U.S. stock market turnover champion Tesla closed down 2.36% on Wednesday, with a turnover of $18.81 billion; second place Amazon closed up 1.23%, with a turnover of $15.47 billion; No. 7 Meta Platforms closed down 2.58%, with a turnover of $6.83 billion.
In the early morning of the 2nd Beijing time, U.S. stocks closed down on Wednesday. Today is the first trading day of June, and the Federal Reserve officially started its plan to shrink its balance sheet. Markets continue to focus on inflation and economic conditions in the United States. The Fed’s Beige Book said all 12 Fed districts reported sustained economic growth.
The Dow fell 176.89 points, or 0.54%, to 32,813.23 points; the Nasdaq fell 86.93 points, or 0.72%, to 11,994.46 points; the S&P 500 fell 30.92 points, or 0.75%, to 4,101.23 points.
From June 1, the Federal Reserve began its plan to reduce its balance sheet. During the Covid-19 pandemic, the Fed’s balance sheet has ballooned to nearly $9 trillion.
The Federal Reserve’s Beige Book report on economic conditions released Wednesday said all 12 Fed jurisdictions reported sustained economic growth, with most showing slight or moderate growth. Contacts in some jurisdictions specifically expressed concerns about a recession.
Market participants are also concerned that the Fed’s aggressive monetary tightening efforts to curb inflation could lead to a recession.
In economic data on Wednesday, the number of U.S. job openings in April fell from a record high in the previous month, but remained at an all-time high, showing little relief for employers in the difficulty of attracting and retaining workers.
U.S. stock market turnover champion Tesla closed down 2.36% on Wednesday, with a turnover of $18.81 billion. Tesla is delaying deliveries of some long-range models in the U.S. by up to a month. According to Tesla’s website, new orders for Model Y will be delivered between December and March, Model 3 will be delivered between September and December, and Model X will be delivered between February and May next year.
Analysts have cut their estimates for Tesla’s second-quarter deliveries but largely maintained their annual forecasts. The latest forecast from Wedbush Securities calls for the electric car maker to deliver 277,000 in the second quarter and 1.43 million in 2022. Tesla delivered 310,047 vehicles in the first quarter.
No. 2 Amazon closed up 1.23% with $15.47 billion. Amazon on Wednesday slammed a U.S. Congress bill that would bar tech giants from giving priority services to their own businesses on its website, saying the bill unfairly singled out Amazon without making competitors accept similar provisions.
No. 7 Meta Platforms closed down 2.58%, with a turnover of $6.83 billion. Sheryl Sandberg, known as the Queen of Silicon Valley, announced on Wednesday that she would step down as chief operating officer of Facebook’s parent company Meta.
Sandberg joined Facebook in early 2008 as Facebook CEO and co-founder Mark Zuckerberg’s No. 2 and helped make Facebook an advertising giant and one of the most powerful companies in the tech industry, with the company’s market value at one point over $1 trillion.
No. 8 Salesforce closed up 9.88% with a turnover of $6.61 billion. Salesforce’s first-quarter revenue was $7.411 billion, a year-on-year increase of 24%, beating market expectations of $7.38 billion; adjusted earnings per share were 98 cents, beating market expectations by 94 cents. The company expects full-year revenue for fiscal 2023 to be between $31.7 billion and $31.8 billion, below market expectations of $32.06 billion; the company also raised its full-year adjusted EPS forecast to $4.75 from $4.63. Ruijie Financial lowered its price target on Salesforce to $250 from $300.
The 13th Chinese concept stock, Ali, closed down 2.78%, with a turnover of 2.2 billion US dollars.
No. 15 Block closed down 6.4% with a turnover of $1.71 billion.
No. 16 NIO closed up 1.04% with a turnover of US$1.64 billion. According to data from NIO, in May 2022, NIO delivered a total of 7,024 new cars, a year-on-year increase. The smart electric flagship sedan ET7 delivered 1,707 units in the month. As of May 31, NIO has delivered a total of 204,936 new cars.
Weilai Automobile said that the demand for Weilai’s orders continued to be strong in May. As supply chain companies resume work and production, it is expected that production will resume further in June, and the delivery of models including ET7 will be accelerated.
No. 17 Netflix closed down 2.29% to $1.62 billion. Investment bank KeyBanc said the company’s second-quarter net subscriber performance may still fall short of expectations for a 2 million drop in net subscribers, even though the latest episode of the high-profile “Stranger Things” is on Netflix. In addition, the bank warned that the Stranger Things craze may not have driven Netflix subscribers yet.
The following are the 20 most actively traded stocks on the U.S. stock market that day (by turnover):
Editor/Jeffrey
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