Stock Market Today Mid-Day Market Updates
During Monday’s lunch hour, the Dow Jones Industrial Average is up over 77 points on light volume across all indices. This comes as investors await anxiously big tech earnings reports and the Federal Reserve’s decision on Wednesday. In fact, this will be the busiest week of corporate earnings we’ve received and arguably the most important all year. With investors waiting to hear what the Fed will do with interest rates, GDP data, and earnings from roughly a third of the entire S&P 500, no doubt this will be a busy week of stock market news headlines.
Earnings this morning from companies like RPM International (NYSE: RPM), and Dorman Products (NASDAQ: DORM). Shares of RPM stock fell a modest 0.93% during Monday’s early afternoon trading session. Shares are currently trading at $85.31 a share. In the report, In it, RPM notched in earnings of $1.42 per share on revenue of $2.0 billion. Wall Street consensus earnings estimate was $1.44 per share on revenue of $2.0 billion. While DORM stock is also taking a hit on Monday. Shares of DORM stock are down over 7% at $108.44 a share. This comes after the company reported its second-quarter 2022 fiscal results. In the report, Dorman Products (DORM) reported earnings per share of $1.29 on revenue of $417.4 million. That said, Wall Street’s consensus earnings estimate was $1.29 per share on revenue of $401.4 million.
Among the Dow Jones leaders, shares of Apple (NASDAQ: AAPL) are down by 0.40% today while Microsoft (NASDAQ: MSFT) is down by 0.65%. Meanwhile, shares of Home Depot (NYSE: HD), and Nike (NYSE: NKE) shares are trading lower on Monday. Among the Dow financial leaders, shares of Mastercard (NYSE: MA) and Goldman Sachs (NYSE: GS) are also trading lower going into Monday’s afternoon trading session.
Shares of EV leader Tesla (NASDAQ: TSLA) are down Monday by 0.75% at $810.54 per share. Last week, the EV maker reported its second-quarter earnings. Rival EV companies like Rivian (NASDAQ: RIVN) are also down by 0.15%. Lucid Group (NASDAQ: LCID) fell 3.79% on Monday. Chinese EV leaders like Nio (NYSE: NIO) and Li Auto Inc. (NASDAQ: LI) are both trading higher Monday.
Dow Jones Today: U.S. Treasury Yield Falls To 2.82%
Following the stock market opening on Monday, the major indices opened mixed. The S&P 500 & Dow are up 0.14%, and 0.01%, while the Nasdaq is trading down by 0.49%, respectively. Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (NASDAQ: QQQ) has declined by 0.66% while the SPDR S&P 500 ETF (NYSEARCA: SPY) is down by 0.046%. The benchmark 10-year U.S. Treasury yield is at 2.82% during Monday’s lunchtime session.
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Big Tech Earnings On Deck; Fed Meeting In Focus
Nearly 175 companies in the S&P 500 are set to report earnings in the stock market this week. As of result, this makes up nearly half of the index’s entire market cap. In fact, this is the busiest week of the second-quarter earnings season with big tech earnings set to come out. Alphabet (NASDAQ: GOOG) reports on Tuesday after market close. Microsoft, and Meta Platforms (NASDAQ: META) will report after Wednesday’s closing bell. While Amazon.com (NASDAQ: AMZN)and Apple report on Thursday.
To round this out, the Federal Reserve will have a two-day meeting this week that starts on Tuesday. The consensus on Wall Street is the Fed will hike interest rates by 75 basis points. That announcement will take place on Wednesday. It’s crucial to remember, that the next Fed meeting isn’t until September. Meaning Fed Chair Jerome Powell’s news conference on Wednesday will be center stage for the stock market this week.
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