Stock Market Today Mid-Morning Updates
On Friday, the Dow Jones Industrial Average is up by 380 points despite concerns over persistent inflation and worries on whether the Federal Reserve can get inflation under control. Fed Chairman Jerome Powell said on Thursday that he cannot promise a soft landing for the economy as the central bank continues to wrestle in red-hot inflation. He also warns that getting inflation under control could cause some economic hardships but this will remain his top priority.
Shares of Twitter (NYSE: TWTR) are down today by over 11% after Elon Musk says that the Twitter deal is temporarily on hold pending details supporting the calculation that spam/fake accounts make up less than 5% of its total users. This comes after the Tesla CEO announced last month that he intends to buy Twitter for $44 billion. Microstrategy (NASDAQ: MSTR) is up by over 15% today after a volatile week because of the ongoing crypto crash. Health care apparel company Figs (NYSE: FIGS) plummeted by over 20% after it missed earnings today.
Among the Dow Jones leaders, shares of Apple are up by 2.07% today while Microsoft (NASDAQ: MSFT) is also up by 1.97%. Meanwhile, Disney (NYSE: DIS) and Nike (NYSE: NKE) are trading higher on Friday. Among the Dow financial leaders, Visa (NYSE: V) is up by 2.72% while JPMorgan Chase (NYSE: JPM) is also up by 1.21%.
Shares of EV leader Tesla (NASDAQ: TSLA) are up by 5.82% on Friday. Rival EV companies like Rivian (NASDAQ: RIVN) are up by 11.01%. Lucid Group (NASDAQ: LCID) is also up by 13.07% today. Chinese EV leaders like Nio (NYSE: NIO) and Xpeng Motors (NYSE: XPEV) are trading higher today.
Dow Jones Today: U.S. Treasury Yields Rises Today Along with Bitcoin
Following the stock market opening on Friday, the S&P 500, Dow, and Nasdaq are trading higher at 1.89%, 1.17%, and 3.00%. Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (NASDAQ: QQQ) is up by 2.94% while the SPDR S&P 500 ETF (NYSEARCA: SPY) is also up by 1.91%.
The benchmark 10-year U.S. Treasury yield ticked higher today to 2.92% and continues to be at a pandemic-era high as more investors are on the belief that the Federal Reserve will need to act more aggressively on hiking interest rates to fight inflation. Even then, there is still a concern that inflation will remain high even as the economy slows down.
Bitcoin is above $30,000 today after retreating throughout the week. This rally comes as Tether, the world’s largest stablecoin, regained its peg to the dollar. Tether has lost $3 billion worth of tokens in a single day despite having always meant to be worth $1 and has sunk as low as $0.95 on Thursday. Bitcoin is down by more than 50% from its all-time high of over $68,000 in November.
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Affirm Gains On Overall Solid Earnings And Upbeat Guidance; Extends Partnership With Shopify
Among the top gainers in the stock market today would be Affirm (NASDAQ: AFRM). By and large, this is thanks to the leading buy-now-pay-later firm reporting commendable figures in its third fiscal quarter update. According to Afirm’s press release, the company reported a quarterly loss of $0.19 per share and revenue of $354.8 million. For reference, the Wall Street consensus was a loss of $0.54 per share and revenue of $344 million. Additionally, Affirm also reports that its gross merchandise volume for the quarter came in at $3.9 billion. This represents a solid 69.5% year-over-year increase. Also, the company’s total active consumer count is up to 12.7 million from 11.2 million the previous quarter.
Despite its current momentum, Affirm remains hard at work on the operational front. This would be apparent as the company is extending its partnership with Shopify (NYSE: SHOP). Through this multi-year expansion, Affirm will continue to be the exclusive service provider for Shop Pay Installments in the U.S.This would be through existing integrations between Affirm’s Adaptive Checkout system and Shopify’s platform. The likes of which serve Shopify’s millions of active users.
Commenting in further detail about this news is Affirm CCO Silvija Martincevic. She says, “Now we’re bringing even more options to Shopify’s merchants and their customers by serving a broader range of transactions with a wider-range of payment schedules available to their U.S. network.” With Affirm seemingly kicking into high gear across the board, AFRM stock would be in focus at today’s market open.
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Robinhood Stock Jumps Following Positive Wall Street Update And Latest Shareholder Revelation
Shares of Robinhood Markets (NASDAQ: HOOD) are receiving plenty of attention at today’s opening bell. Evidently, HOOD stock is now gaining by over 21% now. For the most part, the current movement in the company’s stock is likely a result of two notable updates. The first of these two would be a recent research note from Citi (NYSE: C) analyst Jason Bazinet. According to Bazinet and team, in the case of a takeover, Robinhood could be worth about $15 per share. With the recent decline in HOOD stock since its IPO less than a year ago, this would be a point to consider. Not to mention, Robinhood’s crypto solutions are also experiencing headwinds alongside the broader crypto market today. As with most mentions of takeovers, this news would have investors eyeing HOOD stock now.
Following that, an SEC filing released yesterday indicates that Emergent Fidelity Technologies is a new prominent shareholder in Robinhood. Why is this relevant? Well, for one thing, the owner of Emergent is FTX founder Samuel Bankman-Fried and he now owns a 7.6% stake in the digital trading platform firm. To put things into perspective, this adds up to 56 million shares, making Emergent the third-largest shareholder. Seeing as FTX is primarily a crypto exchange operator, this could indicate interest in Robinhood’s crypto potential. Because of all this, investors seem to be flocking to HOOD stock at the moment.
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