The stock futures traded with minimal changes on Wednesday, showing a flat to slightly lower trend. This followed the S&P 500’s positive performance on Tuesday, closing just 0.45% below its record high from January 3, 2022. The S&P 500 has seen a notable 24% gain throughout the year and a 4.5% increase in the current month. Investors are speculating on the Federal Reserve’s potential interest rate cuts, possibly starting as early as March.
Here are some key movements in individual stocks:
Intel (INTC): The chipmaker extended its gains, rising 0.3% in premarket trading after a 5.2% increase on Tuesday. Intel announced plans to invest $25 billion in Israel to expand its wafer fabrication site, supported by a $3.2 billion contribution from the Israeli government.
Apple (AAPL): The tech giant experienced a slight dip in premarket trading after falling for the fourth consecutive session on Tuesday. The Biden administration decided not to overturn a recent ruling that prohibits Apple from selling certain Apple Watch models in the U.S. due to a patent-infringement issue.
Tesla (TSLA): Tesla shares rose 0.3% after a Bloomberg report indicated the company’s preparation for launching a revamped version of its Model Y SUV from its Shanghai plant. Mass production is anticipated to commence in mid-2024, featuring significant exterior and interior changes.
NetEase and Tencent Holdings: In Hong Kong trading, NetEase shares surged by 12%, while Tencent Holdings jumped by 4%. This rebound followed last week’s decline after Chinese regulators proposed stricter rules on gaming. U.S.-listed shares of NetEase fell 4.2% in premarket trading.
Coherus BioSciences (CHRS): The biopharmaceutical company saw a significant increase of 36% after receiving approval from the Food and Drug Administration for its on-body injector of the cancer drug Udenyca.
These market movements reflect ongoing dynamics in the technology, automotive, and pharmaceutical sectors, influenced by regulatory decisions and company-specific developments.
