Stock Market Today Mid-Morning Updates
On Monday, the Dow Jones Industrial Average was up by 100 points as the stock market rally sought to extend its three-day streak. The S&P 500 opened to a record high on strong retail sales underscoring the strength of the economy and overshadowing worries for the Omicron variant.
In a report by Mastercard (NYSE: MA), retail sales rose by 8.5% during this year’s holiday shopping season, powered by soaring e-commerce sales. In fact, U.S. e-commerce sales jumped by 11% in this year’s holiday shopping season as well. Furthermore, there has been positive data to suggest that the Omicron variant was less likely to lead to hospitalizations. Major indexes are ticking upwards after recent volatility. This comes as the market assessed the impact of the new coronavirus variant on the economy.
Given the circumstances, the market will head into 2022 while weighing in on several key considerations. Chief among them would be the course of the pandemic and rising inflationary pressures. Additionally, it would also include measures that the Federal Reserve could take in response to these considerations.
Among the Dow Jones leaders, shares of Apple (NASDAQ: AAPL) and Microsoft (NASDAQ: MSFT) were up by over 0.8% on Monday. Home Depot (NYSE: HD) continues to rebound from support while Nike (NYSE: NKE) battles to retake a key level.
EV companies like Rivian (NASDAQ: RIVN) continue to gain by 2.5% today while Lucid Group (NASDAQ: LCID) is down by 5.29%. Shares of EV leader Tesla (NASDAQ: TSLA) were also up by 1.47% on Monday morning. Also, Chinese EV leaders like Nio (NASDAQ: NIO) were up by 0.62% while Xpeng Motors (NYSE: XPEV) was down by 0.47%.
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Dow Jones Today: Stocks Rally
Following the stock market open on Monday, the Dow, S&P 500, and Nasdaq Composite are trading higher by 0.27%, 0.51%, and 0.60%. Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (NASDAQ: QQQ) rallied 0.8% Tuesday, while the SPDR S&P 500 ETF (NYSEARCA: SPY) rose 0.51%.
Over the weekend, U.S. airlines canceled thousands of flights over the Christmas holiday citing staff shortages as the reason. This has disrupted travel during the year-end holiday weekend. Airlines such as United Airlines (NASDAQ: UAL), Delta Air Lines (NYSE: DAL), American Airlines (NASDAQ: AAL) slid around 2% each after Monday’s open.
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TSLA Stock Breaches $1,000 Mark Again
Shares of Tesla appear to be on the rebound in early morning trading on Monday. Over the past week, the company’s shares have been on a roll gaining by over 21%. As it stands, TSLA stock currently trades at $1,097.71 apiece. For the most part, the current rebound in the company’s shares is likely thanks to several factors.
Firstly, CEO Elon Musk continues to gain investors’ attention with his ongoing plans to trim his position in the company. With Musk stating that he is “almost done” with his sales, some investors could see it as a time to buy into the stock.
Secondly, there could be investors looking to jump on the TSLA stock bandwagon ahead of a Santa rally this week. Commenting on all this is Wedbush Securities analyst Dan Ives. He recently said, “This declaration by Musk removes an overhang on the stock with selling pressure and negative perception issues now removed and the focus back on fundamental drivers for the Street.” Nevertheless, TSLA stock could continue to turn some heads in the stock market today.
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GoDaddy Gains As Starboard Acquires $800 Million Stake
In other news, GoDaddy (NYSE: GDDY) seems to be gaining traction in the stock market now as well. For starters, GoDaddy is an Internet domain registrar and web hosting company. Arguably, the company is a key facilitator in the global digital acceleration industry today. Now, on to the current movement in GDDY stock. In essence, the company’s shares are now up by over 6% as of today’s opening bell and trades at $80.74.
By and large, this is mainly thanks to a move by activist investment firm Starboard Value LP. In detail, Starboard is purchasing a 6.5% stake in the company. For a sense of scale, the stake is currently worth about $800 million. Notably, Starboard argues that GDDY stock is “undervalued”, representing an “attractive investment opportunity”. With GoDaddy seeing an active increase in online traffic throughout the current pandemic, investors could be inclined to follow suit.
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