US markets opened lower on Tuesday amid rising concern over tensions between Russia, Ukraine and the West after Russian troops were ordered into Eastern Ukraine. Investors will be watching closely to see how the US and other Western powers respond to the crisis with economic sanctions and other measures.
Amid the turmoil, gold, oil and Bitcoin are all trading higher.
Here are today's trending stocks:
Home Depot (NYSE: HD)
This home improvement supplies retailer beat expectations with an earnings release before the market open on Tuesday. Home Depot has managed to continue growing sales despite concerns about waning demand as life returns to normal following pandemic restrictions.
These fears were might have been allayed by the results, which showed earnings and revenue beating consensus estimates. However, the retail chain demonstrated caution with its forecasts which indicated modest sales growth over the coming quarters. This appears to have spooked investors.
The stock opened lower, dropping by 4.77% in early trading.
Digital World Acquisition Corp. (NASDAQ: DWAC)
This SPAC is heavily in the green following the launch of Truth Social, which is Donald Trump’s social media venture. The app launched on Monday but users have reported some issues, such as error messages, waiting lists and barriers to creating a new account.
Even so, the app was at the top of the Apple Store’s download charts, having been snapped up over 170,000 times. Time will tell whether the technical glitches are anything serious to worry about, but DWAC seems to be riding high on interest in the app at the moment.
DWAC enjoys association with the app as the blank-cheque company is slated to be the vehicle to take Trump’s media empire public.
DWAC’s shares were up by 7.44% on Tuesday morning.
Phunware (NASDAQ: PHUN)
Phunware is trending on Tuesday morning, with the share price also rising amid investor interest in the release of the Truth Social social media app. The mobile software and blockchain company is closely linked to the Trump camp, having worked closely on the former President’s re-election campaign and launched the official Trump/Pence app in 2019.
Even so, it is worth noting that, other than the apparent support of Donald Trump, there is nothing tangible linking the stock to Truth Social at the moment. Here, the stock stands apart from DWAC.
The Texas-based company’s shares were up by 5.97% in early trading on Tuesday.
Draftkings (NASDAQ: DKNG)
Sports betting giant Draftkings saw its share price climb on Tuesday, recovering a small amount from a major drop suffered in Friday’s session. The stock had dropped by more than 20% after it warned that its full year loss would be greater than previously expected.
Analysts are slashing their price targets and ratings for the stock, with Wells Fargo downgrading it to equal weight on the back of the assertion that any share price rebound is a long way off. As such, any movements upwards are likely due to optimistic investors who think they can pick up a bargain by buying in the dip.
Draftkings shares were up by 2.43% on Tuesday morning.
Lucid (NASDAQ: LCID)
This EV manufacturer’s shares were higher on Tuesday morning as investors look ahead to the company’s earnings early next week. Lucid’s fourth quarter results are expected to offer key insight into how the business is going to get off the ground.
For example, its last update in November saw the company confirm 17,000 orders for new vehicles. This next update is expected to show pre-orders exceeding its annual production capacity of 20,000. Additionally, investors are keenly awaiting details about international expansion and further information about the company’s SUV model.
Lucid stock was up by 1.05% in early trading.