Market in the Red, Indexes Mixed Wednesday | Wall Street Today
Shortly after the close the $S&P 500 Index(.SPX.US$ traded flat, the $Dow Jones Industrial Average(.DJI.US$ traded +0.46%, and the $Nasdaq Composite Index(.IXIC.US$ fell about 0.21%. About 7,100 equities fell for the day while just 5,600 climbed.
MACRO
Federal Reserve Bank of Boston President Susan Collins spoke at an MIT event Wednesday, where she signaled interest rates will likely need to be held at a two-decade high for longer than previously thought, Bloomberg reported. She said slower growth was necessary to ensure inflation was on a path to 2%, and would not say when the Fed would cut.
“The recent upward surprises to activity and inflation suggest the likely need to keep policy at its current level until we have greater confidence that inflation is moving sustainably toward 2%,” Collins said.
Tuesday, Fed's Kashkari said that one rate cut is still possible this year, which is a dramatic change from the CME FedWatch futures pricing just last month. He said that if inflation stays the same and labor stays strong, rates should stay the same, too.
For the rest of the week, investors can expect Michigan economic data like Consumer Sentiment and inflation expectations, and EIA supply numbers.
The $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ fell to 4.84, the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ fell to 4.49.
SECTORS
Semiconductors had pulled back to start the week, and climbed about 0.30% Wednesday before Arm earnings. Otherwise the market was flat enough to not see any sector stand out. Bitcoin was lower.
Crude oil futures fell for the sixth session, while gold and silver traded mostly flat.
MOOVERS
$Arm Holdings(ARM.US$ reported its fourth quarter earnings of $0.36 a share vs. estimates of $0.3 on revenue of $928m vs. $880m estimated. The stock fell 8% after hours.
$Intel(INTC.US$ stock was sliding as the chip maker company offered lower guidance for Q2 after the U.S. revoked export licenses to China. It was the biggest decliner pulling down the Dow Jones.
$Uber Technologies(UBER.US$ reported an unexpected first-quarter loss on Tuesday weighed down by its equity investments, in what it called "business model strategies" that cost the firm $721. The stock fell 8%.
$Shopify(SHOP.US$ tumbled 19% early Wednesday, after the commerce infrastructure provider swung to a surprise first-quarter loss of 21C a share on revenue of $68M.
$Match group(MTCH.US$ fell 7%, the lowest in the S&P 500 following the firms earnings that showed a decline in Tinder users.
$Reddit(RDDT.US$ jumped nearly 15% overnight after it posted a $500M+ loss in the quarter, but at open fell back to a 4% climb.
$Tesla(TSLA.US$ fell Wednesday after renewed reports that he Justice Department was examining whether the firm of Chief Elon Musk made false claims about Full Self Driving.
WORD FROM THE HEARD: Mooers, what are you watching?
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Disclaimer: This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Indexes are unmanaged and cannot be directly invested in. Past performance is no indication of future results. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors’ financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information regarding your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal. Moomoo makes no representation or warranty regarding its adequacy, completeness, accuracy, or timeliness for any purpose of the above content. See thislinkfor more information.
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La Diabla ChuChu : So so they are saying that Elon Musk is lying? Now what kind of bull crap uses that? I don’t believe the hype . Elon’s not that kind of guy.