Stock Futures Drop After Meta Platforms, IBM Reports Quarterly Results: Live Updates

one hour ago

European stocks open lower

European stocks opened slightly higher on Wednesday, with the Stoxx 600 index down 0.2% by 8:15 a.m. London time.

Britain's FTSE 100 rose 0.5% after snapping a five-day winning streak on Thursday, while France's CAC 40 fell 0.2% and Germany's DAX fell 0.5%.

3 hours ago

The Nikkei 225 fell 2%, leading declines among Asian stocks

Japan's Nikkei 225 index fell 2.1% in afternoon trading, while the broader Topix index fell 1.64%.

The Nikkei 225 index fell 8.3% from its record high in late March.

Investors are awaiting the Bank of Japan's monetary policy decision on Friday. Inflation expectations will be closely watched against the backdrop of a weak yen, rising oil prices and strong wage growth.

The yen fell to 155 yen against the US dollar on Thursday, hitting a new 34-year low.

– Shreyashi Sanyal

8 hours ago

SK Hynix posts first operating profit in four quarters, stock down nearly 3%

Shares of South Korean chipmaker SK Hynix fell nearly 3% despite the company reporting its results Highest operating profit In nearly two years.

The chipmaker reported operating profit of 2.89 trillion South Korean won ($2.1 billion) for the first quarter of 2024, an increase of 734% year-on-year, with net profit reaching 1.92 trillion won.

Fourth-quarter revenue reached 12.43 trillion won, the highest quarterly level ever.

SK Hynix explained that this was due to increased sales of AI server products, “supported by its leadership in AI memory technology.”

The company also added that it “believes it has entered a clear recovery phase, after a long-term decline.”

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– Lim Hui Ji

9 hours ago

South Korea's GDP in the first quarter rose 3.4%, the fastest quarterly growth since the fourth quarter of 2021.

South Korea recorded GDP growth Gross domestic product rose 3.4% in the first quarter, exceeding the 2.4% forecast of economists polled by Reuters, and representing its highest quarterly growth since the final quarter of 2021.

On a quarterly basis, GDP rose 1.3%, also beating Reuters' forecast of 0.6%.

Exports from South Korea in the first quarter rose by 0.9%, with increased exports of information technology products, such as mobile phones. Imports contracted by 0.7%, due to a decrease in imports of electronic equipment.

– Lim Hui Ji

10 hours ago

iCapital's Anastasia Amoroso expects the S&P 500 to end at 5,500 this year

Anastasia Amoroso, chief investment strategist at iCapital, believes there's a good chance the S&P 500 will rise to 5,500 by the end of the year.

The broader market index closed at 5,071.63 on Wednesday afternoon. This target would represent an 8% increase for the index.

“I think investors are getting another entry point here that is very attractive,” she said on CNBC's “Closing Bell” Wednesday afternoon. Amoruso specifically highlighted semiconductor stocks for their potential to outperform in the future.

As catalysts for an encouraging backdrop for stocks, the strategist pointed to strong corporate earnings and consumer spending, along with a rebound in global manufacturing momentum.

-Lisa Kailai Han

10 hours ago

Stocks making the biggest moves after the bell: Meta, IBM and more

11 hours ago

Stock futures open lower

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