Top Stock Market News For Today August 1, 2022

Stock Market Futures Drop To Start Off August’s Trading Month

On early Monday morning, U.S. stock futures dropped. As a result, we may open lower to start the new month. This comes after all three major stock market indexes posted their best month since 2020. In July, the S&P 500 index recovered 9.1%, battling back from its worst start to a year since 1962. The Nasdaq Composite jumped 12.3% to record one of its best months in history. Lastly, the Dow Jones Industrial Average hiked 6.7% in July.

This week, investors have another busy week of corporate earnings and economic data. With that, 150 companies in the S&P 500 are set to report their second-quarter results in the stock market this week. Investors await top companies such as; Pinterest (NYSE: PINS), Activision Blizzard (NASDAQ: ATVI), Simon Property Group (NYSE: SPG), Devon Energy Corp (NYSE: DVN), and others are set to report earnings after the market closes on Monday.

Also, the Labor Department’s July jobs report takes center stage this week. The data will be released on Friday, and they are estimated to report nonfarm payrolls increased by 250,000 last month. Though some earnings have come in better than expected, amid nearly 56% of companies that have reported results for the second quarter so far, earnings have come in just 3.1% higher than estimates. This falls under the five-year average of 8.8%, according to data from FactSet Research.

Moving on, as of 6:38 am ET, the Dow, S&P 500, and Nasdaq futures are trading lower by 0.07%, 0.21%, and 0.23% respectively.

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Li Auto Provides July 2022 Delivery Update

Early Monday morning, china EV maker Li Auto (NASDAQ: LI) reported July 2022 delivery numbers. In it, the company announced in July it delivered 10,422 Li ONEs, up 21.3% year over year. The cumulative deliveries of Li ONE have hit 194,913 since the vehicle’s market debut back in 2019. Following this news, shares of LI stock rallied over 4% in early morning trading on Monday. LI stock is currently trading at $34.19 in premarket trading on Monday.

Yanan Shen, co-founder, and president of Li Auto commented, “Today, the 200,000th Li ONE rolled off the production line at our Changzhou manufacturing base. It took us just 986 days to reach the production milestone of 200,000 Li ONEs, once again setting a record speed among China’s emerging NEV manufacturers following our historic speed in reaching the 100,000-unit mark. Li ONE is also the first domestic branded premium model priced above RMB300,000 in China to achieve this production milestone.

LI stock
Source: TD Ameritrade TOS

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NIO Stock Rallies Following July 2022 Delivery Numbers

On Monday morning, another Chinese EV maker Nio (NYSE: NIO) provided an update on July’s delivery numbers. In detail, Nio delivered 10,052 vehicles in July. This represents an increase of 26.7% vs. a year earlier, despite still being down 22.4% vs. June’s 12,961. Next, deliveries included 7,579 premium smart electric SUVs and 2,473 premium smart electric sedans. As a result, total deliveries of NIO vehicles hit 227,949 as of July 31, 2022. As a result, the company has delivered 60,879 vehicles year-to-date in 2022. This shows an increase of 22.0% year-over-year

Nio’s CEO stated Saturday that a “bottleneck” in parts hindered July’s production of its flagship ET7 luxury sedan from growing from June’s 4,349. Nonetheless, shares of NIO stock are up 2% premarket on Monday. NIO stock is currently trading at $20.31 a share early Monday morning.

NIO stock
Source: TD Ameritrade TOS

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