On May 8th local time, European stock markets generally rose, with the FTSE 100 index in the UK, CAC40 index in France, and DAX index in Germany all slightly rising.
The US stock market rebounded after a low opening, with the Dow Jones Industrial Average slightly rising, achieving six consecutive trading days of gains. Technology stocks such as Microsoft, Apple, and META rebounded, Tesla fell nearly 2%, and e-commerce giant Shopify fell 18.48%. ARM and Airbnb suddenly fell sharply after the market opened.
Chinese concept stocks have adjusted, with the Nasdaq China Golden Dragon Index falling 0.71%, Pinduoduo rising more than 1%, Alibaba falling more than 1%, NIO falling more than 5%, Xiaopeng Motors falling more than 6%, and Ideal Motors falling more than 4%.
In terms of the commodity market, international precious metal futures closed mixed, with COMEX gold futures falling 0.35% to $2316.1 per ounce, marking the second consecutive trading day of decline; London base metals closed lower across the board; The main agricultural futures contracts of the Chicago Board of Trade (CBOT) closed lower across the board.
The Dow Jones has risen for six consecutive trading days
On May 8th local time, European stock markets generally rebounded. As of the close, the FTSE 100 index in the UK rose 0.49%, the CAC40 index in France rose 0.69%, the DAX index in Germany rose 0.31%, and the STOXX50 index in Europe rose 0.44%.
After a low opening, the US stock market rebounded and fluctuated. As of the close, the Dow Jones Industrial Average rose 0.44%, achieving six consecutive trading days of gains. The Nasdaq index fell 0.18%, and the S&P 500 index closed flat.
On that day, several Federal Reserve officials delivered speeches. Boston Fed President Collins said that achieving the 2% inflation target may take longer. She hinted that interest rates may remain high for a longer period than previously thought in order to curb demand and alleviate price pressure. Federal Reserve Director Cook stated that the increase in lending by non bank investment companies is worth noting, but it does not seem to bring excessive risk to the financial system. The growth of private equity credit may not have had a significant adverse impact on the resilience of the financial system.
The trend of technology leading stocks is divided, with Apple up 0.19%, Microsoft up 0.29%, META up 0.93%, Google A down 1.09%, and Amazon down 0.40%. In addition, NVIDIA fell 0.16% and Tesla fell 1.74%.
On the news side, on Wednesday Eastern Time, Google DeepMind released a new generation of AlphaFold 3 models for predicting protein structure, which can help scientists more accurately target disease mechanisms and develop more effective therapeutic drugs. DeepMind researchers state that AlphaFold 3 is an artificial intelligence (AI) model that can predict the structure of biomolecules such as proteins, DNA, RNA, and how they interact. In addition, DeepMind has launched AlphaFold Server, a free platform for global scientists to use for non-commercial research.
Bank stocks in the US have fluctuated. JPMorgan Chase rose over 2%, Goldman Sachs fell 0.73%, Citigroup rose over 1%, Morgan Stanley fell 0.15%, Bank of America fell 0.36%, and Wells Fargo rose over 1%.
In terms of Chinese concept stocks, the Nasdaq China Golden Dragon Index fell 0.71%, Pinduoduo rose more than 1%, BeiGene rose more than 2%, Alibaba fell more than 1%, Baidu fell nearly 1%, Yihang Intelligence fell more than 3%, NIO fell more than 5%, Xiaopeng Automobile fell more than 6%, and Ideal Automobile fell more than 4%.
For the US stock market, Morgan Stanley strategist Mislav Matejka stated that the US stock market is facing a seasonal weakness period and advised investors to buy traditional defensive stocks such as utilities and commodities.
Uber data fell nearly 6% below expectations
In addition, e-commerce giant Shopify fell 18.48% and its market value evaporated by 18.3 billion US dollars due to a year-on-year shift from profit to loss in the first quarter.
Uber, a ride hailing company, saw its stock price drop by 5.68%. Uber's total bookings for the first quarter were lower than analysts expected, due to weak demand in Latin America and the early holiday affecting order volume. Uber's revenue in the first quarter was 10.13 billion US dollars, with a market expectation of 10.11 billion US dollars; The first quarter travel booking volume was 18.67 billion US dollars, with a market expectation of 19.15 billion US dollars; The expected total booking amount for the second quarter is $38.75 billion to $40.25 billion, with a market expectation of $40.04 billion. Uber announced on Wednesday that the total booking volume for the first quarter increased by 20% year-on-year, reaching $37.7 billion, which includes ride hailing services, takeout orders, driver and merchant revenue, but does not include tips. This number is below the midpoint of the guidance range provided by the company in February, and also below the average analyst expectation of $38 billion.
Intel's stock price fell 2.22% as the company lowered its second quarter revenue forecast. On the news side, according to the documents submitted by Intel to regulatory agencies, Intel stated that it expects its revenue in the second quarter to be lower than the midpoint of the initially set range of $12.5 billion to $13.5 billion. According to Bespoke Investment Group, this is the second time Intel has lowered its quarterly forecast in less than two weeks, after previously lowering its forecast range on April 25th.
Gold futures continue to decline
In the commodity market, international precious metal futures closed with mixed gains and losses. COMEX gold futures fell 0.35% to $2316.1 per ounce, marking the second consecutive trading day of decline. COMEX silver futures rose 0.08% to $27.565 per ounce.
London's base metals fell overall, with LME copper falling 1.27% to $9902/ton and LME zinc falling 1.69% to $2910/ton.
The main agricultural futures contracts on the Chicago Board of Trade (CBOT) closed lower, with soybean futures falling 1.42% to 1228.75 cents per bushel; Corn futures fell 1.71% to 459 cents/bushel, while wheat futures fell 1.28% to 634.5 cents/bushel.
ARM plummeted by over 9% after market hours
After hours on May 8th local time, ARM released its fourth quarter (i.e. the first quarter of 2024) financial report, with an adjusted earnings per share of $0.36 and an expected earnings of $0.3 for the fourth quarter; Revenue of 928 million US dollars, expected to be 875 million US dollars; Net profit of 224 million US dollars; Expected to be $145 million. The fourth quarter (semiconductor software design) licensing revenue was $514 million, with an expected $504.2 million. Expected adjusted earnings per share for fiscal year 2025 are $1.45-1.65, with analysts expecting $1.53. Expected revenue for fiscal year 2025 is $3.8-4.1 billion, with analysts expecting $4.01 billion. Expected adjusted earnings per share for the first quarter are $0.32- $0.36, with analysts expecting $0.31. ARM expects revenue of 875-925 million US dollars in the first quarter, while analysts expect it to be 868 million US dollars.
ARM fell 1.60%, with a market value of $109 billion. Although ARM's performance exceeded expectations, it fell more than 9% after hours.
Analysts say that in this financial reporting season, given the high market expectations for the development of AI, the financial reports and performance prospects of related concept stocks must "far exceed expectations" in order to impress investors.
Airbnb fell more than 8% after market opening
After the market on May 8th local time, Airbnb released its first quarter results, with a first quarter earnings per share of 0.41 US dollars and an expected 0.24 US dollars; Revenue of 2.142 billion US dollars, expected to be 2.06 billion US dollars; Net profit of $264 million, expected to be $150 million. The total pre order value for the first quarter is 22.9 billion US dollars, with an expected value of 22.32 billion US dollars. The adjusted EBITDA for the first quarter was $424 million, with an expected value of $326.3 million. The adjusted EBITDA profit margin for the first quarter is 20%, with an expected 15.9%. Airbnb is expected to generate revenue of 2.68 billion to 2.74 billion US dollars in the second quarter, while analysts expect it to reach 2.74 billion US dollars.
Airbnb fell by 1.20%, with a market value of $102 billion. Although Airbnb's performance exceeded expectations, its outlook for the second quarter was weak, with a post market drop of over 8%.