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Top Stock Market News For Today July 15, 2022


Stock futures rise despite bleak economic outlook from JPMorgan CEO Jamie Dimon

US Stock Futures are in the green in Friday morning trading. Surprisingly, this follows a relatively choppy day for the markets after less than ideal quarterly numbers from major banks. Among the big names reporting earnings yesterday would be Morgan Stanley (NYSE: MS) and JPMorgan Chase (NYSE: JPM). Both companies were below Wall Street consensus estimates yesterday. With a noticeable deceleration in investment banking, that’s not too surprising.

On the one hand, JPMorgan Chase reported a massive 28% decline in year-over-year earnings. The company cites a $1.1 billion decrease in the provision for credit losses as economic recession fears persist. On the other hand, Morgan Stanley’s investment banking revenue for the current quarter is down 55% year over year. While this may just be the first big day of the earnings season, these results would continue to highlight the current state of the economy.

Jamie Dimon, CEO of JPMorgan Chase, provides additional insight into it all. He explains, “In our global economy, we are faced with two contradictory factors, operating on different timetables.“Dimon continues,”The US economy continues to grow, and the labor market and consumer spending, as well as their ability to spend, remain healthy.However, the CEO also notes: “But geopolitical tensions, high inflation, declining consumer confidence, uncertainty about rising rates and unprecedented quantitative tightening and their effects on global liquidity,are likely to weigh on global economies in the short term. While all of this is happening, there is still plenty of stock market news for investors to consider today. As of 6:14 a.m. ET, Dow, S&P 500 and Nasdaq futures are trading up 0.25%, 0.16% and 0.13% respectively.

Pinterest jumps after Elliott Management stake announcement

Among the potential stock market headliners today would be pinterest (NYSE: PINS). All in all, the social media company probably has a recent report of the the wall street journal (WSJ). According to the report, activist investor Elliott Management now owns a stake in Pinterest. In detail, the company would have a significant stake of more than 9%. This, according to WSJ sources, follows weeks of talks between the company and Elliott Management. On the one hand, it looks like Elliott is buying into the current weakness in PINS stocks. Clearly, the company’s stock is currently down more than 70% over the past year.

All in all, with such news, it would then make sense for investors to turn their attention to PINS stocks. However, with Pinterest alongside its consumer tech peers still suffering year-to-date losses, some analysts see further declines. To know, Barclays (NYSE:BCS) analyst Ross Sandler mentioned that a potential “perfect stormcould be coming for digital advertising companies. This would include the likes of Pinterest, Meta (NASDAQ: META), and Alphabet (NASDAQ:GOOGL) to name a few. The real question now is whether investors should follow Elliott Management’s lead on PINS stocks today.

Brooch stock
Source: Trading View

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Amazon reports record first-day sales and targets private label items

In other news, Amazon (NASDAQ:AMZN) now appears to be making the most of rising consumer prices. How could he do that you might ask? Well, quite simply, the company’s annual Prime Day mega sale is here, and Amazon is raking in the sales. Essentially, Amazon has released its Prime Day 2022 sales stats. According to the report, its total purchases from Prime members are well over the 300 million item mark. By company metrics, this is the biggest Prime Day event in its history. As a result, it would be thanks to Amazon offering massive sales and price reductions on a huge range of consumer items. This would appeal to consumers faced with rising prices.

Going into detail, Amazon Prime members are said to have purchased more than 100,000 items per minute during Prime Day 2022. Additionally, the company reports that its Amazon Devices, Consumer Electronics, and Home sections are among the top categories. Companies such as Procter & Gamble (NYSE:PG), honest company (NASDAQ: HNST), and Levi’s (NYSE: LEVI) are also among Prime Day’s top benefactors. In total, Amazon reports Prime subscriber spending for Prime Day 2022 exceeds $3 billion. In doing so, customers realized savings of more than $1.7 billion, also a record figure for its Prime Day event. With all of that in mind, AMZN stock might be worth checking out at the opening bell today.

AMZN Stock
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General Motors CEO Mary Barra on the company’s manufacturing challenges

On the automotive front, General Motors (NYSE: GM) CEO Mary Barra provides insight into the company’s current performance. Overall, Barra points out that GM still faces production issues. According to the CEO, these issues will likely persist well into 2023. This comes as the automaker continues to feel pressure from supply chain headwinds. In his words, “But right now, we’re the ones solving problems and new problems are popping up, and we’re just dealing with them once a week.

In a larger scheme, all of this would echo the company’s latest filing with the SEC. Through which he revealed concerns over supply chain pressures weighing on the company’s current quarter. Even so, GM is still sticking to its current guidance for 2022. In fact, the company appears to be doubling down on EV production efforts in the face of all of this. According to Barra,The Hummer we came out a few years ago. We are looking at increased production in the later part of this year for the Hummer truck.“As such, long-term auto investors could now take a close look at GM stock.

GM Stock
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Tilray among marijuana industry leaders to gain momentum as Germany considers legalization

Shares of Tilray (NASDAQ: TLRY) also appear to be gaining traction among investors. For starters, the latest news from this leading global cannabis and consumer packaged goods company concerns its latest product launches. Through his “far west», the company expands the offer of its Canadian brand CANACA. From pre-rolls to vape pens, and even new blends, Tilray continues to cater to its growing consumer market.

Speaking of growing consumer markets, the latest recreational marijuana news out of Germany could be another growth engine for TLRY stock now. Notably, the country is reportedly looking to legalize recreational weed use nationwide. As things stand, current estimates suggest that a cannabis bill could be written by this year, with legalization likely in 2024. If so, this would mark another key market for Tilray. As a result, I could see TLRY stock and its peers in the marijuana industry getting some attention today.

TLRY Stock
Source: Trading View

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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