US stocks showed an uneven trend on Wednesday amid fluctuations in the earnings season. Although the Dow barely maintained five consecutive gains, setting a record for the longest continuous rise in more than four months, both the NASDAQ index and the S&P 500 index fell for a while. The stock prices of Disney and Palantir plummeted 9.5% and 15%, respectively, after the financial reports were announced. The latter recorded the biggest one-day decline in two years. Meanwhile, Reddit once surged nearly 20% in after-hours trading.
In the tech sector, Google closed up nearly 2% with positive dynamics after its new product launch, while Tesla fell nearly 4%. Chip stocks experienced a day of fluctuation, with Nvidia falling more than 3% during the intraday period. The European stock market performed well. The pan-European stock index hit a record high. After the financial report, UBS and Infineon rose 7.6% and nearly 13% respectively in the European stock market.
Apple launched the thinnest iPad Pro in history, equipped with an M4 chip, and iPad Air, Pencil, and Magic Control keyboards. Google snatched Apple to launch an affordable AI phone, selling the Pixel 8a for 499 US dollars, adding AI features without increasing the price. The new Pixel tablet costs 399 US dollars, which is a reduction in price compared to the previous generation.
The monetary policy outlook for the US economy is also the focus of market attention. The comments of the Minneapolis Federal Reserve Chairman suggest that the Federal Reserve may keep interest rates high for a longer period of time. This statement has further fueled market concerns that the US neutral interest rate may be higher than expected. As a result, the US dollar index reached a new high and continued to break away from its low level for more than three weeks. Compared to...