The stock market is little changed from earlier this morning, but the Nasdaq Composite has widened its declines to over 1%. Tesla (Nasdaq: TSLA) is a drag, falling 4% on the day, while AMD (Nasdaq: AMD) and Intel (Nasdaq: INTC) are down about 2% each. Mondelez International (Nasdaq: MDLZ) is gaining 1% as chocolate stocks tend to do when there is any discussion of a potential recession on the horizon.
Here’s a look at where things stand as of mid-morning trading:
Dow Jones Industrial Average: Up 134.44 (+0.32%)
Nasdaq Composite: Down 218.13 (-1.1%)
S&P 500: Down 21.95 (-0.38%)
The markets are choosing to play it safe on the heels of a three-day winning streak, with the three major stock market averages mixed out of the gate. The Dow Jones Industrial Average is eking out small gains while the S&P 500 and Nasdaq Composite are slightly lower. Energy stocks are leading the gainers, rising 1.2% as a group and powered in part by a 2.2% rise in Schlumberger (NYSE: SLB). Technology stocks are down as a sector and are weighing on the Nasdaq Composite this morning. Let’s take a look at some of the individual movers.
GameStop (NYSE: GME) is soaring 10.5% this morning and is a bright spot in an otherwise lackluster market today. The company is being rewarded for embracing leading cryptocurrency bitcoin after management decided to follow in the footsteps of Michael Saylor and Elon Musk by adding BTC to the balance sheet.
Dollar Tree (Nasdaq: DLTR) is up nearly 4% after divesting Family Dollar in a cool $1 billion transaction to private equity firms. Investors cheered the deal as did analysts at Wall Street firm Evercore, who said that Family Dollar was holding Dollar Tree back. Dollar Tree is also getting a bump after reporting better-than-expected Q4 earnings.
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Up 219.14 (+0.51%)
Nasdaq Composite: Down 71.07 (-0.41%)
S&P 500: Down 1.52 (-0.03%)
The major stock market averages are mixed out of the gate, choosing to play it safe.
The Nasdaq Composite is lower as technology stocks retreat.
Energy stocks are the big winners of the day.
Cintas Corp (Nasdaq: CTAS) is up 8% just for reporting Q1 results that were in line with consensus estimates. Cintas stock is also rising after the company revealed it will no longer pursue uniform provider Unifirst (NYSE: UNF). Separately, Uniform company Cintas (Nasdaq: CTAS) is gaining nearly 10% on the heels of its fiscal Q1 earnings print.
Paychex (Nasdaq: PAYX) is gaining 5.6% this morning after reporting Q1 earnings that met expectations.
Cloud networking company Arista Networks (NYSE: ANET) is sinking nearly 6% this morning while networking giant Cisco (Nasdaq: CSCO) is gaining about 1%.
Retirement planning doesn’t have to feel overwhelming. The key is finding expert guidance—and SmartAsset’s simple quiz makes it easier than ever for you to connect with a vetted financial advisor.
Here’s how it works:
Why wait? Start building the retirement you’ve always dreamed of. Click here to get started today!
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Financial Market Newsflash
No financial news published today. Check back later.
