Stock Market Today Mid Morning Updates
On Thursday morning, the Dow Jones Industrial Average opened lower by 85 points. This comes after key economic data was released. Specifically, first-time jobless claims and the Philadelphia Fed Manufacturing Index. In detail, first-time jobless claims dropped to 250,000. This came in under expectations of an increase to 265,000 versus 262,000 the previous week. Furthermore, the Philadelphia Fed Manufacturing Index recovered to 6.2. This came in higher than expectations which projected a negative 5.0. This index missed expectations last month at -12.3 for its second consecutive negative reading.
Moreover, this week investors are digesting its latest round of retail corporate earnings. In detail, on Thursday morning, retail companies such as Kohl’s Corporation (NYSE: KSS) and BJ’s Wholesale Club Holdings Inc. (NYSE: BJ) reported earnings. Meanwhile, investors await earnings from companies like Applied Materials Inc.(NASDAQ: AMAT) Canadian Solar Inc.(NASDAQ: CSIQ) and Ross Stores Inc.(NASDAQ: ROST) will report their most recent quarterly earnings after the market closes on Thursday.
Amid the Dow Jones leaders, shares of Apple (NASDAQ: AAPL) are trading down by 0.28% on Thursday morning, while Microsoft (NASDAQ: MSFT) is also down by 0.34%. Meanwhile, shares of Caterpillar, Inc. (NYSE: CAT), and The Walt Disney Co (NYSE: DIS) shares are trading mixed on Thursday morning. Among the Dow financial leaders, shares of American Express Co. (NYSE: AXP) and JPMorgan Chase & Co. (NYSE: JPM) are trading mixed during Thursday morning’s trading session.
Shares of EV leader Tesla (NASDAQ: TSLA) gained on Thursday by 0.32%. Rival EV companies like Rivian are also trading lower by 2.67%. Lucid Group (NASDAQ: LCID) stock dropped by 1.40% on Thursday morning. Chinese EV leaders like Nio (NYSE: NIO) and Xpeng Inc. (NYSE: XPEV) are trading lower on Thursday.
Dow Jones Today: U.S. Treasury Yield Falls Slightly To 2.84%
Following the stock market opening on Thursday, the major indices opened mixed. The Dow is trading lower by 0.22%, while the S&P 500, and Nasdaq have reversed to the upside by 0.03%, and 0.04%, respectively.
Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (NASDAQ: QQQ) moved higher on Thursday morning by 0.13% while the SPDR S&P 500 ETF (NYSEARCA: SPY) is also trading modestly higher by 0.045%. The benchmark 10-year U.S. Treasury yield is at 2.84% during the Thursday morning trading session.
Shares Of Kohl’s Corporation (KSS) Stock Fall After Cutting Guidance
Kohl’s Corporation (KSS) is trading lower during Thursday morning’s trading session. Shares of KSS are down over 4%. This comes after the company reported a beat Q2 earnings results premarket on Thursday. In detail, Kohl’s reported earnings of $1.11 per share on revenue of $4.1 billion. In comparison, the consensus earnings estimate was $1.08 per share on revenue of $3.9 billion.
However, the company significantly cut its outlook for fiscal 2023 earnings. Specifically, the company said it estimates fiscal 2023 earnings of $2.80 to $3.20 per share, while revenue is estimated between $17.36 billion to $17.55 billion. For context, KSS previously reported guidance of earnings of $6.45 to $6.85 per share on revenue of $18.47 billion to $18.65 billion. This was a large contributor to why KSS is falling on Thursday morning.
Michelle Gass, Kohl’s CEO stated in his letter to shareholders, “Second quarter results were impacted by a weakening macro environment, high inflation, and dampened consumer spending, which especially pressured our middle-income customers. We have adjusted our plans, implementing actions to reduce inventory and lower expenses to account for a softer demand outlook. Kohl’s has navigated difficult periods in the past and I am confident in our ability to successfully manage through the current uncertainty.” Shares of KSS stock are trading at $32.40 per share on Thursday morning.