Afternoon Stock Market: Nasdaq Continues to Rise, Intel Stock Plunges
US stock markets show mixed results: while the Dow Jones falls slightly, the Nasdaq gains. Intel stock is taking a hit.
The Dow Jones Industrial ended Wednesday trading at 39,127 points and lost 43 points or 0.22 percent. The Nasdaq, high technology It closed at 16,277 points, an increase of 37 points or 0.23 percent.
Intel shares lose a good eight percent
Intel lost 8.2 percent. Reason for investor frustration: Intel's foundry business (contract manufacturing of chips) increased its losses last year. Operating losses rose to about $7 billion in 2023, up from $5.2 billion the previous year. Sales fell by a third to $18 billion.
Caterpillar led the Dow Jones with a three percent gain on Wednesday. walt disney was among the worst performers with losses of around three percent.
In addition to Intel, Escalon Medical also lost hugely on the Nasdaq.
Inflation data gives DAX a boost
The German stock market rose in the afternoon. Eurozone inflation data provided some tailwind on Wednesday. The leading Dax index rose 0.46 percent to 18,367 points. The MDax Medium stocks closed up 1.05 percent at 27,057 points.
Given the recent strong economic data, there is still uncertainty over when the US Federal Reserve will lower the key interest rate. Wednesday's labor market data also points to a robust US economy: the private sector created more jobs than expected in March. The data is a proxy for the U.S. government's monthly jobs report due out on Friday.
However, when it comes to the monetary policy of the European Central Bank (ECB), clarity appears to be increasing. Inflation in the euro area weakened surprisingly in March. This is fueling the hope of many investors that the ECB could soon start cutting key interest rates.
More financial news
As a child, Umeswaran Arunagirinathan fled the country of Sri Lanka, then devastated by civil war. All alone. He came to Germany, grew up in a socially disadvantaged area, graduated and studied. Today he is a cardiac surgeon. What does a “climber” like “Dr. Umes” (46) about the current mood in the country?
Germany is saving wherever it can and politicians are still debating where they can save even more. Neighboring France would basically have to do the same. However, a “deficit culture” has prevailed there for too long, which has an impact across the EU.
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