Categories
Featured Investing Stock Market News Stock Market Today

Stock Market Today: Dow Jones, S&P 500 Rise, Wendy’s Stock Gains On Potential Deal

Stocks edge higher as investors await Fed minutes

Stock Market Today Mid-Morning Updates

On Wednesday, the Dow Jones Industrial Average is up by 25 points as investors eagerly await for the Federal Reserve’s minutes from its policy meeting earlier in the month. Snap’s (NYSE: SNAP) 40% slide on Tuesday has dragged many tech stocks lower after it warned that profits may stagger, adding to woes for a sector that is already reeling from user growth slowdown and rate-hike fears.

Shares of Dick’s Sporting Goods (NYSE: DKS) is down by over 12% on today’s opening bell after it issued a weaker-than-expected outlook for the full year. The company cites challenging macroeconomic conditions. Dell Technologies (NYSE: DELL) is also in focus today after Evercore added the IT company to its Tactical Outperform list. Evercore says that IT demand trends will remain strong enough for Dell to lead to an earnings beat. It also says that Dell could raise outlook when the company reports its financials this Thursday. 

Among the Dow Jones leaders, shares of Apple are down by 1.12% today while Microsoft (NASDAQ: MSFT) is also down by 0.57%. Meanwhile, Disney (NYSE: DIS) and Nike (NYSE: NKE) are trading lower by 0.07% and 3.14% respectively on Wednesday. Among the Dow financial leaders, Visa (NYSE: V) is down by 0.89% while JPMorgan Chase (NYSE: JPM) is also down by 0.46%

Shares of EV leader Tesla (NASDAQ: TSLA) are down by 0.66% on Wednesday. Rival EV companies like Rivian (NASDAQ: RIVN) are up by 0.94%. Lucid Group (NASDAQ: LCID) is also up by 0.53% today. Chinese EV leaders like Nio (NYSE: NIO) and Xpeng Motors (NYSE: XPEV) are trading higher today. 

Dow Jones Today: U.S. Treasury Yields Dips to 2.7% Ahead Of Fed Minutes Today; Mortgage Demand Declines For The Second Straight Week.

Following the stock market opening on Wednesday, the Dow, S&P 500 and Nasdaq are all trading higher at 0.08%, 0.26% and 0.23% respectively. Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (NASDAQ: QQQ) is up by 0.35% while the SPDR S&P 500 ETF (NYSEARCA: SPY) is also up by 0.18%. 

The benchmark 10-year U.S. Treasury yield currently dipped to 2.7% today as investors await the Fed’s May policy meeting minutes. Investors hope to gain more insight into the central bank’s approach to handling inflation and the economy. Earlier in the month, the Fed raised interest rates by 50 basis points.

Mortgage rates are also on the decline and was not enough to boost demand for new purchase loans or refinances. This is according to the weekly report from the Mortgage Bankers Association. Rates are still much higher than they were for the past two years. For example, applications to refinance a home loan dropped 2% for the week and are about 75% lower than the same week year-over-year.

[Read More] Top Stock Market News For Today May 25, 2022 

Wendy’s Stock Gains Ground Following News Of Largest Shareholders Considering Deal

Grabbing headlines in today’s stock market news cycle is Wendy’s (NASDAQ: WEN). This is apparent seeing as WEN stock is currently gaining by over 10% at the opening bell today. Diving in, the main reason for this movement in the company’s shares is thanks to a new 13-D filing by Trian Partners. In brief, Trian, alongside its partners, now holds a 19.4% stake in Wendy’s, amounting to 41.6 million shares. This would make it the largest shareholder at the moment. According to the filing, the firm is considering making a potential deal with the Wendy’s board of directors. The likes of which Trian notes will serve to “enhance shareholder value.” On top of that, the firm also states that the current deal could be in the form of an acquisition or business combination.

At the moment, Trian Partners is working with its advisors to evaluate the best strategic options for a deal. Furthermore, the firm also adds that it is having discussions with the Wendy’s board. On the flip side, Wendy’s also released a statement on this via a 13-D filing. The fast-food chain operator writes that it is continuously evaluating business opportunities. As such, it is currently “carefully,” reviewing Trian’s proposal with the intent of “maximizing value for all stockholders.” Because of all this, investors would be swarming to WEN stock in the stock market today.

Source: TradingView

[Read More] 4 Semiconductor Stocks To Watch In The Stock Market Today

Nordstrom Stock Rises After Revenue Beat And Bump In Annual Guidance

In other news, luxury department store chain operator Nordstrom (NYSE: JWN) is coming into focus at today’s stock market opening. Overall, the company reported commendable figures in its latest financial update. From the earnings report, Nordstrom’s total revenue for the quarter is $3.57 billion. To compare, the consensus on Wall Street is $3.28 billion. Even after posting a slightly wider-than-expected loss per share of $0.06 versus the consensus of a $0.05 loss, JWS stock is now gaining by over 1.8% now.

Notably, a core reason for this momentum in the company’s shares could be its guidance update. According to the press release, Nordstrom is anticipating annual credit card sales to increase by 6% to 8% for the current fiscal year. For reference, this is an increase from the company’s previous guidance range of a 5% to 7% rise in annual credit card sales. On top of that, the company is also guiding for an earnings per share of between $3.38 to $3.68 for its fiscal 2022. To highlight, this is up from its prior range of $3.15 to $3.50.

In general, the company’s outlook bump is already positive news in and of itself. More importantly, this comes at a time when some of the biggest retailers continue to face pressures from macro headwinds. Speaking about Nordstrom’s current operational trajectory is CEO Erik Nordstrom. He states, “Looking ahead, we are committed to driving additional merchandise margin improvement and increasing supply chain productivity, to deliver incremental profitability while continuing to elevate the customer experience.” As Nordstrom remains hard at work, JWN stock could be attractive to investors eyeing the retail space today.

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 Brett David

Brett David is a digital marketing and finance professional for nearly 10 years now and a contributing author for StockMarket.com. His passion for digital marketing and the stock market began after graduating with a B.S.B.A in business administration and finance. After completing college, he went on to becoming an entrepreneur in the marketing and finance space, which led to becoming a contributor to outlets such as ThriveGlobal.com, MarijuanaStocks.com, MarketingAgency.com and SearchEngineWatch.com.

Brett loves the ability to deliver to his readers engaging and educational content that can be easily consumed by the reader. He enjoys writing about a wide variety of companies ranging from blue-chip stocks to the undervalued small and micro cap stocks. His favorite stock market sectors today to write about are: Tech, Cannabis, Mining, Biotech, and TMT.

Brett has worked with hundreds of publicly traded companies on increasing their digital footprint and corporate outreach since 2013.

You can find Brett most of time digging through corporate filings conducting fundamental analysis or at an industry conference looking for the next big trend or company to hit the street. His digital marketing experience gives a competitive edge over other contributing authors by allowing him to see and analyze trends faster than the next person.

Brett, a South Florida native, enjoys spending time with his wife and son outdoors, and is an avid basketball and MMA fan.

Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments