Stock Market Today: Dow Jones, S&P 500 Tumble On Recession Concerns; Twitter Stock In Focus Ahead Of Meeting With Elon Musk


Stock Market Today Mid-Morning Updates

On Thursday, the

Dow Jones Industrial Average

is down by 700 points, tumbling below the 30,000 mark to the lowest in more than a year. One day after the Fed announced its 75 basis-point interest rate hike, central banks across the globe also raised their rates. The Bank of England also voted to raise rates for the fifth time since December earlier today. The Swiss National Bank also raised rates for the first time in 15 years.

Shares of

Nvidia

(

NASDAQ: NVDA

) are down today after disclosing that its director Mark Stevens sold over $36 million worth of common stock this week. Cryptocurrency stocks like

MicroStrategy

(

NASDAQ: MSTR

) and

Coinbase

(

NASDAQ: COIN

) continue to thread lower as the price of Bitcoin and other major cryptocurrencies continues to drop. Bitcoin, for instance, is now trading slightly above the $21,000 mark, a low it has not reached since late 2020. In fact, it even dropped below $20,000 overnight before trimming some of those losses.

Among the Dow Jones leaders, shares of

Apple

(

NASDAQ: AAPL

) are down by 3.36% today while

Microsoft

(

NASDAQ: MSFT

) is also down by 2.38%. Meanwhile,

Disney

(

NYSE: DIS

) and

Nike

(

NYSE: NKE

) are trading lower on Thursday. Among the Dow financial leaders,

Visa

(

NYSE: V

) is down by 3.31% while

JPMorgan Chase

(

NYSE: JPM

)


is also down by 2.92%

Shares of EV leader

Tesla

(

NASDAQ: TSLA

) are down by 6.21% on Thursday. Rival EV companies like

Rivian

(

NASDAQ: RIVN

) are also down by 7.04%.

Lucid Group

(

NASDAQ: LCID

) is down by 6.74% today. Chinese EV leaders like

Nio

(

NYSE: NIO

) and

Xpeng Motors

(

NYSE: XPEV

) are trading lower as well today.

Dow Jones Today: U. S. Treasury Yields Breaches 3.4%; More Economic Data Release For Investors To Dissect Today

Following the

stock market

opening on Thursday, the S&P 500, Dow, and Nasdaq are trading lower at 2.93%, 2.33%, and 3.49% respectively. Among exchange-traded funds, the Nasdaq 100 tracker

Invesco QQQ Trust

(

NASDAQ: QQQ

) is down by 3.41% while the

SPDR S&P 500 ETF

(

NYSEARCA: SPY

) is also down by 3.03%.

The benchmark 10-year U.S. Treasury yield is trading around 3.42% today. Yields are rising as central banks around the world get more aggressive in fighting inflation. The Federal Open Market Committee reiterated its commitment to stabilizing inflation. However, officials also cut their 2022 economic growth outlook to just 1.7% from 2.8%.

Data released today include initial jobless claims that dropped to 229,000 for the week ending on June 11, with slightly more claims than expected. On the other hand, Housing starts and building permits plunged 14.4% and 7% respectively, with bigger-than-expected declines. Lastly, the Philadelphia Fed’s manufacturing index was also released today and came in at a minus 3.3 for June, while consensus estimates pointed to a positive 4.8 reading.


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Top Stock Market News For Today June 16, 2022

Twitter Stock In Focus Following WSJ Report Regarding Elon Musk Plans To Confirm Acquisition

On the social media front today,

Twitter

(

NYSE: TWTR

) is once again in the limelight. Overall, this likely stems from a recent Wall Street Journal (WSJ) piece on Tesla CEO Elon Musk’s plans to acquire the firm. According to the report, Musk will likely be going through with his takeover of Twitter. This could come as positive news for some as choppy exchanges between Musk and Twitter have been drawing concerns regarding the viability of the deal. Among the most recent happenings would be Musk’s claims of Twitter breaching the agreement terms. The Tesla CEO highlighted that the company was doing this by withholding information about bot accounts on the platform.

Nevertheless, the WSJ writes that Musk is going to announce this at his first meeting with Twitter’s employees. This would be referring to the all-hands meeting set for today by CEO Parag Agrawal. Via the hour-long meeting, Musk is planning to answer questions from employees. Among the key focuses will likely be the Tesla CEO’s opinions on remote work, hiring changes, and even the status of former President Donald Trump’s ban. Accordingly, these concerns among others would not be all that surprising. After all, Musk has been and remains very vocal about his stance on all these issues. As investors look to see how things play out, TWTR stock could be worth checking out today.

TWTR stock
Source: TradingView


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5 Top Dividend Stocks To Watch In A Bear Market

Tesla Raises Car Model Prices Across The Board In U.S. Market

In other Elon Musk-related news, Tesla is reportedly raising the prices of its EVs in the U.S. again. For the most part, this is likely the company’s means of keeping up with ongoing global supply chain problems. Not to mention, Tesla, like many other businesses, is feeling the heat from rising material costs across the board too. In detail, growing lithium and aluminum prices would, in theory, weigh in on Tesla’s manufacturing costs. Pair this with an EV industry chip shortage and this move would not be all too surprising from Tesla’s end.

Getting straight into it, the EV titan is increasing the price of its Model Y long-range vehicle to $65,990. This would represent an increase of about 5% from its previous price of $62,990. Weighing in on this would be investment firm

Credit Suisse

(

NYSE: CS

). According to the brokerage, “

While some concerned price hikes will destroy demand, for now Tesla remains supply constrained.

” All in all, this would serve to echo Elon Musk’ statements about having a “

super bad feeling,

” about the economy affecting operations from last month. The likes of which saw Musk halting all hiring worldwide for Tesla. As the company continues to adapt to the challenging business environment, investors may be considering TSLA stock.

TSLA stock
Source: TradingView

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