Stock Market Today Mid-Morning Updates
On Monday, the Dow Jones Industrial Average is down by 30 points. The euro fell on Monday as Western powers said that new sanctions were needed against Russia following civilian killings in Ukraine. Germany says that the sanctions could come in days after Ukraine accused Russian forces of war crimes near Kyiv. Russia’s economy is facing the gravest crisis since the 1991 collapse of the Soviet Union after the United States and its allies imposed crippling sanctions due to Putin’s Feb. 24 invasion of Ukraine.
U.S. listed Chinese stocks continue to rally today after China reportedly considers revising confidentiality rules regarding audit oversight. The move could help improve U.S.-China cooperation and prevent those companies from being delisted in the U.S. JD.com (NYSE: JD) and Alibaba (NYSE: BABA) are up by over 4% today. Goldman Sachs (NYSE: GS) also continues to bet big on Chinese stocks, saying that it expects them to deliver a 23% to 29% upside this year.
Among the Dow Jones leaders, shares of Apple (NASDAQ: AAPL) are up by 1.66% today while Microsoft (NASDAQ: MSFT) is also down by 0.55%. Meanwhile, Disney (NYSE: DIS) and Nike (NYSE: NKE) are trading higher on Monday. Among the Dow financial leaders, Visa (NYSE: V) is down by 0.17% while JPMorgan Chase (NYSE: JPM) is up by 0.15%.
Shares of EV leader Tesla (NASDAQ: TSLA) are up by 0.01% on Monday. Rival EV companies like Rivian (NASDAQ: RIVN) are down 0.34%. Lucid Group (NASDAQ: LCID) is up by 1.14% today. Chinese EV leaders like Nio (NYSE: NIO) and Xpeng Motors (NYSE: XPEV) opened higher today.
Dow Jones Today: Treasury Yields Inverts and Oil Prices Rise.
Following the stock market opening on Monday, the S&P 500 and Nasdaq are trading higher at 0.32% and 1.07% respectively. However, the Dow is trading lower at 0.12%. Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (NASDAQ: QQQ) is up by 1.25% while the SPDR S&P 500 ETF (NYSEARCA: SPY) is also up by 0.36%.
The 10-year Treasury yield hovers around 2.39% today. However, the 2-year/10-year yields remain inverted, a market distortion that happens usually before an economic recession. Bond yields rose on Monday but the real strength was among shorter-term Treasurys as traders are worried that the weaker than expected March jobs growth. This could prompt the Fed to greenlight more aggressive interest rate hikes
U.S. oil prices also jumped on Monday, as supply fears persisted despite reserves release. The invasion of Ukraine by Russia has sent oil prices to pandemic era highs. West Texas Intermediate currently trades at $103 per barrel and increased by over 4% today. Brent crude, on the other hand, trades at $108 per barrel.
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Twitter Stock Jumps Following News Of Elon Musks’ 9.2% Stake In Company
Twitter (NYSE: TWTR) is among the top trending names in the stock market today. By and large, this is thanks to an update from the company regarding its current shareholders. Namely, according to Twitter’s latest regulatory filing, Tesla CEO Elon Musk now has a 9.2% stake in the company. In detail, the Elon Musk Revocable Trust (EMRT) now holds 73.48 million common shares of Twitter. Now, Musk is the sole Trustee of the EMRT. Despite his recent qualms about the social media platform, this new move is surprising, to say the least. Nonetheless, as with most of Musk’s investments, this latest move seems to be attracting investors.
Evidently, TWTR stock is now looking at substantial gains of over 20% at today’s opening bell. While this may be notable news, analysts believe that this is merely the start of Musk’s social media investment plans. Weighing in on Musk’s latest move is Wedbush Securities analyst Dan Ives. According to Ives, Musk could possibly be looking to move towards a more active stake in the company eventually. He cites the billionaire’s previous critics of Twitter failing to “adhere to free speech principles,” as a reason for this.
Safe to say, the Tesla CEO’s interest in Twitter seems to be drawing attention now. Whether or not he plans to grow his current stake in the future, remains to be seen. Regardless, TWTR stock is clearly gaining attention in the stock market today because of all this.
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Tesla In Focus After Posting Latest Quarterly Vehicle Shipment Figures
In other Elon Musk-related news, his EV company Tesla is also making a splash in the stock market now. For the most part, this is thanks to the company revealing its latest quarterly vehicle delivery numbers. In essence, Tesla is boasting deliveries of up to 310,048 vehicles throughout the quarter. Notably, this adds up to a new all-time high for the company on this front. To put things into perspective, Tesla’s total deliveries for the quarter are up by 67.8% year-over-year. Also, this marks the second consecutive record-setting for the company on this front. Despite falling just shy of consensus forecasts of 317,000, this is a commendable feat for Tesla.
Overall, Tesla continues to lead the pack when it comes to EVs. Even as the company, like many others, is still dealing with global supply shortages; it finds room to grow. These include the lack of automotive computer chips to concerns over nickel and lithium supplies globally. Both of which Tesla continues to adapt to and work on across the board. Not forgetting, President Biden’s recent signing of the Defense Production Act would also help to alleviate battery metal supply concerns for the company as well. All this alongside the opening of Tesla’s Giga Berlin factory last month would add to Tesla’s current momentum. As a result of all this, TSLA stock would be in the limelight now.
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