Stock Market Today; Dow Jones, S&P 500 Rally Continues; Disney Stock Jumps On Earnings Beat

Stock Market Today Mid Morning Updates

On Thursday morning, the Dow Jones Industrial Average rallied over 300 points. This comes after the Labor Department released the most recent producer price index (PPI) report. In it, The producer price index increased 9.5% on annual basis. However, PPI fell by 0.5% in July from the previous month. This is under the consensus expectation of a gain of 0.2%. This comes a day after positive CPI data reading. As a result, this has caused a positive sentiment among investors and the stock market as it could mean inflation has finally peaked.

Furthermore, on Wednesday after the market closed, companies like Walt Disney Co. (NYSE: DIS), and Bumble Inc. (NASDAQ: BMBL) reported their corporate earnings. Additionally, on Thursday after the market closes, companies such as Rivian Automotive, Inc. (NASDAQ: RIVN), Poshmark, Inc. (NYSE: POSH), and Endeavor Group Holdings (NYSE: EDR) are scheduled to report earnings.

Amid the Dow Jones leaders, shares of Apple (NASDAQ: AAPL) are trading modestly higher on Thursday up 0.41%, while Microsoft (NASDAQ: MSFT) is also trading slightly lower by 0.19%. Meanwhile, shares of Caterpillar, Inc. (NYSE: CAT), and Nike, Inc. (NYSE: NKE) shares are trading higher on Thursday morning. Among the Dow financial leaders, shares of American Express Co. (NYSE: AXP) and JPMorgan Chase & Co. (NYSE: JPM) are both trading higher during Thursday morning’s trading session.

Shares of EV leader Tesla (NASDAQ: TSLA) fell on Thursday by 1.14%. Rival EV companies like Rivian are also trading higher by 4.68%. Lucid Group (NASDAQ: LCID) stock gained by over 2% on Thursday. Chinese EV leaders like Nio (NYSE: NIO) and Xpeng Inc. (NYSE: XPEV) are trading higher on Thursday.

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Dow Jones Today: U.S. Treasury Yield Rises To 2.80%; PPI Report Comes In Weaker-Than-Expected

Following the stock market opening on Thursday, the major indices opened green. The Dow, S&P 500, and Nasdaq are trading higher by 0.909%, 0.99%, and 1.16%, respectively. Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (NASDAQ: QQQ) has gained by 1.15% while the SPDR S&P 500 ETF (NYSEARCA: SPY) is up 0.99%. The benchmark 10-year U.S. Treasury yield is at 2.80% during the Thursday morning trading session.

On Thursday morning, the Bureau of Labor Statistics reported the most recent producer price index report. This report measures wholesale prices that are paid by companies and are often viewed by investors as a leading indicator of future consumer inflation. In the report, PPI declined by 0.5% in July from the previous month. This is below the consensus expectations of an increase of 0.2%. A big contributor to July’s decline is the fact that prices of gasoline have fallen. In fact, this was the first time wholesale prices have declined in two years.

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Disney (DIS) Stock Jumps On Better-Than-Expected Q3 Earnings

Shares of Disney (DIS) jumped by over 7% during Thursday’s morning trading session. This came after the entertainment company reported better-than-expected quarterly earnings. In detail, the company reported 3rd Quarter 2022 earnings of $1.09 per share on revenue of $21.5 billion. Wall Street estimates were $0.94 per share on revenue of $20.1 billion. What’s more, Disney’s revenue increased 26.3% on a year-over-year basis.

We had an excellent quarter, with our world-class creative and business teams powering outstanding performance at our domestic theme parks, big increases in live-sports viewership, and significant subscriber growth at our streaming services. With 14.4 million Disney+ subscribers added in the fiscal third quarter, we now have 221 million total subscriptions across our streaming offerings,” commented Bob Chapek, Chief Executive Officer at Disney. As of Thursday morning, shares of DIS stock are trading at $120.10 per share.

DIS stock chart
Source: TD Ameritrade TOS

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