Dow Jones, S&P 500 Open Slightly Lower; Li Auto Falls After Reporting Earnings

Stock Market Today Mid Morning Updates

On Monday morning the Dow Jones Industrial Average opened slightly lower with 10 points. This comes after four consecutive weeks of S&P 500 gains. China also reported disappointing economic data, which weighed on the markets Monday morning. The country’s central bank also surprisingly cut interest rates, raising concerns about China’s economic recovery.

Just last week, the S&P 500 gained 3.25%, posting its fourth straight week of gains, making it the longest winning streak since last year. Meanwhile, the Nasdaq composite gained 3.08% last week, while the Dow rose 2.9%. In addition, investors will focus this week on retail gains. This week’s top retail stocks such as DIY store (NYSE: HD), walmart (NYSE: WMT), and Target (NYSE: TGT) will report their most recent quarterly results.

Amid the Dow Jones leaders, shares of Apple (NASDAQ: AAPL) are flat on Monday, while Microsoft (NASDAQ: MSFT) is trading slightly lower at 0.20%. Meanwhile shares of Caterpillar, Inc. (NYSE: CAT), and The Walt Disney Co (NYSE:DIS) stocks trade mixed Monday morning. Among Dow’s financial leaders, shares of american express co. (NYSE: AXP) and JPMorgan Chase & Co. (NYSE: JPM) trading lower during Monday morning’s trading session.

Shares of EV Leader Tesla (NASDAQ: TSLA) are up 1.90% on Monday. Rival EV companies love Rivian also trade lower at 3.24%. Lucide Group (NASDAQ: LCID) shares fell 0.16% on Monday. Chinese EV leaders love Nio (NYSE: NIO) and Xpeng Inc. (NYSE: XPEV) are moving lower on Monday.

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Dow Jones Today: US Treasury Yields Drop to 2.77%

After the stock market opening on Monday, the major indices opened lower. The Dow, S&P 500 and Nasdaq are trading lower by 0.07%, 0.21% and 0.15% respectively. Of the exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (NASDAQ: QQQ) is flat while the SPDR S&P 500 ETF (NYSEARCA: SPY) is 0.22% red.

The benchmark yield on 10-year US Treasuries stood at 2.77% during Monday morning’s trading session. In addition, investors are waiting for important economic data on Wednesday. In detail, the Fed’s minutes from the latest central bank policy meeting and US retail sales will both be released on Wednesday this week.

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Li Auto (LI) Share Drops After Earnings Report

Shares of the Chinese EV maker Li Auto (NASDAQ:LI) fell more than 2% during Monday morning’s trading session to $31.90 a share. This comes after the company released its unaudited financial results for the second quarter of 2022. In it, Li Auto reported a loss of $0.10 per share on sales of $1.3 billion. In addition, the company posted a 67.1% year-over-year revenue increase. In the press release, the company said its estimated third-quarter revenue would be between $1.34 billion and $1.43 billion. For context, Wall Street’s consensus expectations are estimated revenue of $2.02 billion for the third quarter.

Moving on, the EV maker reported its delivery numbers for July 2022. In detail, the company has delivered 10,422 Li ONEs, reflecting a 21.3% increase over the same period in 2021. Xiang Li, founder, chairman and chief executive officer of Li Auto, stated: “We delivered solid second quarter results in an environment of challenges and uncertainties through operational and product excellence. Our vehicles continued to win family users, not only to illustrate the strength of our vehicle and the growing appeal of our brand, but also to reaffirm the effectiveness of our strategy.

LI stock chart
Source: TD Ameritrade TOS

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

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

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