Stock Market Today Mid Morning Updates
U.S. stock futures are trading higher early Wednesday morning. This comes on the heels of new economic data getting released on Wednesday morning. Additionally, investors await data from more notable names in the stock market on Wednesday. Such as Lucid Group (NASDAQ: LCID), Marathon Oil Corp. (NYSE: MRO), eBay, Inc. (NASDAQ: EBAY), and others.
The stock market on Wednesday morning broke back-to-back days of losses. This comes as investors react positively to earnings results from Moderna (NASDAQ: MRNA) and CVS Health (NYSE: CVS).
Among the Dow Jones leaders, shares of Apple (NASDAQ: AAPL) jumped by 2.16% on Wednesday, while Microsoft (NASDAQ: MSFT) is also up by 1.33%. Meanwhile, shares of Home Depot (NYSE: HD), and Nike (NYSE: NKE) shares are trading modestly higher on Wednesday. Among the Dow financial leaders, shares of Visa (NYSE: V) and Goldman Sachs (NYSE: GS) are also trading higher during Wednesday morning’s trading session.
Shares of EV leader Tesla (NASDAQ: TSLA) are up Wednesday by 0.55%. Rival EV companies like Rivian (NASDAQ: RIVN) are also trading up by 0.23%. Lucid Group (NASDAQ: LCID) stock gained 0.48% on Wednesday. Chinese EV leaders like Nio (NYSE: NIO) and Li Auto Inc. (NASDAQ: LI) are both trading lower on Wednesday.
Dow Jones Today: U.S. Treasury Yield At 2.80%; Key Economic Data Reported
Following the stock market opening on Wednesday, the major indices opened higher. The Dow, S&P 500, and Nasdaq are trading higher at 0.53%, 0.72%, and 1.36%, respectively. Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (NASDAQ: QQQ) has rallied by 1.43% while the SPDR S&P 500 ETF (NYSEARCA: SPY) is up by 0.72%. The benchmark 10-year U.S. Treasury yield is at 2.80% during Wednesday’s early morning trading session.
Moving on, The major averages moved higher on Wednesday following the release of stronger-than-expected U.S. services data. In detail, The ISM non-manufacturing purchasing managers index reported an unexpected recovery in July. Specifically, the reports came in at 56.7, which is higher than 55.3 in June. Consensus estimates were 54. Also, factor orders in June were stronger than expected, increasing by 2%. For context, economists were expecting estimates of a 1.2% increase.
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Moderna Stock (MRNA) Rallies On Earnings Beat
Next, shares of biotech company Moderna (MRNA) are rallying higher on Wednesday. MRNA stock is up over 16% early Wednesday morning at $187.02 per share. This rally comes after the company reported a beat for its second quarter 2022 fiscal earnings. In the report, Moderna posted earnings of $5.24 per share on revenue of $4.7 billion. This is compared with, wall street’s consensus earnings estimate of $4.50 per share on revenue of $4.2 billion.
“Today’s earnings represent a strong second quarter performance, with $10.8 billion in revenue for the first half of the year. We continue to have advance purchase agreements for expected delivery in 2022 of around $21 billion of sales. Given our strong financial position and commercial momentum, we are announcing today that the Board of Directors has approved a new share repurchase program for $3 billion,” stated Stéphane Bancel, Chief Executive Officer of Moderna.
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CVS Stock (CVS) Jumps On Stronger-Than-Expected Earnings
Next up, let’s take a look at CVS Health (CVS). The company reported its second quarter 2022 earnings on Wednesday morning. In it, CVS reported earnings of $2.40 per share on revenue of $80.6 billion. Wall street’s earnings estimate were $2.16 per share on revenue of $76.4 billion. This means CVS reported better-than-expected earnings. As a result shares of CVS stock are rallying on Wednesday morning by more than 4% at $99.72 per share.
Also, the company provided guidance for its full-year 2022 earnings. In detail, it anticipates full-year 2022 earnings of $8.40 to $8.60 per share. The company’s previous guidance was earnings of $8.20 to $8.40 per share. Meanwhile, analysts’ current consensus earnings estimate is $8.34 per share for the year.
Karen S. Lynch, CVS Health President, and CEO quoted, “Despite a challenging economic environment, our differentiated business model helped drive strong results this quarter, with significant revenue growth across all of our business segments. The continued success of our foundational businesses accelerated our strategy to expand access to health services and help consumers navigate to the best site of care.“
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