance community. Joe has worked with early-stage companies in marketing and consulting capacities, which has given him an opportunity to see what makes companies tick. His viewpoint is that while corporate news is vital to any investment, it’s what isn’t “right in front of you” that can make a good investment great. His approach to the markets is one that aims to deliver information that might not be well-known. But through deep research and diligence, Joe has written about and been able to uncover time-sensitive information when seconds matter in the stock market today.

Joe enjoys covering several stock market sectors. These include commodities, finance, biotechnology, and technology; specifically AI & machine learning. His no-nonsense approach to the market gives readers a cut and dry view of the news that matters most and topics beginning to emerge as new trends in the stock market. He was early to the table with calls on things like the last gold rush in 2019 and has been able to identify influential events and how they could impact certain industries.

During his free time, he enjoys spending time with his family and polishing up one new stock market trends. He’s also an avid car enthusiast with a passion for classic and muscle cars.

Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments