The Latest Stock Market Update: Intel, Ulta Beauty, Spotify, and More
Key Takeaways
- U.S. equities were in the green at midday Wednesday, April 3, 2024 ahead of comments from Fed Chair Jerome Powell about possible interest rate cuts.
- Spotify shares jumped following a report the streaming audio service will increase prices and change its subscription plans.
- Shares of Intel sank after the semiconductor giant reported a $7 billion loss and declining sales at its foundry business.
U.S. equities rallied back from their recent slump at midday ahead of comments from Federal Reserve Chair Jerome Powell about possible interest rate cuts. The Dow, S&P 500, and Nasdaq were all higher.
Ford Motor Gains
Ford Motor (F) shares gained as the automaker posted a 6.8% increase in the first quarter from a year ago on strong demand for its pickups and hybrids.
GE Aerospace Takes Off
Shares of GE Aerospace (GE) took off after the former General Electric completed its split into three separately traded companies.
Spotify Technology Jumps
Spotify Technology (SPOT) shares jumped following a report the streaming audio service plans to increase prices and change its subscription plans.
Ulta Beauty Plunges
Ulta Beauty (ULTA) shares plunged as the beauty products retailer said at a retail conference it is seeing a broad-based slowdown in business.
Intel Reports Loss
Shares of Intel (INTC) sank after the semiconductor giant reported a $7 billion loss and declining sales at its foundry business.
Disney Shares Down
Walt Disney (DIS) shares were down as shareholders voted on board members amid a months-long proxy fight between the company and activist investors.
Oil prices advanced. Gold prices continued their record climb. The yield on the 10-year Treasury note was up. The U.S. dollar gained on the yen, but fell to the euro and pound. Trading in most major cryptocurrencies was mixed.
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With the latest updates on major stock movements, it is clear that the market is experiencing significant shifts. Investors should stay informed and adapt their strategies accordingly to navigate these changes successfully.
