Stock Market Today: Dow Jones, S&P 500 Fall on IPC Data; Netflix shares fall due to Goldman Sachs downgrade | News

Stock market today mid morning updates

On Friday, the Dow Jones Industrial Average is down 770 points today as investors digest the release of new inflation data. In general, major technology companies such as Amazon (NASDAQ:AMZN) and Metaplatforms (NASDAQ: META) are down more than 3% and 1% respectively. Additionally, the national average price for a gallon of gas continues to creep up, now nearly $5 a gallon. In other news, the Biden Administration announced Friday that it will waive coronavirus testing requirements for incoming air travelers from abroad.

Actions of Resorts in Vail (NYSE: MTN) are higher today after reporting better-than-expected quarterly results. Vail Resorts says it has benefited from an easing of pandemic-related restrictions and highlighted successful efforts to attract visitors outside of peak ski season. stitch arrangement (NASDAQ:SFIX) is down more than 14% today after posting larger-than-expected losses. The company also gave weaker-than-expected earnings guidance. CME Group (NASDAQ: CME) is in the spotlight today after Atlantic Equities upgraded it to overweight from a neutral rating. The firm says that CME has the strongest fundamental backdrop among US-based exchanges.

Among the Dow Jones leaders, shares of Apple (NASDAQ: AAPL) are down 3.35% today, while Microsoft (NASDAQ: MSFT) is also down 3.72%. In the meantime, Disney (New York Stock Exchange: DIS) and Nike (NYSE: NKE) are trading lower on Friday. Among Dow’s financial leaders, Visa (NYSE: V) is down 3.04%, while JPMorgan Chase (NYSE: JPM) also down 3.36%

EV Leader Actions Tesla (NASDAQ: TSLA) were down 3.47% on Friday. Rival electric vehicle companies like Rivian (NASDAQ:RIVN) were also down 1.58%. lucid group (NASDAQ: LCID) is down 2.28% today. Chinese electric vehicle leaders like child (New York Stock Exchange: NIO) and Xpeng Engines (NYSE: XPEV) are trading mixed today.

Dow Jones Today: US Treasury Yields Rise to 3,109%; Oil Prices Rise Despite Shanghai Shutdown Concerns

Following the stock market open on Friday, the S&P 500, Dow and Nasdaq are trading down 2.65%, 2.39% and 3.13% respectively. Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (NASDAQ: QQQ) is down 3.23% while the SPDR S&P 500 ETF (NYSEARCA: SPY) is also down 2.62%.

The benchmark 10-year US Treasury yield rose to 3.109% today as tech companies come under pressure from these rising yields. Oil prices have also risen slightly, to trade near three-month highs. Brent crude rose to $123 a barrel. On the other hand, US West Texas Intermediate crude also jumped to $121 a barrel. Both were on track for a fourth and seventh straight weekly gains, respectively.

The consumer price index in May rose at its fastest pace since 1981

Today, the Bureau of Labor Statistics released its Consumer Price Index (CPI) report for May, offering new but worrying information about the extent to which prices have risen in the US economy. Its CPI rose 8 .6% year-on-year in May, the fastest advance in more than 40 years. Even on a monthly basis, the headline CPI was up 1%, more than expected. Excluding food and energy prices, it rose 6% year over year. Compared to the consensus estimates, it was an increase of 8.3% and 5.9% for the main index and the basic index, respectively. This has caused a huge sell-off today, with the Dow on track for its 10th week down in the last 11.

[Read More] Main stock market news for today June 10, 2022

Netflix shares fall after Goldman Sachs downgrade

Netflix (NASDAQ: NFLX) is among the notable movers in the stock market today. Overall, this appears to be the result of a recent analyst update on the company’s stock. get into that Goldman Sachs (NYSE: GS), analyst Eric Sheridan has downgraded NFLX’s stock to a Sell rating. Additionally, the analyst lowered his price target for NFLX stock from $265 to $186. According to Sheridan, the downgrade is the result of Goldman’s concerns about a possible consumer recession. At the same time, the firm also cites increasing competition in the streaming space as another reason for the rating cut. As a result, NFLX stock is trading down more than 5% at the opening bell today.

On top of that, the analyst also adds that Goldman Sachs is lowering its 2022-2023 revenue estimates for Netflix. This, Sheridan explains, is for “incorporate a higher probability of a weaker macro environment.” Elaborate in more detail, “More specifically, we are modestly reducing our paid streaming subscriptions in all regions, but incorporating higher ARPU levels in the US in 2024 and beyond to reflect Netflix’s initiatives around its ad-supported and password-sharing level. .Overall, it appears that Netflix is ​​actively adapting to the changing consumer landscape by working on its ad-supported content. It’s safe to say there would be no shortage of attention on NFLX stock today.

Source: TradingView

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DocuSign shares fall after e-signature company falls short of Wall Street earnings estimates

Another company that is turning heads in the stock market today would be docusign (NASDAQ: DOCU). Overall, this e-signature software-as-a-service (SaaS) provider is experiencing some turbulence following its fiscal first-quarter financial update. In detail, the company published somewhat mixed figures for the quarter. According to the financial release, DocuSign’s quarterly earnings per share is $0.38. Additionally, the company’s total revenue for the quarter is $588.7 million. For comparison, consensus figures on Wall Street are earnings of $0.46 per share on revenue of $581.8 million. Despite consensus analyst earnings forecasts, investors seem focused on DocuSign’s failure on the earnings-per-share front. Evidently, DOCU stock is currently trading down more than 26% at the opening bell today.

CEO Dan Springer adds more context to DocuSign’s performance for the quarter. It highlights, “We delivered strong results in the first quarter, growing revenue by 25% year-over-year and adding nearly 67,000 new customers, bringing our total global customer base to 1.24 million.While the company’s latest results may not be up to Wall Street’s expectations, it appears that DocuSign’s SaaS offerings are still relevant. After all, organizations that rely on electronic signature software are likely to continue to do so as hybrid work environments become more prominent.

Overall, Springer had this to say about DocuSign’s long-term business outlook: “With over a billion users worldwide, the proven value of our products, and the significant opportunity that lies ahead, we are confident in our ability to successfully meet the challenges of a dynamic global environment.Not to mention, DocuSign also recently expanded its ongoing global partnership with Microsoft. For all these reasons, DOCU’s shares would be in the spotlight of the stock market today.

DOCU Actions
Source: TradingView

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