Please check back for updates throughout the trading day.
U.S. stock futures fell in early trading Wednesday, while Treasury yields rose early in the session, as investors looked to extend the longest winning streak for the S&P 500 in two months amid improving corporate profits and the Federal Reserve's renewed interest rate cut. hopes.
Updated at 8:14 amEDT
Tesla probe report
tesla (TSLA) Shares fell in early trading following a Reuters report that said the Justice Department is investigating the automaker's claims about fully autonomous driving.
The report says prosecutors are investigating possible acts of “wire or securities fraud by deceptive investors and consumers” based on public comments from both the company and its CEO, Elon Musk.
Tesla shares fell 3.5% premarket and indicated an opening price of $1,741.50 each.
<blockquote class="twitter-tweet”>
twitter.com/search?q=%24TSLA&src=ctag&ref_src=twsrc%5Etfw”>$TSLA -2.40% premature
❖ U.S. prosecutors are examining whether Tesla committed securities or wire fraud by misleading investors and consumers about the self-driving capabilities of its electric vehicles, three people familiar with the matter told Reuters.https://t.co/VN2GyGiOjY
— *Walter Bloomberg (@DeItaone) twitter.com/DeItaone/status/1788179218045477053?ref_src=twsrc%5Etfw”>May 8, 2024
Updated at 8:07 amEDT
Intel Tuning
Intel (INTC) The stock extended its 2024 slide in early trading after the chipmaker cut its sales forecast for the current quarter following a move by the Commerce Department to block some of its China-bound exports.
The decision affects chip sales to Chinese phone maker Huawei and will likely mean June quarter sales will be at the lower end of the group's forecast of between $12.5 billion and $13.5 billion.
Intel shares fell 1.9% premarket and indicated an opening price of $30.10 each, a move that would extend the stock's year-to-date decline to about 37%.
Updated at 7:35 amEDT
Uber reservations
Uber Technologies (UBER) The stock is in the red after the ride-sharing group posted a wider-than-expected loss in the first quarter and forecast gross bookings for the three months ending in June that also missed Wall Street forecasts.
Uber shares fell 5.9% premarket, indicating an opening price of $66.29 each.
<blockquote class="twitter-tweet”>
twitter.com/search?q=%24UBER&src=ctag&ref_src=twsrc%5Etfw”>$UBER Earnings Summary: Please note GAAP expenses in this question: pic.twitter.com/7CDdEJRfI2
—Brad Freeman (@StockMarketNerd) twitter.com/StockMarketNerd/status/1788170358413013344?ref_src=twsrc%5Etfw”>May 8, 2024
stock market today
stocks finished modestly higher in yesterday's session, with the Dow Jones Industrial Average shrugging off a 9.5% drop in Disney. (DES) posted its fifth straight gain on the session as Treasury yields eased and broader earnings forecasts improved.
With about 80% of the S&P 500 reporting so far, collective first-quarter profits will rise 7.1% from a year ago to $466 billion, according to LSEG data, an advance of about $4 billion. since the start of earnings season.
<img src="https://www.thestreet.com/.image/c_fit%2Ch_800%2Cw_1200/MjA1OTk2NzU4NzgwNjgzNjQ3/us-stocks-markets-open.jpg”>
Last week's weaker-than-expected April jobs report, which showed 175,000 new hires and an overall unemployment rate of 3.9%, also eased concerns about accelerating inflationary pressures heading into the summer and revived bets on a Fed rate cut in early September.
Benchmark 10-year Treasury yields were last up 1.5 basis points from yesterday's close at 4.479%, while 2-year bonds were set at 4.841% at the start of the trading session. NY.
The US Dollar Index, which tracks the greenback against a basket of six global currencies, rose 0.09% to 105.501 amid reports of fresh intervention in currency markets by Japan's Finance Ministry . The goal is to strengthen the yen.
The yen was last quoted at 155.391 against the US dollar.
Elsewhere, global oil prices were firmly in the red following data last night from the American Petroleum Institute that showed a surprise rise in domestic crude stockpiles, suggesting a near-term drop in oil demand. exports.
The Department of Energy will release official data this morning, and WTI crude oil futures contracts for June delivery were down 65 cents at $77.73 a barrel.
Heading into the trading day on Wall Street, futures contracts linked to the S&P 500, which is up 3% for the month, suggest an initial drop of 7 points for the benchmark index.
Meanwhile, futures linked to the Dow Jones Industrial Average indicate a 2-point opening gain, while those linked to the tech-focused Nasdaq suggest a 22-point drop.
More Wall Street analysts:
- Analyst reveals new Nike price target ahead of big summer for sports
- Analysts weigh in on Google parent Alphabet shares after cloud event
- Analysts Renew Disney Stock Price Target After Proxy Fight
In overseas markets, strong earnings and dovish signals from central banks have lifted Europe's Stoxx 600 and Britain's FTSE 100 to record levels, with the former up 0.42% in Frankfurt and the latter up 0. 53% in London.
Overnight in Asia, the regional MSCI ex-Japan benchmark index fell 0.33% at the close of trading, while the Nikkei 225 closed down 1.63% in Tokyo at 38,202.37 points.
Related: A veteran fund manager picks his favorite stocks for 2024
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