Stock Market Today Mid-Morning Updates
On Tuesday morning, the Dow Jones Industrial Average reversed lower by 87 points. This comes after its worst day since June as investors await to hear from the Fed during the Jackson Hole meeting this week. In addition, new home sales for July came in under expectations. In detail, the annualized rate came in at 511,000, in comparison to the consensus estimates of 575,000.
Moreover, this week investors are digesting its latest round of retail corporate earnings. In detail, on Tuesday morning, retail companies such as Dick’s Sporting Goods Inc. (NYSE: DKS) and Macy’s Inc. (NYSE: M) reported earnings. Meanwhile, investors await earnings from companies like Nordstrom Inc. (NYSE: JWN), Intuit Inc. (NASDAQ: INTU), and Advance Auto Parts, Inc. (NYSE: AAP) will report their most recent quarterly earnings after the market closes on Tuesday.
Amid the Dow Jones leaders, shares of Apple (NASDAQ: AAPL) are trading down by 0.22% on Tuesday morning, while Microsoft (NASDAQ: MSFT) is also down by 0.56%. Meanwhile, shares of Caterpillar, Inc. (NYSE: CAT), and The Walt Disney Co (NYSE: DIS) shares are trading mixed on Tuesday morning. Among the Dow financial leaders, shares of American Express Co. (NYSE: AXP) and JPMorgan Chase & Co. (NYSE: JPM) are trading mixed during Tuesday morning’s trading session.
Shares of EV leader Tesla (NASDAQ: TSLA) gained on Tuesday by 1.74%. Rival EV companies like Rivian are also trading lower by 0.79%. Lucid Group (NASDAQ: LCID) stock moved slightly higher by 0.031% on Tuesday morning. Chinese EV leaders like Nio (NYSE: NIO) and Xpeng Inc. (NYSE: XPEV) are trading lower on Tuesday.
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Dow Jones Today: U.S. Treasury Yield Rises To 2.99%
Following the stock market opening on Tuesday, the major indices opened mixed. The Dow is trading lower by 0.26%, while the S&P 500, and Nasdaq have reversed to the upside by 0.06%, and 0.29%, respectively.
Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (NASDAQ: QQQ) moved higher on Tuesday morning by 0.22% while the SPDR S&P 500 ETF (NYSEARCA: SPY) is trading modestly higher at 0.027%. The benchmark 10-year U.S. Treasury yield is at 2.99% during the Tuesday morning trading session.
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On Tuesday morning, shares of Palo Alto Networks (PANW) jumped over 10% on heavy volume to $559.78. This comes after the company reported better-than-expected fourth-quarter results Monday afternoon. In detail, Palo Alto Networks posted fourth-quarter earnings of $2.39 per share on revenue of $1.6 billion. This beat consensus estimates of earnings of $2.30 per share, with revenue of $1.5 billion.
In addition, the company notched a 27.2% increase in revenue during the same period, in 2021. Meanwhile, its fiscal year 2022 revenue increased 29% year-over-year to $5.5 billion. Aside from that, the company also announced that its board of directors approved a 3 for 1 stock split. “We were pleased by our fourth quarter results, which included GAAP profitability for the first time in four years. Next-Generation Security growth, driven by our rapid pace of innovation and strong sales execution, drove our results,” stated Nikesh Arora, chairman, and CEO of Palo Alto Networks. “As cybersecurity posture remains critical, our integrated three-platform strategy continues to drive large deal momentum as we consolidate and simplify our customers’ security architectures.“
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