Stock Market Today Mid-Morning Market Updates
On Wednesday, the Dow Jones Industrial Average is up over 141 points. This comes on the heels of big tech earnings from companies like Alphabet (NASDAQ: GOOGL) and Microsoft. As well as, investors waiting anxiously to see what the Federal Reserve will do with interest rates this time around. That meeting is set to be held on Wednesday afternoon at 2 p.m. EST. This week has arguably been the busiest and arguably the most important week of corporate earnings investors will receive in 2022. You can see why investors are watching the stock market news headlines closely on Wednesday.
Earnings on Wednesday morning from top companies such as Boeing Co. (NYSE: BA) and Waste Management Inc. (NYSE: WM) are also noteworthy. Shares of BA stock gained 1.00% on Wednesday morning after the company’s quarterly report fell short of analyst expectations. BA stock is currently trading at $157.19 per share. In the earnings report, Boeing reported a loss of $0.37 per share on a revenue of $16.7 billion. Wall Street’s consensus earnings estimate was a loss of $0.08 per share on revenue of $17.5 billion. Meanwhile, WM stock is moving higher on Wednesday following an earnings beat for this quarter. Shares of WM stock are up 2.56% at $158.98 per share. In detail, Waste Management (WM) reported earnings per share of $1.44 on revenue of $5.0 billion. Compared to Wall Street’s consensus earnings estimate of $1.36 per share on revenue of $4.8 billion.
Among the Dow Jones leaders, shares of Apple (NASDAQ: AAPL) are up 1.65% on Wednesday, while Microsoft (NASDAQ: MSFT) is also trading higher by 4.70%. The company reported its fourth quarter 2022 fiscal results on Tuesday afternoon. Meanwhile, shares of Home Depot (NYSE: HD), and Nike (NYSE: NKE) shares are mixed on Wednesday. Among the Dow financial leaders, shares of Visa (NYSE: V) and Goldman Sachs (NYSE: GS) are trading higher on Wednesday morning.
Shares of EV leader Tesla (NASDAQ: TSLA) spiked on Wednesday by 3.96% at $807.33 per share. Rival EV companies like Rivian (NASDAQ: RIVN) are trading lower by 1.69%. Lucid Group (NASDAQ: LCID) dropped another 0.91% on Wednesday. Chinese EV leaders like Nio (NYSE: NIO) and Li Auto Inc. (NASDAQ: LI) are trading mixed on Wednesday.
Dow Jones Today: U.S. Treasury Yield Drops To 2.75%; Two-Day Fed Meeting Concludes
Following the stock market opening on Wednesday, the major indices opened in the green. The S&P 500 & Dow and Nasdaq are all trading higher at 1.34%, 0.41%, and 2.48%, respectively. Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (NASDAQ: QQQ) has gained by 2.67% while the SPDR S&P 500 ETF (NYSEARCA: SPY) is also trading higher by 1.38%. The benchmark 10-year U.S. Treasury yield is at 2.76% during the Wednesday morning trading session.
Moving on, the Federal Reserve will conclude its two-day meeting on Wednesday. The consensus estimates on the street is the Fed will increase interest rates by 75 basis points. That announcement will be reported on Wednesday at 2 pm E.T. It’s important to highlight, that this is the last Fed meeting till September. This means all eyes will be on Fed Chair Jerome Powell’s news conference n the stock market on Wednesday.
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Alphabet (GOOGL) Stock Rallies Despite Earnings & Revenue Miss
Yesterday, Alphabet (NASDAQ: GOOGL) the parent company for Google reported its second quarter fiscal earnings report. In it, the company fell short of analysts’ expectations on earnings and revenue. Specifically, Google notched earnings of $1.21 per share on revenue of $69.7 billion. In comparison with, the consensus earnings estimates of $1.27 per share on revenue of $70.8 billion. As a result, Alphabet missed earnings estimates and revenue.
Though, it wasn’t all bad for the tech giant. The company did beat estimates on ad revenue. In detail, they posted ad revenue at $56.29 billion for the quarter. This beats the $56.14 billion consensus estimates from analysts. With that, Shares of GOOGL stock don’t seem much affected as they are actually up over 6% at $111.45 on Wednesday morning.
Sundar Pichai, CEO of Alphabet and Google, stated, “In the second quarter our performance was driven by Search and Cloud. The investments we’ve made over the years in AI and computing are helping to make our services particularly valuable for consumers, and highly effective for businesses of all sizes. As we sharpen our focus, we’ll continue to invest responsibly in deep computer science for the long-term.”
Microsoft (MSFT) Stock Jumps; Company Falls Short On Earnings & Revenue For Q4
Now, let’s take a look at Microsoft Corporation. On Tuesday after the market closed, the tech giant reported its fourth quarter 2022 fiscal year earnings. In the report, the company reported earnings of $2.23 per share on revenue of $51.9 billion. This is compared to Wall Street’s consensus earnings estimates of $2.28 per share on revenue of $52.9 billion. As a result, MSFT missed earnings and revenue estimates. Though, shares of MSFT stock are actually green on Wednesday up 4.55% at $263.35 a share.
Amy Hood, executive vice president, and chief financial officer of Microsoft commented, “In a dynamic environment we saw strong demand, took share, and increased customer commitment to our cloud platform. Commercial bookings grew 25% and Microsoft Cloud revenue was $25 billion, up 28% year over year,.” She continued, “As we begin a new fiscal year, we remain committed to balancing operational discipline with continued investments in key strategic areas to drive future growth.”
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META, QUALCOMM, & Ford Earnings On Tap After The Closing Bell
Last but not least, we have more top companies reporting earnings after the market closes on Wednesday. Most notably, Meta Platforms (NASDAQ: META). Investors are curious to see how and or if Meta has improved from its previous few quarter results. Following that, we have companies such as QUALCOMM Inc. (NASDAQ: QCOM), Ford Motor Company (NYSE: F), Etsy, Inc. (NASDAQ: ETSY), and others set to report earnings after the close on Wednesday. Needless to say, there won’t be a lack of headlines for investors to pay close attention to in the stock market on Wednesday.
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