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Stock Market Today: Dow Jones, S&P 500 Tumble On Worse-Than-Expected Data; Tesla Gains Following Earnings Report

Markets open mixed on Thursday on worse-than-anticipated jobless claims & manufacturing data.

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Stock Market Today Mid-Morning Updates

On Thursday morning, the Dow Jones Industrial Average tumbled over 250 points. This could be. due to worse-than-expected jobless claims and manufacturing data. Weekly jobless claims jumped to 251,000 from 244,000 the prior week. Estimates we’re expected to come in at 240,000. This represents a slowing job market.

What’s more, the Philadelphia Fed Manufacturing index, came in at an unexpected drop of -12.3%. Diving in, this index is an indicator of industrial manufacturing trends. These numbers reflect two consecutive months with a negative report. June’s reporting came in at -3.3, which was the first negative report since 2008.

Earnings this morning came in mixed from companies like American Airlines (NASDAQ: AAL), and AT&T (NYSE: T). Shares of AAL stock dropped 8% during Thursday morning’s trading session. Shares are currently trading at $13.89 a share. In the report, they notched in a record profit for the second quarter. However, it seems like this is getting overshadowed by its announcement to reduce flight capacity. While T stock is also taking a hit Thursday morning. Shares of T stock are down 8% at $18.68 a share. This comes after the company announced its second quarter fiscal results. Although they were able to add more-than-expected wireless and fiber subscribers and pay down debt, they are starting to feel the impact of a slowing economy.

Among the Dow Jones leaders, shares of Apple (NASDAQ: AAPL) are up by 0.15% today while Microsoft (NASDAQ: MSFT) is down by 1.11%. Meanwhile, shares of Home Depot (NYSE: HD) are flat, and Nike (NYSE: NKE) shares are trading higher on Thursday. Among the Dow financial leaders, shares of Mastercard (NYSE: MA) are up 0.78% while Goldman Sachs (NYSE: GS) is also higher at 0.88%.

Shares of EV leader Tesla (NASDAQ: TSLA) are up by over 6% on Thursday morning. The EV maker reported its second-quarter earnings after the market closes on Wednesday. Rival EV companies like Rivian (NASDAQ: RIVN) are up by 3.76%. Lucid Group (NASDAQ: LCID) is flat on Thursday. Chinese EV leaders like Nio (NYSE: NIO) and Li Auto Inc. (NASDAQ: LI) are both trading higher today.

Dow Jones Today: U.S. Treasury Yield Drops Slightly Back Under 3%

Following the stock market opening on Thursday, the major indices opened mixed. The S&P 500 & Dow are down 0.07%, and 0.56%, while the Nasdaq is trading up by 0.19%, respectively. Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (NASDAQ: QQQ) has increased by 0.17% while the SPDR S&P 500 ETF (NYSEARCA: SPY) is down by 0.07%. The benchmark 10-year U.S. Treasury yield dropped 45 basis points to 2.99% on Thursday.

[Read More] Good Stocks To Buy Right Now? 3 Consumer Discretionary Stocks In Focus

Tesla Shares Jump After Reporting Better-Than-Expected Second Quarter Fiscal Financial Results

After the market closed on Wednesday Tuesday, the EV giant Tesla reported better-than-expected second quarter fiscal earnings. This caused TSLA stock to jump over 6% during Thursday morning’s trading session at $791.30 a share. In the report, the company called it a “tough quarter”. This is in reference to the closing of its palnts in Shanghai and global supply shortages. Furthermore, they showed an increase of 57% in adjusted earnings to $2.27 per share. While revenue jumped 42% year-over-year to $16.934 billion. This beats Wall Street’s consensus estimates of $1.81 a share, with sales of $16.539 billion.

Furthermore, Tesla reported its automotive gross margins showed 27.9% vs 32.9% in the prior quarter. This contributed to the increase in share price we’re seeing this on Wednesday because just three months ago the company estimated it would lose 2 million subscribers for the quarter. This was due to increased competition in the marketplace, and price increases.

In the company’s deck to shareholders they note, “We continued to make significant progress across the business during the second quarter of 2022. Though we faced certain challenges, including limited production and shutdowns in Shanghai for the majority of the quarter, we achieved an operating margin among the highest in the industry of 14.6%, positive free cash flow of $621M, and ended the quarter with the highest vehicle production month in our history.“

Shares of TSLA stock are down roughly 37% from their all-time high of $1,243.49 per share. With the positivity around Tesla’s earnings report, is now the time to add TSLA stock to your portfolio?

Source: TD Ameritrade TOS

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