Stock Market Today Mid-Morning Updates
Friday, the Dow Jones Industrial Average is up 100 points. Today, markets erased losses from Thursday’s session as investors continue to assess the risks associated with the Russian invasion of Ukraine. With a broader Russian invasion of Ukraine underway, with reports of ballistics and missiles raining down across Ukraine, there continues to be much geopolitical and economic uncertainty.
Today, Coinbase (NASDAQ: COIN) reported quarterly earnings of $3.32 per share, well above the consensus estimate of $1.85. The company also reported revenue above analysts’ expectations. It comes as cryptocurrencies like Bitcoin rebound from a selloff on news of the Russian-Ukrainian conflict. Crypto markets saw an estimated $150 billion disappear from the market on Thursday as Russia began its invasion of Ukraine. BTC is now hitting the $40,000 mark.
Among the Dow Jones leaders, stocks of Apple (NASDAQ:AAPL) are down 1.09% today, while Microsoft (NASDAQ: MSFT) is also down 0.73%. Meanwhile, 3M (NYSE: MMM) and Nike (NYSE:NKE) are trading mixed on Friday. Among the financial leaders of the Dow, Visa (NYSE: V) is down 1.21% while JPMorgan Chase (NYSE: JPM) gained 1.36%.
EV Leader Shares You’re here (NASDAQ: TSLA) are down 1.82% on Friday. Similarly, competing electric vehicle companies like Rivian (NASDAQ: RIVN) are down 4.21%. Lucid Group (NASDAQ: LCID) is trading lower at 2.02%. Chinese electric vehicle leaders like Nio (NYSE:NIO) and Xpeng Motors (NYSE: XPEV) are trading lower today.
Dow Jones today: 10-year Treasury yield hovering around 2% and oil prices retreat below $98 a barrel
After Friday’s trading open, the S&P 500 and the Dow Jones are trading up 0.15% and 0.46% respectively. The Nasdaq, however, is trading lower at 0.73%. Among listed index funds, the Nasdaq 100 tracker Invesco QQQ Trust (NASDAQ: QQQ) is trading lower at 0.54% as the SPDR S&P 500 ETF (NYSEARCA:SPY) gained 0.20% today.
The 10-year Treasury yield continues to hover near the 2% mark, hitting 1.99% in the morning. Oil prices fell $100 amid reports that Russian President Vladimir Putin is open to talks. Brent fell below $98 a barrel after climbing above $105 on Thursday. The president said he is ready to send a delegation to Minsk today for peace talks with Ukraine. It also comes after the United States imposed its toughest sanctions on Russia as tanks and troops closed in on the Ukrainian capital.
Increase in the personal consumption expenditure price index
A key gauge of inflation showed prices rising to their fastest level in nearly 40 years. The core personal consumption expenditure (PCE) price index, which is the Fed’s main indicator of inflation, rose 5.2% from a year ago and is at the highest level since April 1983. Including energy and food prices, the overall PCE increased by 6.1%. That would put central bankers in a tough spot as they weigh the possible adverse economic effects of energy-rich Russia’s entry into Ukraine. This is weighed against the risk of even higher inflation due to higher oil and natural gas prices.
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Bulk stocks rise on earnings beats; Reports continued strength of its Fintech portfolio
Shares of a leading fintech company To block (NYSE:SQ) are steadily rising in the stock market today. Overall, this is likely due to a variety of positive factors driving the business now. For starters, Block released stellar numbers on its fourth quarter earnings call after yesterday’s closing bell. As it stands, he’s looking at earnings per share of $0.27 along with revenue of $4.08 billion. That’s a respectable lead over Wall Street estimates of $0.22 billion and $4.06 billion respectively. Additionally, the company is also seeing robust growth in its primary operational metric, gross payment volume (GPV). For the quarter, Block’s GPV sits at $46.3 billion. This exceeds the consensus forecast of $46 billion.
Second, another key industry tailwind that is putting Block in the spotlight now is the rise of Bitcoin. Overall, with growing concerns over the developing feuds between Ukraine and Russia, some are flocking to digital currencies such as Bitcoin. With that in mind, Block points out that its quarterly revenue from Bitcoin transactions is nearly $2 billion. Given the timing of this update, investors may have another reason to watch SQ stock closely today. Not to mention that Block also expects this momentum to continue in the current quarter. The company currently expects its GPV to grow 35% year-over-year. This would be a notable uptick given that it is from a strong demand quarter thanks to the pandemic. As a result of all of this, SQ stock is currently gaining over 15% today.
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Etsy sees gains after posting strong numbers in latest quarterly update
Another company making waves in the stock market would be Etsy (NASDAQ: ETSY). For the uninitiated, it basically works like an online marketplace. Through the Etsy platform, consumers have access to a wide range of handmade and vintage items as well as craft supplies. Tastes range from jewelry, bags, clothing and furniture to toys and art. More importantly, like Block, Etsy is bringing attention to the stock market with its latest fiscal quarter financial update. Diving in, the company raked in total revenue of $717 million, beating consensus estimates of $685 million. Additionally, Etsy is also looking at quarterly earnings per share of $1.11, smashing Wall Street expectations of $0.79. Today, ETSY stock is up over 6% since today’s opening bell.
For one thing, investors might also consider the company’s impressive gross merchandise sales (GMS) numbers. Namely, Etsy’s GMS total for the quarter hit a record high of $4.2 billion. That translates to a respectable 16.5% year-over-year increase. CEO Josh Silverman explains the company’s latest performance. He says, “During the holiday season, our sellers – most one-stop shops and immune to widespread supply shortages or complex fulfillment processes – brought the benefits of small-scale shopping. Shoppers continue to love their experiences with Etsy and come back for more.”
While this is all great, Etsy is leaning towards the safest end in terms of advice this quarter. This is evident as its quarterly revenue and GMS outlook is currently below analysts’ forecasts. Still, that doesn’t seem to be deterring investors from jumping into ETSY stock today.
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