Stock Market Today Mid-Morning Updates

On Tuesday morning, stocks were little changed as the Dow Jones Industrial Average dropped by 18 points. This comes after a two-day rally in the stock market to end the month of January’s trading session. With that being said, January also ended up being the worst trading month for the Nasdaq and S&P. During Tuesday morning’s trading session it looks to be investors are digesting the most recent economic data. As well as awaiting the earnings reports from some of the big tech stocks after Tuesday’s closing bell.

Among the top names reporting earnings UPS (NYSE: UPS) rallied Tuesday morning over 12% after beating Wall Street estimates. The shipping giant beat both revenue and earnings per share estimates with its third quarter 2021 earnings report. They also raised their guidance for full-year 2021. The company reported consolidated revenues of $27.8 billion, and a diluted EPS of $3.52 for the quarter. This is a 11.5%, and 35% increase year-over-year during the same time period, respectively.

Also, we have big tech giants like Alphabet (NASDAQ: GOOGL), Paypal (NASDAQ: PYPL), and Advanced Micro Devices (NASDAQ: AMD) set to report earnings after the closing bell on Tuesday.

Among the Dow Jones leaders, shares of Apple (NASDAQ: AAPL) and Microsoft (NASDAQ: MSFT) are down by 1.03%, and 1.172% respectively. 3M (NYSE: MMM) and Nike (NYSE: NKE) ticked lower on Tuesday as well. Among the Dow financial leaders, Visa (NYSE: V) and Goldman Sachs (NYSE: GS) are trading higher today.

Shares of electric vehicle (EV) giant Tesla (NASDAQ: TSLA) are down by 2.53% on Tuesday. Other EV companies like Rivian (NASDAQ: RIVN) and Lucid Group (NASDAQ: LCID) are down by 4.33% and 1.13%, respectively today. Chinese EV leaders like Nio (NYSE: NIO) and Xpeng Motors (NYSE: XPEV) are also trading lower at 2.24% and 0.028% respectively.

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Dow Jones Today: Treasury Yields Rising As ISM Manufacturing Index Data Is Released

Following the stock market opening on Tuesday, the S&P 500, Dow Jones, and Nasdaq are trading lower by 0.31%, 0.12%, and 0.57% lower. Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (NASDAQ: QQQ) is down 0.57% on Tuesday, while the SPDR S&P 500 ETF (NYSEARCA: SPY) is also down by 0.31%.

The 10-year Treasury ticked higher to 1.81% on Tuesday morning after closing at 1.78% on Monday. Moving along, oil prices are relatively flat. West Texas Intermediate dropping 0.5% to under $88 a barrel, still hovering near 7-year highs.

Moving along, U.S. manufacturing sees strong momentum last month according to the most recent report from the Institute of Supply Management (ISM). On Tuesday, the ISM reported within expectations that its manufacturing index dropped to 57.6 in January. This is down from December’s reporting of 58.7%. Despite, the manufacturing sector holding steady in January, the report commented about the sharp increase in inflation pressures. The report’s Price Index increased to 76.1%, which is up from December’s reading of 68.2%.

The U.S. manufacturing sector remains in a demand-driven, supply chain-constrained environment, but January was the third straight month with indications of improvements in labor resources and supplier delivery performance. Still, there were shortages of critical intermediate materials, difficulties in transporting products and lack of direct labor on factory floors due to the COVID-19 omicron variant,” stated Timothy Fiore, Chair of the ISM Manufacturing Business Survey Committee.

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Exxon Mobile Shares Jump On Profits Estimates Beat

Top oil stock Exxon Mobil (NYSE: XOM), reported reported better than expected profits Tuesday morning. Exxon Mobil reported an 80% year-over-year increase in revenue during the fourth quarter.

The oil titan reported revenues of $84.97 billion, which is a miss from the $91.85 billion analysts were expecting. The company reported that that this increase is a result of the recovery we’re seeing in oil and gas prices. They also reported an EPS of $2.05 per share.

The company also reported an impressive increase in cash flow. In the most recent quarter XOM notched generated $48 billion of cash flow from operations. This was the highest levels the company has seen since 2012. Furthermore, the company announced it will begin buying back stock during quarter one 2022. The company previously announced they will repurchase up to $10 billion over the next 1 to 2 years.

Our effective pandemic response, focused investments during the down-cycle, and structural cost savings positioned us to realize the full benefits of the market recovery in 2021,” commented Darren Woods, chairman and CEO. “Our new streamlined business structure is another example of the actions we are taking to further strengthen our competitive advantages and grow shareholder value. We’ve made great progress in 2021 and our forward plans position us to lead in cash flow and earnings growth, operating performance, and the energy transition.

Shares of XOM stock jumped over 5% during Tuesday morning’s trading session currently trading at $80.06 a share.

XOM stock chart
Source: TD Ameritrade TOS

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