S&P flat, Dow Jones returns to above 39,000 points for six straight times

Rising U.S. bond yields and mixed corporate financial reports affected market sentiment. The main U.S. stock indexes were mixed on Wednesday (8th). The S&P 500 closed flat, and the Dow Jones closed 172.13 points lower, marking the sixth consecutive trading day. rose, returning to above 39,000 points.

Rising U.S. bond yields and mixed corporate earnings affected market sentiment. The main U.S. stock indexes were mixed on Wednesday (8th). The S&P 500 closed flat. The Dow closed at 172.13 points. It rose for the sixth consecutive trading day and returned to 39,000. Click above.
Uber\’s stock price fell more than 5% after its earnings forecast for the quarter was disappointing.
Shopify predicts its slowest quarterly revenue growth in two years, sending the company\’s shares plummeting more than 18%.
Investors are also digesting a raft of comments from the Federal Reserve.
Boston Fed President Collins suggested on Wednesday that interest rates may need to remain at 20-year highs for longer than previously expected to curb demand and ease price pressures.
Minneapolis Fed President Neel Kashkari said on Tuesday that stalling inflation, boosted in part by a strong housing market, meant the central bank could keep interest rates on hold \”for longer\” or even throughout the year. It remains unchanged until officials determine that inflation is heading towards the 2% target.
On the geopolitical front, TikTok and parent company ByteDance filed a lawsuit asking a U.S. court to rule the TikTok ban signed by U.S. President Joe Biden in April unconstitutional and block its implementation.
The law would force ByteDance to sell TikTok or face a ban in the United States.
Performance of major U.S. stock indexes on Wednesday (8th): The Dow Jones Index rose 172.13 points or 0.44% to close at 39,056.39 points.
The Nasdaq fell 29.8 points, or 0.18%, to close at 16,302.76 points.
The S&P 500 index fell 0.03 points, or 0%, to close at 5,187.67 points.
The Philadelphia Semiconductor Index rose 5.50 points or 0.12% to close at 4,790.38 points.
The NYSE FANG + index fell 8.33 points, or 0.082%, to close at 10,159.63 points.
Seven of the 11 major S&P sectors closed in the red, with real estate and materials leading the decline.
Utilities performed best (Photo: finviz) Focus stocks The five technology kings in the NYSE FANG + index.
Meta (META-US) rose 0.93%; Apple (AAPL-US) rose 0.19%; Alphabet (GOOGL-US) fell 1.09%; Microsoft (MSFT-US) rose 0.29%; Amazon (AMZN-US) fell 0.40%.
More than half of the Dow Jones components rose.
Intel (INTC-US) fell 2.22%; Merck (MRK-US) fell 0.64%; Amgen (AMGN-US) rose 2.33%; Boeing (BA-US) rose 2.06%; JPMorgan Chase (JPM-US) rose 2.03 %.
More than half of the constituent stocks ended higher.
AMD (AMD-US) fell 0.52%; Micron (MU-US) rose 0.09%; Broadcom (AVGO-US) rose 1.71%; Qualcomm (QCOM-US) rose 0.22%; NVDA (NVDA-US) fell 0.16% ; Applied Materials (AMAT-US) rose 0.02%; Texas Instruments (TXN-US) rose 0.70%.
Taiwan stock ADRs collectively closed in the red.
TSMC ADR (TSM-US) rose 1.76%; ASE ADR (ASX-US) rose 0.48%; United Microelectronics ADR (UMC-US) rose 0.63%; Chunghwa Telecom ADR (CHT-US) rose 0.62%.
Business News Apple (AAPL-US) rose 0.19% to $182.74 per share.
China\’s iPhone shipments surged about 12% in March after Apple and its retailers slashed prices, showing that efforts to curb an accelerating sales decline are bearing initial results.
Uber (UBER – US ) tumbled 5.72% to $66.40 per share.
The ride-hailing company previously forecast lower-than-expected total bookings for the second quarter after missing its target for the first three months.
Reddit (RDDT) surged 4.05% to $51.40 per share.
Reddit said in its first earnings report that it expected to post an adjusted profit in the second quarter, thanks to a booming advertising business and a content licensing deal with an artificial intelligence company.
LiDAR maker Luminar Technologies (LAZR-US) rose 18.79% to $1.96 per share.
Luminar Technologies announced that Tesla was its largest customer in the first quarter, accounting for more than 10% of the company\’s revenue during the period.
Tesla (TSLA-US) fell 1.74% to $174.72 per share.
Reuters reported that U.S. prosecutors are investigating whether Tesla committed securities or wire fraud by misleading investors and consumers about the self-driving capabilities of its electric vehicles.
Intel (INTC-US) closed 2.22% weaker at $30.00 per share.
The U.S. Department of Commerce is rumored to have revoked its export licenses for certain notebook computers and mobile phone chips supplied to Chinese customers, a move that will affect the company\’s second-quarter revenue.
The company therefore expects second-quarter 2024 revenue to remain within the original range of $12.5 billion to $13.5 billion but below the midpoint.
Wall Street analysis FactSet data shows that nearly 85% of S&P constituent companies have announced results for this fiscal quarter, of which about 80% have exceeded Wall Street expectations.
\”The market is trying to figure out whether the data, especially in the U.S., is still strong or just right,\” said Samuel Zief, global head of FX strategy at JPMorgan.
This week so far has been driven more by micro factors than macro factors: earnings releases from specific companies and things like that have been driving the stock market.
\”Valuation will always be the main challenge facing the technology industry,\” said Ross Mayfield, investment strategy analyst at Baird.
Considering all the excitement about artificial intelligence and valuation expansion they\’ve entered earnings season with a pretty high bar to clear.
The trend has been broken a little bit so there is more volatility around day to day.
Adam Crisafulli, founder of Vital Knowledge, said: \”Any decline in U.S. bond yields will make the U.S. stock market rejoice. We have seen this in the past few days.\”
But eventually when economic growth slows further to a certain level, there will be a decoupling between U.S. Treasury bonds and stocks. U.S. bond yields have fallen, but the stock market has been a little troubled.
”The figures are all updated before the deadline. Please refer to the actual quotation.

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