On Wednesday, the US stock market turnover champion Tesla closed down 8.25%, with a turnover of 24.79 billion US dollars; Apple, the second in turnover, closed down 5.18%, and its stock price hit a new low since October last year, with a turnover of 21.3 billion US dollars; the fourth place AMD closed down 0.91 %, with a turnover of US$12.29 billion.
In the early morning of the 12th Beijing time, US stocks closed sharply lower on Wednesday, the Dow fell for the fifth consecutive trading day, and the Nasdaq fell more than 3%. The U.S. CPI rose 8.3% year-on-year in April, exceeding expectations, showing that U.S. inflationary pressures have pushed consumers to the brink of collapse, threatening economic growth, and reinforcing market expectations that the Federal Reserve will continue to aggressively raise interest rates. Biden says U.S. inflation remains unacceptably high.
The Dow fell 326.63 points, or 1.02%, to 31,834.11 points; the Nasdaq fell 373.44 points, or 3.18%, to 11,364.24 points; the S&P 500 fell 65.87 points, or 1.65%, to 3,935.18 points.
The U.S. Bureau of Labor Statistics reported on Wednesday that the U.S. unseasonably adjusted CPI for April recorded an annual rate of 8.3%, higher than the market’s forecast of 8.1%. The report showed that persistently soaring inflation has pushed U.S. consumers to the brink of collapse and threatened an economic expansion.
U.S. President Joe Biden issued a statement after the CPI report, saying U.S. inflation remains unacceptably high. He also expressed his belief that the Fed will do a good job of curbing inflation.
In addition to the prospect of a Fed rate hike, the crisis in Ukraine and the coronavirus outbreak in Asia have also added to market uncertainty.
U.S. stock market turnover champion Tesla closed down 8.25% on Wednesday, with a turnover of $24.79 billion. By Wednesday’s close, the stock had fallen below its 21-, 50- and 200-day moving averages.
According to another report, at 5:30 a.m. on May 11, Tesla’s Shanghai factory was the first batch of exported electric vehicles since production resumed on April 19. According to reports, the ro-ro ship loaded with 4,767 Tesla electric vehicles has departed from Shanghai Nangang Wharf and is heading for the port of Koper in Slovenia at full speed.
Apple, the second largest company in terms of turnover, closed down 5.18%, and its stock price hit a new low since October last year, with a turnover of 21.3 billion US dollars. Apple officially discontinued its iconic line of portable music players on May 10, 2022. In 2006, the year before the first iPhone was released, the iPod accounted for as much as 40 percent of Apple’s revenue. However, iPod sales began to decline in 2009 as smartphones became more commonplace and MP3 players became obsolete, and by 2014, iPods accounted for only 1.25% of Apple’s revenue.
In Wednesday’s session, the share price of Saudi Aramco, the world’s largest oil company, hit an all-time high, with a market value of about $2.43 trillion, surpassing Apple’s market value for the first time since 2020; as of the close, Apple’s market value was 2.37 trillions of dollars. In fact, Saudi Aramco briefly surpassed Apple on Tuesday at a price of 45.95 Saudi riyals ($12.25) per share, bringing its market value to 9.19 trillion riyals ($2.45 trillion). However, Apple closed up 1.6% on Tuesday to close at $154.51 per share, with a market value of $2.5 trillion, temporarily stabilizing its global No. 1 position.
While the change of ownership of the world’s largest company by market capitalization may be short-lived, it does highlight changes in major forces in the global economy. The weakness in technology stocks was shaped by global inflationary pressures and concerns about global economic expectations, and regaining dominance may be a challenge. It will take a while.
No. 4 AMD closed down 0.91%, with a turnover of $12.29 billion. Meta Platforms and chip maker AMD announced Wednesday that they are collaborating on a mobile internet infrastructure initiative that will reduce the cost of base stations and make broadband more accessible around the world.
Citi analyst Christopher Danely reiterated his “neutral” ratings on Intel and AMD. Affected by the epidemic, notebook computer shipments in April fell 41% month-on-month, which was 35% lower than Citigroup’s estimate, and this was the fourth consecutive month that the shipment data was lower than expected, Danely said. He expects the two companies to be affected by weakness in the PC market.
No. 7 is Meta Platforms, which cooperates with AMD on mobile Internet infrastructure plans. The stock closed down 4.51% at $6 billion.
No. 10 Coinbase tumbled 26.4%, the largest one-day drop in history, and traded at $3.71 billion. The company’s first-quarter revenue fell nearly 30%. After the earnings report, JPMorgan cut its price target to $171 from $258. Wedbush lowered its price target to $100 from $160.
Coinbase CEO Brian Armstrong said Wednesday that the company is not at risk of bankruptcy and that the new risk information the company disclosed in its latest quarterly filing is only to satisfy the SEC.
The 11th Block closed down 15.61%, with a turnover of 2.999 billion US dollars. The company recently reported a turnaround and revenue that fell short of expectations. After the earnings report, Barclays lowered its price target to $150.
No. 16 Netflix closed down 6.35%, with a turnover of $2.17 billion. The stock has tumbled 72.38% this year as of Wednesday’s close.
No. 17 Ali closed down 3.36% with a turnover of US$2.1 billion.
The following are the 20 most actively traded stocks on the U.S. stock market that day (by turnover):
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