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May 6, 2022, 10:21 a.m. EDT

Stock Market Today: Dow Jones, S&P 500 Continues Retreat; Opendoor (OPEN) In Focus After Earnings Beat

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May 06, 2022 (StockMarket.com via COMTEX) -- Stock Market Today Mid-Morning Updates

On Friday, the Dow Jones Industrial Average is down by 450 points despite the better-than-expected payrolls. Payrolls rose by 428,000 while the unemployment rate is at 3.6% in the U.S. Some economists have already given grim predictions, saying that the market could be set for more heavy selling this summer as central banks around the world ramp up interest rates to try and combat spiraling inflation.

Block ( NYSE: SQ ) is down by 5% as both profit and revenue missed estimates. The company's operating earnings, however, exceeded forecasts, and the company also says that it has not seen any slowdown in consumer spending. Shares of DoorDash ( NYSE: DASH ) are also down today after beating revenue estimates. The FDA has decided to limit Johnson & Johnson's ( NYSE: JNJ ) vaccine for adults due to the risk of a rare blood clotting syndrome. Its vaccine is one of the three cleared for use in the U.S.

Among the Dow Jones leaders, shares of Apple are down by 0.75% today while Microsoft ( NASDAQ: MSFT ) is also down by 1.86%. Meanwhile, Disney ( NYSE: DIS ) and Nike ( NYSE: NKE ) are trading lower on Friday. Among the Dow financial leaders, Visa ( NYSE: V ) is down by 2.22% while JPMorgan Chase ( NYSE: JPM )is also down by 2.10%.

Shares of EV leader Tesla ( NASDAQ: TSLA ) are down by 1.55% on Friday. Rival EV companies like Rivian ( NASDAQ: RIVN ) are also down by 1.89%. Lucid Group ( NASDAQ: LCID ) is also down by 4.67% today. Chinese EV leaders like Nio ( NYSE: NIO ) and Xpeng Motors ( NYSE: XPEV ) are trading lower today.

Dow Jones Today: U.S. Treasury Yields Hovers Above 3% And Oil Prices Rise On EU Oil Ban Proposal

Following the stock market opening on Friday, the S&P 500, Dow, and Nasdaq are trading lower at 1.76%, 1.44%, and 2.24%. Among exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ( NASDAQ: QQQ ) is down by 2.02% while the SPDR S&P 500 ETF ( NYSEARCA: SPY ) is also down by 1.80%.

The benchmark 10-year U.S. Treasury yield hovers above the 3% mark today, its highest level since 2018. This comes after the Fed had announced a 50-basis-point interest rate hike. Following a relief rally after the announcement, the stock markets sold off sharply on Thursday. Investors also remain concerned that a slowdown in economic growth could be a consequence of the Fed's hawkish tightening of monetary policy.

U.S. oil prices rose today and are currently around $110 per barrel, as the European Union considers a ban on Russian crude oil. This would, in theory, raise the prospect of tighter supply. The EU is proposing to ban all oil imports from Russia as early as the end of the year. It currently relies heavily on Russian imports for oil and gas. Bitcoin prices also fell below $36,000 today.

[Read More] Top Stock Market News For Today May 6, 2022

Opendoor Sees Sizable Earnings Beats Across Top And Bottom Lines; Provides Impressive Guidance

Opendoor ( NASDAQ: OPEN ) could be worth taking a look in the stock market today. On the whole, this could be the case following its latest earnings call. After yesterday's closing bell, the digital real-estate marketplace operator posted solid figures across the board. Namely, Opendoor is looking at earnings of $0.04 alongside revenue of $5.2 billion. To put things into perspective, this is up against Wall Street projections of a $0.07 loss per share and revenue of $4.29 billion. With these sizable beats, it is no wonder that investors are flocking to OPEN stock now.

In the larger scheme of things, this would mark a blowout quarter for the company. Year-over-year, its revenue is up by a whopping 590%, setting a record-high for Opendoor. Throughout the quarter, the company sold a total of 12,669 homes, up 415% over the same period. Speaking on Opendoor's latest quarterly performance is CEO and Co-founder, Eric Wu. He says, "For the past eight years, we have been working on the rare opportunity to transform the $2.3 trillion housing industry. We have made significant progress toward reshaping a broken, offline process into a digital, seamless experience for our customers."

Not to mention, Opendoor also appears confident of its ability to maintain its tremendous operational momentum. For the current quarter, the company is guiding for an adjusted EBITDA of between $170 million to $190 million. Should this be the case, it would translate to year-over-year gains of over 600% at the midpoint range. With Opendoor firing on all cylinders now, investors could be considering OPEN stock amidst the current market conditions.

[Read More] 4 Top Oil Stocks To Watch In The Stock Market Today

DraftKings In Focus After Solid Quarterly Results And Upbeat Guidance Raise

Similar to Opendoor, DraftKings ( NASDAQ: DKNG ) is also gaining attention today thanks to its latest financial update. To highlight, the online sports betting titan reported a total revenue of $417 million for the quarter. This beats consensus forecasts of $412 million and adds up to a 33.7% year-over-year increase. Notably, DraftKings cites steady momentum in its business-to-consumer section which is boasting year-over-year sales gains of 44% for this performance. Also, the company's monthly unique player count and average revenue per user are also up by 29% and 11% respectively over the same period.

Looking forward, the company is raising its revenue outlook for the quarter to somewhere between $1.93 billion to $2.03 billion. This would be in line with current estimates of $1.98 billion. Additionally, there is also the company's recent closing of its Golden Nugget Online Gaming acquisition. As of yesterday, DraftKings now has access to the firm's existing online betting portfolio that would play well with its existing operations. According to DraftKings, the deal will bring "significant benefits," alongside "expected synergies of $300 million at maturity." After considering all this, investors looking to bet on the industry could be eyeing DKNG stock today.

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