Stock Market Today Mid-Morning Updates
On Friday, the Dow Jones Industrial Average is up 220 points and is on track to end its weeks-long losing streak. This comes after a slew of upbeat corporate reporting that has given investors some relief over the week. For instance, shares of Dollar Tree (NASDAQ: DLTR) are up after posting a solid quarter. In The Russia-Ukraine war, Russian forces are increasing their foothold over Ukraine’s eastern region of Donbas. It recently captured several villages as it attempts to surround Severodonetsk, a city in the Luhansk Oblast.
Shares of Pinduoduo (NASDAQ: PDD) are up today after the e-commerce company reported better-than-expected financials. The lockdowns in China have spurred online spending. Canopy Growth (NASDAQ: CGC) is down by over 14% on today’s opening bell after it missed both earnings and revenue estimates. However, the company says that it expects to be profitable on an adjusted basis in fiscal 2024.
Among the Dow Jones leaders, shares of Apple (NASDAQ: AAPL) are up by 2.55% today while Microsoft (NASDAQ: MSFT) is also up by 1.97%. Meanwhile, Disney (NYSE: DIS) and Nike (NYSE: NKE) are trading higher by 1.91% and 1.71% respectively on Friday. Among the Dow financial leaders, Visa (NYSE: V) is up by 1.44% while JPMorgan Chase (NYSE: JPM) is also up by 0.89%
Shares of EV leader Tesla (NASDAQ: TSLA) are up by 4.88% on Friday. Rival EV companies like Rivian (NASDAQ: RIVN) are up by 7.68%. Lucid Group (NASDAQ: LCID) is also up by 4.45% today. Chinese EV leaders like Nio (NYSE: NIO) and Xpeng Motors (NYSE: XPEV) are trading mixed today.
Dow Jones Today: U.S. Treasury Yields Trades At 2.7%; PCE Increase Slowing Down
Following the stock market opening on Friday, the Dow, S&P 500, and Nasdaq are all trading higher at 1.47%, 0.70%, and 2.15% respectively. Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (NASDAQ: QQQ) is up by 2.18% while the SPDR S&P 500 ETF (NYSEARCA: SPY) is also up by 1.47%.
The benchmark 10-year U.S. Treasury yield is steadying at around 2.7% as investors gain insight into another set of economic data today. The core personal consumption expenditures (PCE) is also the Federal Reserve’s favorite gauge of underlying inflation. Diving in, it rose by 4.9% year-over-year in April and is in line with estimates. It also marks a deceleration from March. Furthermore, personal income rose slightly less than expected, and spending beat estimates as consumers tapped into their savings.
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Dell Gains Following Strong Quarterly Performance; Sees Record First Fiscal Quarter
Dell (NYSE: DELL) seems to be gaining momentum in the stock market today following its latest earnings release. After yesterday’s closing bell, the company reported stellar figures across the board in its first fiscal quarter report. According to the press release, Dell’s quarterly earnings per share is $1.84. Moreover, the company’s total revenue for the quarter is $26.1 billion. For comparison, consensus figures on Wall Street are earnings of $1.39 a share on revenue of $25.23 billion. As a result of the noticeable earnings beat, DELL stock would be in the spotlight today. Not to mention, with the recent weakness amongst tech stocks in general, long-term investors could be eyeing the company’s shares now.
Overall, according to Dell, the company posted record figures in terms of first-quarter revenue, operating income, and diluted earnings per share. Also worth mentioning, the company’s operating income is up by over 57% year-over-year. Speaking on this further is co-CCO Chuck Whitten. He starts by saying “Our first quarter – with record Q1 revenue, operating income and diluted EPS – demonstrates the benefits of having a strong, geographically and sector-diverse business covering the edge to the core data center to the cloud.” Whitten also adds that the adaptability of Dell’s operations positions the company to “pursue growth wherever it materializes in the IT market.”
On top of that, CFO Tom Sweet also added that Dell returned $1.75 billion via share repurchases and dividends throughout the quarter. In the larger scheme of things, it seems like Dell continues to kick into high gear. This would be crucial as the company continues to adapt its offerings to shifting enterprise IT needs. With all this in mind, investors would be looking at DELL stock now.
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Zscaler Stock In Focus After Latest Earnings Update; Reveals New Partnership With Siemens
Another name grabbing headline in the stock market today would be Zscaler (NASDAQ: ZS). On the whole, the cybersecurity titan is on the rise following the announcement of its latest financial results. Notably, according to Zscaler’s earnings report, the company’s total revenue for the quarter is $286.8 million. This adds up to a year-over-year increase of 63%. Aside from that, Zscaler’s total calculated billings are up by 54% year-over-year, totaling $345.6 million.
According to CEO Jay Chaudry, the company has persisting strength in its enterprise business to thank for the current quarter. In his words, “Enterprises continue to consolidate point products in favor of our integrated Zero Trust security platform, resulting in larger, multi-year commitments to Zscaler.” Chaudry also adds, “As a result of increasing demand, we are also raising our fiscal year guidance on all financial metrics.”
At the same time, Zscaler is also actively expanding its work with partners. Namely, the company alongside Siemens (OTCMKTS: SIEGY) will be showcasing the world’s first “Zero Trust OT Security Platform.” The duo will be doing so at the Hannover Messe Fair next week. According to Zscaler, this new automation software solution “enables customers to securely manage, control quality assurance, and analyze production OT infrastructures and its applications from any workplace in any location.” With Zscaler’s current momentum, it would not surprise me to see investors eyeing ZS stock at today’s opening bell.
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