Stock Market Today Mid Morning Updates
On Tuesday morning, the Dow Jones Industrial Average fell 28 points. This comes ahead of Wednesday’s key inflation data, the Labor Department’s consumer price index (CPI). In other news, investors are also paying close attention to earnings headlines from companies like Novavax (NASDAQ: NVAX), and Norwegian Cruise Line Holdings (NYSE: NCLH). Aside from that, firms such as Roblox Corporation (NYSE: RBLX), Coinbase Global, Inc. (NASDAQ: COIN), and Trade Desk, Inc. (NASDAQ: TTD) are scheduled to report earnings after the market closes on Tuesday.
Amid the Dow Jones leaders, shares of Apple (NASDAQ: AAPL) are down modestly on Tuesday, while Microsoft (NASDAQ: MSFT) is also trading slightly lower. Meanwhile, shares of Caterpillar, Inc. (NYSE: CAT), and 3M Co. (NYSE: MMM) shares are trading modestly higher during Tuesday’s morning trading session. Among the Dow financial leaders, shares of American Express Co. (NYSE: AXP) and JPMorgan Chase & Co. (NYSE: JPM) are both trading higher on Tuesday morning.
Shares of EV leader Tesla (NASDAQ: TSLA) dipped on Tuesday by 1.33%. Rival EV companies like Rivian (NASDAQ: RIVN) are also trading down by 3.48%. Lucid Group (NASDAQ: LCID) stock dropped 6% on Tuesday. Chinese EV leaders like Nio (NYSE: NIO) and Xpeng Inc. (NYSE: XPEV) are trading lower on Tuesday.
Dow Jones Today: U.S. Treasury Yield At 2.78%; CPI Report Set To Be Released On Wednesday
Following the stock market opening on Tuesday, the major indices opened higher. The Dow, S&P 500, and Nasdaq are trading down by 0.09%, 0.36%, and 1.23%, respectively. Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (NASDAQ: QQQ) has retreated by 1.30% while the SPDR S&P 500 ETF (NYSEARCA: SPY) is down 0.37%. The benchmark 10-year U.S. Treasury yield is at 2.78% during the Tuesday morning trading session.
Moving on, investors waiting for key inflation data to be released on Wednesday. Specifically, the Labor Department will release a new report for the consumer price index (CPI) on Wednesday. This will help give investors direction and clarity about what the central bank will potentially do for its next policy meeting, which is in September. According to the Dow Jones, which surveyed economists, they are estimating an increase of 0.2% for CPI month-over-month. Also for core CPI to increase by 0.5%. As a result, this would be a slowdown from the increases in June of 1.3% and 0.7%. respectively. Furthermore, analysts expect, that headline CPI is expected to fall to 8.7% in July.
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Novavax Stock Drops After Missing Its Second Quarter Earnings
Novavax Inc is a clinical-stage vaccine company engaged in the discovery, development, and commercialization of recombinant nanoparticle vaccines and adjuvants. On Monday, the biotech company reported its second quarter 2022 fiscal results. In it, the company posted a loss of $6.53 per share on revenue of $185.9 million. For context, analysts’ estimates on wall street were $5.51 per share on revenue of $998.8 million. Additionally, the company cut its full-year revenue outlook due to lower demand for COVID-19 vaccines.
Stanley Erck, President & CEO at Novavax stated, “With over 23 million doses delivered since the start of the third quarter, we are distributing our vaccine globally and have gained positive momentum as we move into the remainder of 2022 and into 2023. Through continued expansions to our label for adolescents and boosting and our vaccine’s competitive product profile, we are confident it will play an important role in the long-term COVID-19 landscape.” As a result of this news, shares of NVAX dropped sharply on Tuesday by over 30% at $39.67 a share.
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