Stock Market Today: Dow Jones, S&P 500 Opens in Red; Nio Up After Inclusion in Morgan Stanley’s Tactical Idea List
Posted On June 1, 2022
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After being included on Morgan Stanley’s Tactical Idea List for the first time, NIO inc.(NYSE: NIO) is now up after the Dow and S&P 500 opened in the red. After an eight-week losing skid, the Dow Jones Industrial Average is down 280 points on Tuesday.
One hundred years ago, this was one of the longest losing streaks in American history. Businesses such as Salesforce (NYSE: CRM) and Chewy will be releasing their financial results throughout these four days. Since the EU secured an agreement Monday to prohibit approximately 90% of Russian oil imports by 2013, oil prices have continued to soar. WTI oil, the U.S. benchmark, is now trading at $119 a barrel.
Yamana Gold (NYSE: AUY) shares are up 15% today on the announcement that Gold Fields would purchase the gold miner (NYSE: GFI). The total value of the all-stock transaction is $6.7 billion. Daiwa Securities raised Zoom Video Communications’ (NASDAQ: ZM) rating from Underperform to Outperform, a two-step improvement. According to Daiwa, the expectations for Zoom’s growth have become more reasonable after the recent tech market downturn.
Apple (NASDAQ: AAPL) and Microsoft (NASDAQ: MSFT) are the two Dow Jones leaders, with shares up only 0.02 percent and 0.76 percent, respectively. On the other hand, Disney (NYSE: DIS) and Nike (NYSE: NKE) are up 0.31 and 0.69 percent, respectively, on Tuesday. Visa (NYSE: V) and JPMorgan Chase (NYSE: JPM) are both down 1.15 and 1.02 percent, respectively, on the Dow.
Tesla (NASDAQ: TSLA), the market leader in electric vehicles, is up 2.38 percent on Tuesday. Rivian (NASDAQ: RIVN) and other EV rivals are also up 5.10 percent. There was a 1.39 percent gain in Lucid Group (LCID) today. There has been an increase in the price of Chinese electric vehicle leaders like Nio (NYSE: NIO and Xpeng Motors (NYSE: XPEV).
US Treasury Yields rose to 2.8 percent today; China eased restrictions on the sale of narcotics in Shanghai. In March, both home prices and interest rates rose. S&P 500, Dow Jones, and Nasdaq all opened down on Tuesday, with the S&P 500 losing 0.91 percent, the Dow losing 1.20 percent, and Nasdaq losing 0.51 percent.
As bond rates rise in direct opposition to bond prices, the benchmark 10-year U.S. Treasury yield stands at 2.8%. Preliminary data for May suggests that yet another round of record-high inflation struck Europe, and oil prices have risen in tandem with an EU agreement to restrict Russian oil, both of which contributed to the most recent surge. China will also eliminate the limitations on coronavirus in Shanghai, China’s most populated city, on Wednesday, two months after they were initially introduced.
According to the S&P CoreLogic Case-Shiller Home Price Index, home prices rose 20.6 percent from a year earlier. Also, this would be larger than the 20% increase in February. According to the report, increased mortgage rates did not slow down March’s rise in house prices. Phoenix, Tampa, and Miami have the most significant yearly growth rates. As the number of homes on the market continues to decline, prices are expected to begin to drop in the months to come.
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