Dow Jones, S&P 500 down as Amazon misses earnings


Stock Market Today Mid-Morning Updates

Friday, the Dow Jones Industrial Average is down more than 150 points as investors react to a fresh wave of tech earnings. Apple (NASDAQ:AAPL), for example, had a strong quarter, with record revenue of $97.3 billion, up 9% year-over-year. It also beat earnings to $1.52 per diluted share. Things continue to get worse in Ukraine, with the mayor of Mariupol saying more than 600 people were injured in the Russian bomb attack that hit the makeshift hospital at the beleaguered Azovstal steel complex.

Shares of Roku (NASDAQ: ROKU) are up more than 4% today after the digital media player maker reported sales that beat expectations. For example, its revenue for the quarter was $733.7 million. Chinese tech companies like Ali Baba (NYSE: BABA) and Pinduo-duo (NASDAQ:PDD) also rose after the country’s policymakers signaled an easing of a crackdown on tech companies. BABA and PDD shares are up more than 10% on today’s opening bell.

Among Dow Jones leaders, Apple shares are up 0.78% today as Microsoft (NASDAQ: MSFT) is down 1.12%. Meanwhile, disney (NYSE: DIS) and Nike (NYSE:NKE) are trading higher on Friday. Among the financial leaders of the Dow, Visa (NYSE: V) is down 0.96% while JPMorgan Chase (NYSE: JPM) is up 0.04%.

EV Leader Shares You’re here (NASDAQ: TSLA) are up 5.18% on Friday. Rival electric vehicle companies like Rivian (NASDAQ: RIVN) are also up 2.96%. Lucid Group (NASDAQ: LCID) is up 2.67% today. Chinese electric vehicle leaders like Nio (NYSE:NIO) and Xpeng Motors (NYSE: XPEV) are trading higher today.

Dow Jones today: US Treasury yields rise above 2.9% as the Fed’s favorite inflation gauge rises

After the stock market opened on Friday, the S&P 500, Dow and Nasdaq are trading higher at 0.68%, 0.15% and 0.57%. Among listed index funds, the Nasdaq 100 tracker Invesco QQQ Trust (NASDAQ: QQQ) is down 0.84% ​​as the SPDR S&P 500 ETF (NYSEARCA:SPY) is also down 0.76%.

The benchmark 10-year US Treasury yield rose above 2.9% on Friday after the release of the Federal Reserve’s favorite inflation indicator before the bell. Prices for personal consumption expenditure rose 5.2% in March year-on-year. This is a slight deceleration from February and slightly below consensus estimates. However, rising prices could cement the central bank’s intention to raise interest rates by half a percent in May.

The index measures the costs consumers pay for a wide variety of items and could indicate how they will react to market dynamics. Chevron (NYSE: CVX) reported better than expected results today. First, revenue was $54.37 billion, beating estimates of $47.94 billion. Second, he reported earnings per share of $3.36. West Texas Intermediate crude is currently trading at around $106 a barrel.

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Amazon stock tumbles after profit shortfall and bleak near-term outlook; Business Gains in the AWS Cloud

Among the big losers in the stock market today would be Amazon (NASDAQ: AMZN). Much of this is believed to be due to the e-commerce giant’s latest quarterly earnings release. Hopping in, the company reported earnings of $7.38 per share on revenue of $116.44 billion for the quarter. For comparison, the consensus numbers on Wall Street are $8.36 billion and $116.3 billion, respectively. Despite barely higher revenue estimates, the company’s shortfall is quite apparent. In fact, it’s Amazon’s slowest revenue growth rate since the dotcom bubble of 2001. As a result of all this, AMZN stock is now plunging more than 9% at the opening bell. of today.

In detail, the company’s advertising activity also follows a similar trend. For the quarter, Amazon posted total revenue of $7.88 billion, below analysts’ forecast of $8.17 billion. All in all, it’s not that surprising given that advertisers and consumers at all levels are dealing with rising prices. As such, general spending on these parts of Amazon’s business would experience some deceleration. Additionally, the company’s $7.6 billion loss from its investments in Rivian would also increase the pressure all around.

CEO Andy Jassy comments on the overall outlook for Amazon’s business. He begins by saying:The pandemic and subsequent war in Ukraine have brought unusual growth and challenges.“In response to this, Amazon is actively focusing on strengthening its distribution network. The likes of which are already returning to normal operational levels on the personnel and warehousing fronts. Additionally, Amazon’s AWS cloud division saw revenue increase 36.5% year over year, underscoring the company’s leadership in the field. Amid today’s losses, I could see that some investors were interested in AMZN stocks for the long haul.

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Tesla stock under fire after CEO Elon Musk announces selling $8.4 billion worth of stock to buy Twitter

At the same time, investors could also take a look at electric vehicle (EV) industry leader Tesla. For those who haven’t been following the latest stock market news to that end, it’s thanks to CEO Elon Musk. Namely, the richest man in the world is currently on track to buy Twitter (NYSE: TWTR) with plans to make it private. It’s worth mentioning that Musk is aiming to do so via a buyout price per share of $54.20, valuing the social media company at around $44 billion.

Prior to that, the billionaire investor mentioned securing $46.5 billion in funding to enable the offering. With a recent SEC filing shedding more light on how it achieves this, things could get interesting for TSLA stocks. Notably, Elon Musk has sold around $8.4 billion worth of Tesla stock in the past few days. Much of its selling came on Tuesday and Thursday earlier this week when TSLA stock fell 12%. Following the release of these documents, Musk posted on Twitter saying, “No further TSLA sales are expected after today.“It’s safe to say that updates like this could put TSLA shares on investors’ radars for the time being.

TSLA Stock
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Midam Ventures, LLC | (305) 306-3854 | 1501 Venera Ave, Coral Gables, FL 33146 | [email protected]

Midam Ventures, LLC | (305) 306-3854 | 1501 Venera Ave, Coral Gables, FL 33146 | [email protected]


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