In the early morning of the 9th, Beijing time, U.S. stocks were mixed at midday on Wednesday, with the Dow continuing its previous 5 consecutive trading days, and the Nasdaq and S&P sliding slightly. Markets continue to focus on earnings reports and the Fed's interest rate cut outlook. A number of Fed officials will speak today.
The Dow rose 76.54 points, or 0.20 percent, to 38,960.80, the Nasdaq fell 39.92 points, or 0.24 percent, to 16,292.63 and the S&P 500 lost 4.85 points, or 0.09 percent, to 5,182.85.
Heading into Wednesday, U.S. stock earnings are still the top concern for investors. Intel expects second-quarter revenue to be lower than previously expected. Uber's shares fell after the ride-hailing service platform posted a surprising net loss and lower-than-expected revenue from orders.
Canadian e-commerce platform Shopify plunged nearly 20% after its first-quarter revenue of $1.9 billion, up 23% year-on-year. Net loss was $273 million, compared to a net profit of $68 million in the year-ago quarter.
Reddit shares jumped after the company released its first earnings report since going public.
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Nearly 85% of S&P 500 companies have reported results for the fiscal quarter to date, according to FactSet, and about 80% of them beat Wall Street expectations.
U.S. stocks closed mixed on Tuesday, with the Dow closing slightly higher 0.1%, its fifth straight session of gains, the longest winning streak since December. The S&P 500 closed about 0.1% higher, while the Nasdaq fell about 0.1%. The 10-year Treasury yield moved lower, providing upward momentum for U.S. stocks on the day. But Disney's share price plunged more than 9% weighed on the index after the company announced weaker-than-expected results and issued weak guidance.
Adam Crisafulli, founder of Vital Knowledge, said: "Any drop in Treasury yields would be a cheer for the US stock market, and we've seen that over the past few days. But eventually, when economic growth slows further to a point, there will be a decoupling between Treasuries and equities, with Treasuries continuing to rise and yields falling, but equities are a bit of a struggle. ”
Traders will also be watching the wholesale inventory economic data due on Wednesday morning.
A number of Fed officials will speak on Wednesday, including Fed Vice Chair Philip Jefferson, Boston Fed President Susan Collins and Fed Governor Lisa Cook, among others.
Minneapolis Fed President Kashkari said Tuesday that the Fed is likely to keep interest rates unchanged "for an extended period of time." He said recent data showed that inflation remained elevated, making him wonder if monetary policy was sufficiently restrictive.
Samuel Zief, global head of FX strategy at JPMorgan Private Bank, said: "The market is trying to figure out whether the data, especially in the US, is still strong or just right. So far, this week's events have been driven more by micro factors than macro ones: earnings releases from specific companies and things like that have been driving the stock market. ”
As the Federal Reserve signaled that it may keep interest rates higher for longer than expected to curb persistent inflation, investors are counting on the repo fever to help sustain the rally in U.S. stocks this year.
Goldman Sachs Group Inc. said that U.S. companies are returning to the market as the largest buyers of U.S. stocks and are preparing to drive the next round of gains in the stock market.
The Fed has taken a more cautious approach, keeping it out of sync with European central banks, which have already begun to ease monetary policy. On Wednesday, the Riksbank announced a rate cut, the bank's first easing in eight years. Prior to this, the SNB decided to cut interest rates first in March.
Stocks in focus
Goldman Sachs said in its latest report released on Tuesday that although Nvidia's stock is up 88% this year after more than tripling last year, it still has a lot of room for growth in the future. The bank raised Nvidia's price target to $1,100 from $1,000, implying about 22% upside potential from current levels.
U.S. prosecutors are investigating whether Tesla misled investors and consumers about the self-driving features of its electric vehicles, people familiar with the matter said. Tesla's Autopilot and Full Self-Driving systems are not fully autonomous, and the U.S. Department of Justice is reviewing the automaker's and CEO Elon Musk's statements suggesting that cars can drive themselves.
Investigators are looking into whether Tesla deceived investors, engaged in wire fraud or securities fraud, people familiar with the matter said. The U.S. Securities and Exchange Commission (SEC) is also investigating Tesla's statements to investors about driver assistance systems, one of the people added.
It is also reported that China may support Tesla's test of "driverless taxi", but it has not yet fully approved the full implementation of FSD.
Microsoft is developing a new AI model called MAI-1, with parameters of more than 500 billion.
According to a report by market research firm TrendForce, the price of the new iPad Pro is $200 higher than that of the previous generation, and the iPad Air is also launching a 13-inch product, which may also crowd out potential demand due to the dispersion of firepower. The agency estimates that the total shipments of AMOLED iPad Pro 11-inch and 13-inch in 2024 are estimated to be only 4.5 million ~ 5 million units. It is estimated that in 2024, the overall AMOLED tablet shipment will be about 9 million units, accounting for about 7% of the overall tablet market.
Lidar company Luminar's first-quarter sales were $20.97 million, up 44.5% year-on-year, slightly below expectations of $21.14 million; The loss per share was $0.19, compared to the consensus of a loss of $0.2. In a letter to shareholders, Luminar said Tesla was its largest customer in the first quarter when it purchased lidar worth more than $2 million, accounting for about 10% of its revenue in the quarter.
Canadian e-commerce platform Shopify reported revenue of $1.9 billion in the first quarter, up 23% year-on-year. Net loss was $273 million, compared to a net profit of $68 million in the year-ago quarter. Total merchandise value (GMV) came in at $60.9 billion, up 23% year-on-year and above analysts' expectations of $59.67 billion.
Revenue of $1.9 billion increased 23% year-over-year and beat analysts' expectations of $1.843 billion. Cost of revenue was $904 million, compared to $791 million in the year-ago quarter. Gross profit was $957 million, up 33% year-over-year. Gross margin was 51.4%, compared to 47.5% in the year-ago quarter. Operating expenses were $871 million, compared to $910 million in the year-ago quarter. Operating profit was $86 million, compared to an operating loss of $193 million in the year-ago quarter. Net loss was $273 million, compared to a net profit of $68 million in the year-ago quarter. Basic and diluted loss per share was $0.21, compared to basic and diluted earnings per share of $0.05 in the year-ago quarter.
Uber's first-quarter revenue was $10.1 billion, up 15% year-over-year. Net loss attributable to Uber was $654 million, compared with a net loss of $157 million in the year-ago quarter.
U.S. ride-hailing giant Lyft reported first-quarter revenue of $1.277 billion, up more than 27% year-on-year, compared to the consensus of $1.17 billion, and adjusted earnings per share of $0.15, beating the consensus of $0.08. The company recorded 188 million rides in the first quarter, up 23% year-on-year; gross bookings increased 21% year-over-year to $3.7 billion; Active ridership increased 12% year-over-year to 21.9 million. Lyft expects gross bookings for the second quarter to be around $4.0 billion to $4.1 billion, above the consensus of $3.98 billion.
Occidental Petroleum reported fiscal first-quarter net sales of $5.98 billion versus analysts' expectations of $6.62 billion, and adjusted earnings per share of $0.63 versus analysts' expectations of $0.58.
Electronic Arts' fourth-quarter revenue fell to $1.78 billion from $1.87 billion in the year-ago quarter, compared to the consensus of $1.785 billion, and earnings per share were $0.67, turning losses into profits, compared to the consensus of $0.57.
Electric vehicle maker Rivian posted revenue of $1.2 billion in the fiscal first quarter versus analysts' expectations of $1.18 billion, and adjusted loss per share of $1.24 versus analysts' expectations of a loss of $1.15.
Tinder parent company Match reported first-quarter revenue of $859.6 million, up 9% year-over-year, compared to analysts' expectations of $855.8 million, and earnings per share of $0.44, compared to analysts' expectations of $0.41.
Reddit reported revenue of $243 million in the fiscal first quarter versus analysts' expectations of $211.9 million, and a net loss of $575.1 million versus analysts' expectations of a loss of $612.9 million.
Intel expects second-quarter revenue to fall below the midpoint of the guidance range of $12.5 billion to $13.5 billion.
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British pharmaceutical giant AstraZeneca announced on Tuesday that it was pulling its coronavirus vaccine from the market, largely due to a lack of market demand for the vaccine.
A spokesman for German automotive chipmaker Infineon said in an emailed statement that Infineon plans to cut mid-triple-digit jobs at its Regensburg, Germany, plant. Infineon will not impose redundancies, and the company will reduce the number of employees through floating, partial retirement and voluntary separation.
UBS expects to complete its merger with Credit Suisse on May 31. According to Credit Suisse Securities' 2023 disclosure, as of the end of 2023, the company had a total of 126 employees, a year-on-year decrease of about 46.2% from 234 at the end of 2022. It is worth noting that there are only 2 people left in the wealth management department of Credit Suisse Securities, a decrease of 34 people compared with last year, a decrease of more than 90%.