TSMC was forced to halt some chip manufacturing after the earthquake hit the island, raising concerns about the supplier to Apple (AAPL) and Nvidia (NVDA). Its shares listed in the United States decline slightly.
Thestocks in the United States They opened mostly lower on Wednesday ahead of Jerome Powell’s comments and in the wake of more labor market data. What exposes a Wall Street that is beginning to lose faith in an early rate cut.
However, as the day progresses, the indices recovered ground with the S&P 500 climbing 0.8%, while the Dow Jones Industrial Average rose 0.2%. Tech-heavy Nasdaq Composite rebounds strongly after same-weight drop earlier, and scales 0.5%. All this, after the three indices closed in the red on Tuesday.
ADP’s jobs report for March showed the largest increase in private sector hiring since July. The document precedes the March jobs report due out on Friday.
Since late March, stocks have retreated from their strong start to the year as strong economic data undermined hopes of three rate cuts by the Fed. Investors have reduced their bets to the point where they expect relief smaller and later than policymakers have projected.
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Reuters
Atlanta Fed President Raphael Bostic added to those concerns on Wednesday, telling CNBC that he expects the Fed to make its first interest rate cut in the fourth quarter.
Now the focus is on Powell, whose speech on the economic outlook later in the day will be evaluated for clues about whether the Fed’s June meeting will bring a policy change.
The Battle of Disney and the Taiwan Earthquake
Appearances by Michael Barr and other Fed officials will also be noted. Attention is also being paid to who will win the bitter proxy battle between Disney and activist investor Nelson Peltz, with the results of a shareholder vote scheduled for later. on Wednesday. Signs indicate that Disney has secured enough backing to stop Trian de Peltz’s proposed board reshuffle, sources told Reuters.
In individual stock moves, Intel (INTC) shares fell about 5% after the chip company reported steeper operating losses in its foundry business.
Meanwhile, rival TSMC (TSM) was forced to stop some chip manufacturing after a major earthquake hit Taiwanraising concerns about the supplier of Apple (AAPL) and Nvidia (NVDA). Its US-listed shares fell slightly.
Source: Ambito
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