The Dow Jones Industrial Average is up 188 points during Tuesday morning’s trading session in the stock market. This comes on the heels of Walmart (NYSE: WMT) and Home Depot (NYSE: HD) strong earning reports.
Moving forward, Tesla stock switched as CEO Elon musk sold more stock. Aside from that, EV truck company Rivian (NASDAQ: RIVN) gained another 6%, while Lucid Motors (NASDAQ: LCID) jumped following Monday’s earnings report.
Dow Jones Today: Positive Retail Sales Data
After the stock market opened on Tuesday, the DJI gained 0.39%, while the S&P 500 is up 0.51%, and the Nasdaq composite has also rallied 0.57%.
Furthermore, U.S. retail sales data beat expectations Tuesday morning. Retail sales gained 1.7% last month, exceeding expectations for a 1% increase, according to Econoday estimates. This is up from September’s 0.7% rally.
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Dow Jones Earnings Review: Home Depot, Walmart
Both Walmart and Home Depot reported earnings on Tuesday morning. HD stock reported sales of $36.8 billion for the quarter, a 9.8% year-over-year increase. Net earnings for the quarter were $4.1 billion, or $3.92 per diluted share. In light of this, Shares of HD stock rallied over 5% during Tuesday morning’s trading session.
Moving along, Walmart beat the street’s expectations on sales and earnings. They reported an adjusted earnings of 1.45 a share with revenue of $140.5 billion. Shares of WMT stock increased modestly about 4% in the morning’s trading session but have since dropped -2.84% as of 11:46 am EST.
Electric Vehicle (EV) Stocks To Watch: Rivian, Lucid Motors
EV startup Lucid Motors, reported its Q3 quarter results after Monday’s closing bell. In it, Lucid strengthened its balance sheet through the closing of the SPAC merger, generating $4.4 billion onto its balance sheet. Also, the company reported its customer reservations increased from 10,000 to 13,000 vehicles during the quarter. This represents an order book of nearly $1.3 billion, with the number since increasing to over 17,000.
Peter Rawlinson, CEO & CTO of Lucid, stated: “We are tremendously excited by our accomplishments in our first quarter as a publicly traded company. We successfully began production of vehicles for customer deliveries, continued investing in capacity expansion of our manufacturing facility in Arizona, and opened new retail and service locations in advance of the Lucid Air launch.“
Trending new EV truck maker Rivian are up over 6% as of 11:53 am on Tuesday. This is on pace to expand its winning streak to four consecutive sessions after the company’s IPO on November 10th, 2021. With that being said, investors should tread cautiously and wait for RIVN stock to form a base before considering purchasing shares.
What’s Up With Tesla Stock?
Shares of Tesla (NASDAQ: TSLA) reversed from early morning losses on Tuesday. It rallied by over 2% as of 11:56 am on Tuesday. This comes after CEO Elon Musk reportedly sold another 934,000 shares of TSLA stock valued at nearly $930 million.
According to regulatory filings on Monday, this sale is likely because it will help pay taxes connected to the exercise of stock options.
Just last week, Musk hinted he would sell 10% of his whole Tesla stock holdings. Since then, he has sold more than 5 million shares as of last Thursday and an additional 1.2 million shares last Friday. Shares of TSLA currently trade at 1,037.38 a share, which is down roughly 16% from its 52-week high of $1,243.49.