Stock Market Today Mid Morning Updates
On Friday morning, the Dow Jones Industrial Average opened up over 118 points. This comes after key inflation reports this week could indicate that the worst of inflation is behind us. In detail, the producer price index advanced by 9.5% on annual basis. However, PPI declined by 0.5% in July from the month prior. This is under the consensus estimates of an increase of 0.2%. Also, the CPI reading came in weaker-than-expected. In detail, the consumer price index increased 8.5% in July from a year ago, which is under expectations. This was mainly due to declining energy prices. As a result, this has caused a rally in the stock market and positive investor sentiment as it could indicate inflation has finally peaked.
Additionally, on Thursday after the market closed, companies like Rivian Automotive, Inc. (NASDAQ: RIVN), and Endeavor Group Holdings (NYSE: EDR) reported their corporate earnings. Also, on Friday companies like The Honest Company, Inc. (NASDAQ: HNST), Sundial Growers Inc. (NASDAQ: SNDL), and Spectrum Brands Holdings Inc. (NYSE: SPB) are scheduled to report earnings.
Amid the Dow Jones leaders, shares of Apple (NASDAQ: AAPL) are higher on Friday by 1.19%, while Microsoft (NASDAQ: MSFT) is also trading slightly higher by 0.55%. Meanwhile, shares of Caterpillar, Inc. (NYSE: CAT), and Nike, Inc. (NYSE: NKE) shares are trading higher on Friday morning. Among the Dow financial leaders, shares of American Express Co. (NYSE: AXP) and JPMorgan Chase & Co. (NYSE: JPM) are trading mixed during Friday morning’s trading session.
Shares of EV leader Tesla (NASDAQ: TSLA) are advancing on Friday by 1.08%. Rival EV companies like Rivian are also trading higher by 2.95%. Lucid Group (NASDAQ: LCID) stock gained by over 1.24% on Friday. Chinese EV leaders like Nio (NYSE: NIO) and Xpeng Inc. (NYSE: XPEV) are trading down on Friday.
Dow Jones Today: U.S. Treasury Yield Increases To 2.86%
Following the stock market opening on Friday, the major indices opened higher. The Dow, S&P 500, and Nasdaq are trading higher by 0.31%, 0.59%, and 0.87%, respectively. Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (NASDAQ: QQQ) has increased by 0.81% while the SPDR S&P 500 ETF (NYSEARCA: SPY) is up 0.52%. The benchmark 10-year U.S. Treasury yield is at 2.86% during the Friday morning trading session.
Rivian Automotive (RIVN) Stock Jumps Following Earnings Report
On Friday, shares of the EV automaker Rivian Automotive (RIVN) stock rallied over 2% to $40.06 per share. This comes after the company released its second quarter 2022 earnings results after the market closed on Thursday. In the report, Rivian reported a loss of $1.89 per share on revenue of $364.0 million. The wall street consensus estimate was a loss of $1.67 per share on revenue of $338.9 million. Additionally, the company recorded delivery numbers of nearly 4,470 vehicles in the second quarter, an impressive increase from less than 1,230 in Q1.
In its letter to shareholders the company commented, “In the second quarter of 2022, we produced 4,401 vehicles. Our equipment, people, systems, and supply chain continue to show progress as we work towards our 2022 production guidance of 25,000 units. Supply chain continues to be the limiting factor of our production; however, through close partnership with our suppliers we are making progress. We expect to be able to add a second shift for vehicle assembly towards the end of the third quarter.“
Endeavor Group Holdings (EDR) Stock Rallies On Earnings & Revenue Beat
Endeavor (EDR) is a global entertainment, sports, and content company, that reported its second quarter 2022 earnings results Thursday afternoon. The company did beat wall street consensus estimates by posting earnings of $0.32 per share on revenue of $1.3 billion. For context, the estimates were earnings of $0.24 per share on revenue of $1.2 billion. Additionally, the company notched an 18.1% increase in revenue on a year-over-year basis.
“We benefited from strong growth globally across our segments in the second quarter,” stated Ariel Emanuel, CEO, Endeavor. “While we recognize there are broader macroeconomic forces at play, given the quarter’s performance and our line of sight through the end of the year, we’ve once again raised our Adjusted EBITDA guidance. We remain focused on our long-term strategy – leveraging the diversity and scale of our businesses to drive maximum value for our shareholders, our clients and our owned IP.” On Friday morning, shares of EDR stock are up over 3.5% at $24.76 per share.