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Start for freeMarket Summary for Wednesday's Trading Session
In the latest market session, investors witnessed a mixed bag of results as major indexes showed varied performances to close the day. The small cap Russell 2000 took the hardest hit, dropping around half a percent, while the Dow Jones Industrial Average emerged as the day's winner, climbing by approximately 0.4%. The NASDAQ 100 and the S&P 500 didn't fare as well, both ending the session in the red.
Sector Highlights
The day's trading session saw only four of the eleven S&P 500 sectors closing higher. Utilities led the gains, up by more than 1%, with financials also showing strength. On the flip side, the real estate sector faced the steepest decline, falling about 0.9%, closely followed by the materials sector.
Stocks on the Move
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Uber Technologies Inc. saw its shares plummet nearly 6% after surprising the market with a loss, contrary to analysts' expectations for a profit. The ridesharing giant reported an adjusted earnings per share loss of 32 cents, against the anticipated 21 cents. Despite a 20% increase in gross bookings, the figure still fell short of analyst predictions.
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Intel Corporation experienced a drop in its stock value following an announcement of lowered guidance for the second quarter. This adjustment comes in the wake of the U.S. government's decision to ban the sale of its chips to Chinese tech giant Huawei. The news led to a 2% decline in Intel's shares by the day's close.
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Shopify Inc. shares took a significant hit, tumbling almost 19%, even though the company surpassed earnings estimates. The e-commerce platform issued a warning about slowing revenue growth for the upcoming quarter, unsettling investors.
Looking Ahead
As we move into the next trading day, the market anticipates more earnings reports. Key companies to watch include Block Inc. and Warner Brothers Discovery in the morning session, followed by Marathon Digital Holdings and CleanSpark Inc. after the market close. These earnings could play a pivotal role in shaping market sentiment and directing the next session's trading dynamics.
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