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Stock Market Today: Dow Jones, S&P 500 Rally; Nvidia Falls Following Revenue Warning

All major stock market indices opened green to start the trading week.

Stock Market Today Mid Morning Updates

On Monday morning, the Dow Jones Industrial Average is up over 290 points. This comes after the Senate approved a bill this past weekend to spend billions on healthcare programs and climate. In detail, this bill is intended to fight climate change, lower drug prices, and increase corporate taxes. In other news, investors are also digesting earnings headlines from top tech stocks like Nvidia (NASDAQ: NVDA), and Palantir (NYSE: PLTR). Meanwhile, companies like Upstart Holdings (NASDAQ: UPST), Novavax, Inc. (NASDAQ: NVAX), and Take-Two Interactive (NASDAQ: TTWO) are set to report earnings after the close on Monday.

Among the Dow Jones leaders, shares of Apple (NASDAQ: AAPL) are up 1% on Monday, while Microsoft (NASDAQ: MSFT) is also up slightly by 0.45%. Meanwhile, shares of Home Depot (NYSE: HD), and Nike (NYSE: NKE) shares are trading modestly higher on Monday morning. Among the Dow financial leaders, shares of Visa (NYSE: V) and Goldman Sachs (NYSE: GS) are trading mixed during Monday morning’s trading session.

Shares of EV leader Tesla (NASDAQ: TSLA) are up Monday by 4.66%. Rival EV companies like Rivian (NASDAQ: RIVN) are also trading up by 7.08%. Lucid Group (NASDAQ: LCID) stock gained 7% on Monday. Chinese EV leaders like Nio (NYSE: NIO) and Li Auto Inc. (NASDAQ: LI) are trading mixed on Monday.

Dow Jones Today: U.S. Treasury Yield At 2.77%; Key Inflation Data Expected This Week

Following the stock market opening on Monday, the major indices opened higher. The Dow, S&P 500, and Nasdaq are trading higher by 0.76%, 0.81%, and 1.20%, respectively. Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (NASDAQ: QQQ) has rallied by 1.00% while the SPDR S&P 500 ETF (NYSEARCA: SPY) is up by 0.82%. The benchmark 10-year U.S. Treasury yield is at 2.77% during the Monday morning trading session.

Moving on, investors await anxiously this week for key economic data. In detail, a new report for the consumer price index (CPI) is set to be released on Wednesday. This will help provide clarity and direction about what the central bank will potentially do in its next policy meeting in September. Furthermore, investors may have already begun to price in another 75 basis point rate increase next week. As a result, this makes it the third straight rate increase of that size. Analysts estimate, that headline CPI, is projected to drop to 8.7% in July.

[Read More] Good Stocks To Buy Right Now? 3 Growth Stocks For Your Watchlist

Nvidia Stock Falls On Q2 Revenue Warning

Shares of the semiconductor giant Nvidia (NVDA) dropped more than 7% early Monday morning. This comes after the company pre-announced its second-quarter revenue of $6.7 billion. For context, previously the company provided guidance of $8.1 billion in revenue for the quarter. The semiconductor company reported the shortfall for May’s revenue outlook was mainly contributed to lower-sell-in of gaming products, which reflects a drop in channel partner sales likely due to macroeconomic headwinds.

Our gaming product sell-through projections declined significantly as the quarter progressed,” said Jensen Huang, founder, and CEO of NVIDIA. “As we expect the macroeconomic conditions affecting sell-through to continue, we took actions with our Gaming partners to adjust channel prices and inventory.” As of Monday morning, shares of NVDA stock are currently trading at $178.36 per share.

Source: TD Ameritrade TOS

Palantir Stock Falls After Reporting A Miss For The Second Quarter

On Monday, the defense tech company Palantir (PLTR) reported its second-quarter results. In the report, the company posted a loss of $0.09 per share on a revenue of $473.0 million. This is compared with the consensus earnings estimate of $0.03 per share on revenue of $468.2 million.

Additionally, PLTR said it estimates a range for third-quarter revenue of $474.0 million to $475.0 million and full-year 2022 revenue of $1.90 billion to $1.902 billion. For context, Wall Street’s estimates are $498.17 million for the third quarter and revenue of $1.99 billion for 2022 full-year. Meaning, that Palantir lowered its guidance outlook. As a result of these earnings, shares of PLTR stock slid more than 12% to $10.05 per share during Monday morning’s trading session.

Source: TD Ameritrade TOS

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By Brandon Michael

Brandon Michael is a financial specialist and financial contributor to the stock market. He enjoys writing about rising stocks and how the market changes over time. He specializes in multimedia and events, as well as social media management and media contributing. He has managed and marketed hundreds of events, as well as grown social media pages upwards of 200,000 followers and everything in between. As an active social media influencer in the car community, he understands how to recognize trends and curate content for niches. From an early age, Brandon was fascinated by the power of social media and how it built companies and careers for many. Over time he has developed many different strategies for different platforms on how to grow different kinds of pages. In addition to social media skills, he is passionate about events, it is second nature to him to promote them and make sure that everything is executing perfectly. This has allowed him to partner with some of the largest companies in the industry to run events for hundreds of thousands of people. Brandon has written many articles for many notable top websites for the last 3 years. His focus in his writing is generally rising stocks and emerging trends in the stock market, as well as bringing companies with market potential to the frontlines of the media. It is easy for him to identify trends and do extensive research to make sure he’s providing the most accurate research possible. In his free time, he continues to improve his research skills and financial knowledge to continue providing the best work possible.