Wall Street Today | GDP Revised Lower Before PCE Thursday
RECAP
The artificial intelligence mania that fueled the stock market to record highs this year was taking a breather Wednesday. Shares of chip makers were among those posting declines. $NVIDIA (NVDA.US)$ shares were roughly flat.
Stock indexes fell. The $S&P 500 Index (.SPX.US)$ fell 0.17%, while the $Nasdaq Composite Index (.IXIC.US)$ fell 0.55% and $Dow Jones Industrial Average (.DJI.US)$ fell 0.06%.
Chinese indexes had another rough session. Hong Kong's $Hang Seng Index (800000.HK)$ and the Shanghai Composite fell at least 1.5%. Japan's $Nikkei 225 (.N225.JP)$ retreated slightly after Tuesday's record close.
MACRO
Q4 GDP Came in at 3.2%
Inflation for the fourth quarter was revised slightly lower after economists predicted a 3.3% rate in January. GDP data comes out once a month until the quarter ends, as inflation experts refine the actual gross domestic product number.
The increase in fourth-quarter GDP followed an even stronger 4.9% gain in the third quarter. The economy does not appear to have lost a step early in the new year: the latest forecasts suggest the U.S. is expanding at over 3% in the first quarter. The economy's top sustainable speed in the long run is around 1.8%.
SECTORS
U.S. Oil Prices End Lower, but Front-month Brent Crude Marks Highest Finish of the Year
EIA reports a fifth straight weekly rise in U.S. crude inventories
U.S. oil futures ended lower Wednesday for the first time in three sessions, pressured by government data showing a fifth consecutive weekly climb in domestic commercial crude inventories.
However, Brent's front-month contract edged up to settle at the highest level since November. A report said major oil producers in OPEC+ may consider extending their voluntary production cuts into the second quarter. Analysts pointed out signs of tighter global supplies, likely supporting the market.
COMPANIES
C3.ai Q3 Posts a Loss, but Revenue Beats Expectations
$C3.ai (AI.US)$ reported quarterly losses of $(0.13) per share which beat the analyst consensus estimate of $(0.28) by 53.57 percent. The company reported quarterly sales of $78.40 million, beating the analyst consensus estimate of $76.14 million by 2.97 percent. This is a 17.60 percent increase over sales of $66.67 million last year.
Coinbase Confirms That Some Customers Are Seeing $0 Balances in App Glitch
$Coinbase (COIN.US)$ has seen a "large surge of traffic" that has led some of its users' accounts to appear to have a $0 balance, company CEO Brian Armstrong said Wednesday. The Coinbases Support X account stated that there may be errors in buying and selling on the platform due to this, but said users' assets are safe. The glitch caused a fear-based 4% drop in Bitcoin.
Lemonade Stock Sinks 26% on Soft Revenue Guidance, Ramping Spending
$Lemonade (LMND.US)$ fell after the insurance company issued soft revenue guidance for the year and said it is ramping up its investments back into the company, a move that Lemonade warned will weigh on earnings in the coming quarters.
Polestar Stock Jumps 24% on $950 Million Financing Round
American depositary receipts of $Polestar Automotive (PSNY.US)$ Holding UK surged after the company said it had secured $950 million in outside funding.
Boston Beer Stock Drops 16% as Shipments Fall, CEO Retires
$Boston Beer (SAM.US)$ reported big quarterly losses as shipments declined, raising concern on Wall Street about the stock. Late Tuesday, the brewer of Sam Adams and Twisted Tea said it shipped 1.5 million barrels of its drinks in the fourth quarter, a 12.2% decline from a year ago. Shipments declined from a year earlier in every quarter of 2023.
Source: Bloomberg, Dow Jones, CNBC, Reuters
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70781399 : AMJ i guess stolčka are low maneuvers to this point maybe jail