Dow Jones, S&P 500 tick lower on potential US oil ban; Dick’s Sporting Goods (DKS) up on profit
Stock Market Today Mid-Morning Updates
Tuesday, the Dow Jones Industrial Average is down 60 points. With the possibility of the United States banning Russian oil imports as early as Tuesday, this has triggered a spike in oil prices. The ban, however, is likely without European participation as Europe relies heavily on Russian energy production. Europe also depends on Russia for natural gas, but has become more open to the idea of banning Russian products in light of Russia’s recent aggression against Ukraine.
Shell (NYSE:SHEL) The stock rose more than 2% at today’s opening bell after it apologized for buying a shipment of Russian oil. The company also said it would no longer buy Russian oil and was closing other operations in the country. Shares of the tech giant Apple (NASDAQ: AAPL) are also up today. The company will hold a product launch event later today, and some analysts expect the company to announce a budget iPhone.
Among the Dow Jones leaders, Apple shares are up 0.18% today as Microsoft (NASDAQ: MSFT) is down 0.84%. Meanwhile, 3M (NYSE: MMM) and Nike (NYSE:NKE) are also trading higher on Tuesday. Among the financial leaders of the Dow, Visa (NYSE: V) is down 0.55% while Goldman Sachs (NYSE: GS) is also up 0.14%.
EV Leader Shares You’re here (NASDAQ: TSLA) are up 0.11% on Tuesday. Rival electric vehicle companies like Rivian (NASDAQ: RIVN) are down 1.65%. Lucid Group (NASDAQ: LCID) is up 0.54% today. Chinese electric vehicle leaders like Nio (NYSE:NIO) and Xpeng Motors (NYSE: XPEV) opened lower today.
Dow Jones today: Oil prices continue to hover at high levels.
After the market opened on Tuesday, the S&P 500, Dow and Nasdaq are trading down 0.29%, 0.19% and 0.34% respectively. Among listed index funds, the Nasdaq 100 tracker Invesco QQQ Trust (NASDAQ: QQQ) is down 0.49% as the SPDR S&P 500 ETF (NYSEARCA:SPY) is also down 0.22%.
The 10-year Treasury yield is at 1.85% today as investors sold bonds for fear of inflation. West Texas Intermediate crude, the US oil benchmark, rose more than 5% today to around $125 a barrel. It comes after settling on Monday to its highest level since September 2008. This latest surge in oil supplies comes on growing concerns about energy disruptions as the United States moves to ban imports of Russian oil. Speaker of the United States House of Representatives Nancy Pelosi said her chamber was considering legislation to ban the import of Russian oil and that Congress intended to provide $10 billion in aid to Ukraine in response to the military invasion of its neighbor by Moscow.
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Dick shares gain on record quarterly earnings numbers; Provides optimistic profit guidance
In today’s news is Dick Sporting Goods (NYSE: DKS) or DKS for short. Overall, as the name suggests, the retailer specializes in providing sporting goods to consumers. It does this through a network of over 850 DKS locations across the United States. Not to mention that DKS is also the largest sporting goods retailer in the country. Back to today’s news, the company is in the spotlight with its latest quarterly earnings update. In it, DKS posted earnings per share of $3.64 on revenue of $3.35 billion for the quarter. To put it into perspective, this easily beats Wall Street’s forecast of $3.43 and $3.31 billion respectively. Following the release, DKS stock is currently trading up over 4% at today’s opening bell.
In detail, DKS expects a record full year in terms of sales growth and consolidated same-store sales. According to the company, net sales for the fiscal year currently stand at $12.29 billion. Additionally, DKS also notes that consolidated same-store sales posted a solid 26.5% year-over-year increase. According to CEO Lauren Hobart, “a diverse portfolio of categories and brands, a world-class omnichannel platform and strong execution,” are to thank for his last performance.
If all that wasn’t enough, DKS also plans to increase its quarterly dividend by 11%. Looking ahead, the company also seems keen to maintain its current momentum in the coming year. For the current fiscal year, DKS expects adjusted earnings per share to be between $11.70 and $13.10. That would be well above consensus estimates of $11.31. With DKS seemingly firing on all cylinders now, I can understand the appeal of stock DKS.
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Tesla sees February sales figures for Chinese-made electric vehicles more than triple year-over-year
Meanwhile, sales figures for electric vehicles (EVs) made in China by Tesla are known. Throughout the month, the company sold 56,515 units in Europe and China. Notably, this represents a huge increase of more than 200% year over year. According to the report, around 33,000 were exported to Europe and 23,000 were sold in China. Now all this information comes from the China Passenger Car Association (CPCA). On the one hand, Tesla seems to be making the most of its production facilities in the region now. With growing pressure on global energy supplies, electric vehicles could also continue to see strong demand.
More importantly, investors may also be keen to know how Tesla is holding up against the competition. Namely, the tastes of Li-Auto (NASDAQ: LI) and Xpeng (NYSE: XPEV) are looking at sales gains of 265% and 180% respectively. However, considering the scale of Tesla’s operations, this is still a commendable performance. Overall, Tesla continues to lead the global transition to electric vehicles. With the company’s shares down more than 30% year-to-date, some investors may see an opportunity.
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