Stock market today: Dow Jones, S&P 500 opened lower; Chewy Stock in the spotlight on surprise profit

Stock Market Today Mid-Morning Updates

Thursday, the Dow Jones Industrial Average is down more than 190 points as several key jobs reports are for investors to dissect. Amid soaring gas and food prices, President Joe Biden says there is little he can do to bring them down. The president focused on the inflation-ridden economy and supply chain issues that have driven up the price of daily consumer goods and basic necessities in recent months.

Shares of Designer brands (NYSE: DBI) are up more than 4% since today’s opening bell after reporting better-than-expected earnings and revenue in its latest quarter. The company also raised its growth outlook for the full year. GameStop (NYSE: GME) is also up after posting an increase in sales for its latest quarter as more people started shopping at its retail stores. Shares of Instantaneous (NYSE: SNAP) and pinterest (NYSE: PINS) fell today as investment bank Piper Sandler downgraded both companies due to concerns over the advertising market. Microsoft (NASDAQ:MSFT) today cut its fourth-quarter earnings and revenue forecast, citing an impact from a stronger dollar.

Among the Dow Jones leaders, stocks of Apple (NASDAQ:AAPL) are down 0.34% today as Microsoft is also down 2.18%. Meanwhile, disney (NYSE: DIS) and Nike (NYSE:NKE) are trading mixed on Thursday. Among the financial leaders of the Dow, Visa (NYSE: V) is up 1.81% while JPMorgan Chase (NYSE: JPM) is down 0.41%

EV Leader Shares You’re here (NASDAQ: TSLA) are up 0.97% on Thursday. Rival electric vehicle companies like Rivian (NASDAQ: RIVN) are also up 0.69%. Lucid Group (NASDAQ: LCID) is down 0.31% today. Chinese electric vehicle leaders like Nio (NYSE:NIO) and Xpeng Motors (NYSE: XPEV) are trading higher today.

Dow Jones Today: US Treasury Yields Hit 2.9%; ADP report shows job creation decelerating in May

After the stock market opened on Thursday, the S&P 500, Dow and Nasdaq are all trading lower at 0.51%, 0.60% and 0.15% respectively. Among listed index funds, the Nasdaq 100 tracker Invesco QQQ Trust (NASDAQ: QQQ) is down 0.32% as the SPDR S&P 500 ETF (NYSEARCA: SPY) is also down 0.50%.

The benchmark 10-year US Treasury yield hit 2.9% as investors eyed the latest jobs data released by payroll processing firm ADP. In it, the report says private sector employment rose by 128,000 in May. Business job creation slowed to its slowest pace of the pandemic-era recovery in May. This was also well below the Dow Jones estimate of 299,000. Additionally, the slowdown in hiring comes amid fears of a broader economic downturn.

Coupled with rising inflation and the ongoing war in Ukraine, the United States could be on the verge of a recession. On top of that, oil prices are under pressure as some sources report that Saudi Arabia is preparing to increase its crude production. This comes as there could be a significant drop in Russian production due to the sanctions. West Texas Intermediate, the US benchmark, is down to $112 a barrel. The international benchmark, Brent, is also down to $113 a barrel.

[Read More] Top Stock Market News For Today June 2, 2022

Chewy wins on surprise profit and reaffirms outlook

Shares of Soft (NYSE:CHWY) are up more than 14% at today’s opening bell. This comes after the pet products and services retailer reported a strong quarter. According to the company’s press release, Chewy’s total revenue for the quarter was $2.43 billion, marking a 13.7% year-over-year increase. Additionally, the company’s quarterly earnings per share are $0.04, versus a consensus forecast of a loss per share of $0.14. As you can imagine, Chewy’s surprise earnings would lead to putting CHWY shares in the spotlight now.

With many consumers adopting pets during the pandemic, Chewy continues to see strong demand for its services. After all, the company primarily operates as an e-commerce pet products provider. Its services include pet food and veterinary subscriptions. Moreover, it offers a huge selection of more than 100,000 products at competitive prices. As it stands, the company notes that it has 20.6 million active customers, which translates to a 4.2% year-over-year increase.

In its letter to shareholders which was released alongside its first quarter financial statements, the company states that, “Fiscal 2022 has started well as we delivered solid top line growth and sequential improvements in gross margin and overall profitability. First quarter net sales increased 14% to 2. $43 billion Consumables and Healthcare were the strongest categories this quarter, reflecting their non-discretionary nature and higher Autoship penetration rates. increased to 72.2% of net sales, which is a new record for the company. That being said, investors might be watching CHWY stock right now.

Source: Trading View

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Ford Stock In Focus after announcing a $3.7 billion investment in assembly plants to produce electric vehicles.

Also, we have Ford Motor Company (NYSE: F) in the spotlight today. The company announced today that it will invest $3.7 billion in its assembly plants. It will also add more than 6,200 new unionized manufacturing jobs in Michigan, Ohio and Missouri. These new jobs will create an additional 74,000 new indirect jobs in America by the end of 2026. This investment and these jobs will support the company’s Ford+ strategy to produce 2 million electric vehicles per year worldwide. He hopes to achieve this goal by the end of 2026.

Ford also confirmed an all-new electric utility vehicle for Ford Pro customers produced in Ohio that will debut by 2025. As a result, plant expansion will begin this year. Its all-new global Mustang coupe and North American Ranger pickup will also be built in Michigan. Additionally, the company also plans to increase production of its all-new F-150 Lightning electric truck to 150,000 per year at the Rouge Electric Vehicle Center in Dearborn. The investment will also include a $35 million fund to build an all-new Ford Customer Service Division packaging plant in Monroe, which will create more than 600 unionized jobs. Operations are expected to begin in 2024 to help expedite parts shipments for Ford customers. Given this news, investors may turn their radars to F-shares today.

Source: Trading View

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

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

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