U.S. Stock market is currently reacting to the earnings announcements by the companies. Therefore, individual stocks are feeling the heat and are being dumped while some are being lapped up by the traders and investors. However, at the index level, the movement is not much as the market awaits the CPI numbers on August 10. The upcoming inflation data will determine the next path for the market after June saw prices moving up at a rate of over 9 percent annually.
S&P 500 and Nasdaq Composite closed slightly negative after falling by 0.67 per cent and 0 .16 per cent respectively. Stocks like Exxon Mobil Corp(XOM), Amazon, Rivian and Alibaba Group Holding Ltd. ADR (BABA) among others were stocks in focus.
Exxon Mobil Corp(XOM) listed on NYSE closed at $94.07 down by 0.43 per cent from the previous close. XOM is one of the few stocks that has generated over 50 per cent return this year since January.
Exxon Mobil Corporation has recently announced estimated second-quarter 2022 earnings of $17.9 billion, or $4.21 per share assuming dilution. Second-quarter results included a favorable identified item of nearly $300 million associated with the sale of the Barnett Shale Upstream assets. Capital and exploration expenditures were $4.6 billion in the second quarter and $9.5 billion for the first half of 2022.
Amazon.com, Inc. (NASDAQ: AMZN) had also recently announced financial results for its second quarter ended June 30, 2022. Net sales increased 7% to $121.2 billion in the second quarter, compared with $113.1 billion in second quarter 2021 but the operating cash flow for the company decreased 40% to $35.6 billion for the trailing twelve months, compared with $59.3 billion for the trailing twelve months ended June 30, 2021.
Net loss was $2.0 billion in the second quarter, or $0.20 per diluted share, compared with net income of $7.8 billion, or $0.76 per diluted share, in second quarter 2021. Second quarter 2022 net loss includes a pre-tax valuation loss of $3.9 billion included in non-operating expense from their common stock investment in Rivian Automotive, Inc.
Amazon closed 0.91 per cent lower while and Rivian ended the day higher by 0.57 per cent.
In the U.S., Amazon started making customer deliveries with its custom Rivian electric delivery vehicles (EDVs). This rollout is the start of what Amazon plans to be thousands of EDVs in more than 100 cities by the end of 2022—and 100,000 EDVs across the U.S. by 2030.
In India, Amazon signed an agreement with Tata Motors to include the new Tata Ace electric vehicle as part of Amazon’s delivery fleet. The new EDV was co-developed with Amazon and will contribute to the company’s goal of having 10,000 EDVs on the road in India by 2025.
Alibaba Group Holding Ltd. ADR (BABA) was higher by 20.52 per cent and closed the day at $92.62. The much-anticipated results from Alibaba Group for June Quarter 2022 Results come on Thursday, August 4, 2022.