Opening: U.S. stocks opened lower on Wednesday, with the market focusing on earnings reports and the prospect of the Fed cutting interest rates.

Check the latest market conditions On the evening of the 7th, Beijing time. U.S. stocks opened slightly lower on Wednesday.
The Dow had risen for five consecutive trading days, setting a record for its longest consecutive rise since December.
The market continues to focus on earnings reports and the prospect of a rate cut by the Federal Reserve.
Several Fed officials will speak today.
The Dow fell 48.50 points, or 0.12%, to 38835.76 points; the Nasdaq fell 102.83 points, or 0.63%, to 16229.73 points; the S&P 500 fell 19.14 points, or 0.37%, to 5168.56 points.
Entering Wednesday, U.S. stock earnings reports are still the issue that investors are most concerned about.
Intel expects second-quarter revenue to be lower than previously expected.
Uber shares tumbled after the ride-hailing service reported a surprising net loss and lower-than-expected order revenue.
Canadian e-commerce platform Shopify plunged more than 20%. The company\’s first fiscal quarter revenue was US$1.9 billion, a year-on-year increase of 23%.
Net loss was US$273 million, compared with US$68 million in the same period last year.
Reddit\’s stock price surged after the company released its first financial report since going public.
After the market closes on Wednesday, Airbnb, Instacart, Bumble and the so-called meme stock (MEME) AMC Theaters will announce their results one after another.
According to FactSet data, nearly 85% of S&P 500 companies have announced results for this fiscal quarter so far. About 80% of them have exceeded Wall Street expectations.
U.S. stocks closed mixed on Tuesday. The Dow closed slightly higher by 0.1%. It was the fifth consecutive trading day of gains. It set the longest consecutive winning streak since December last year.
The S&P 500 ended about 0.1% higher. The Nasdaq fell about 0.1%.
The 10-year U.S. Treasury bond yield fell, providing momentum for U.S. stocks to rise that day.
But Disney\’s stock price fell more than 9%, putting pressure on the stock index after the company announced that its results fell short of expectations and issued weak performance guidance.
Adam Crisafulli, founder of Vital Knowledge, said: Any decline in Treasury yields will cheer the U.S. stock market. We have seen this in the past few days.
But eventually, when economic growth slows down enough, there will be a decoupling between Treasuries and stocks. Treasuries continue to rise, yields fall. But stocks are kind of in trouble.
Traders will also be watching economic data on wholesale inventories released Wednesday morning.
A number of Federal Reserve officials will speak on Wednesday. These include Federal Reserve Vice Chairman Philip Jefferson, Boston Fed President Susan Collins and Federal Reserve Governor Lisa Cook.
Minneapolis Fed President Neel Kashkari said on Tuesday that the Fed may keep interest rates unchanged for an extended period of time.
He said recent data showed that inflation remains high, making him question whether monetary policy is restrictive enough.
Samuel Zief, global head of foreign exchange strategy at JPMorgan Chase Private Bank, said: The market is trying to figure out whether the data, especially the U.S. data, is still strong or just right.
So far, things this week have been driven more by micro factors than macro factors: earnings releases from specific companies and things like that have been driving the stock market.
As the Federal Reserve signals that it may maintain higher interest rates for longer than expected to curb continued inflation, investors are hoping that the repurchase boom will help sustain the rally in U.S. stocks this year.
Goldman Sachs Group said that U.S. companies, as the largest buyers of U.S. stocks, are returning to the market and are preparing to drive the next round of stock market gains.
The Fed\’s more cautious approach puts it out of sync with European central banks that have begun to ease monetary policy.
On Wednesday, the Riksbank announced an interest rate cut. This was the first time the bank relaxed policy in eight years.
Prior to this, the Swiss National Bank decided to take the lead in cutting interest rates in March.
Focus stocks Goldman Sachs said in its latest report on Tuesday that although Nvidia\’s stock has risen 88% this year after more than tripling last year, it still has a lot of room for growth in the future.
The bank raised its price target for Nvidia to $1,100 from $1,000. This implies that the stock has about 22% upside potential from current levels.
U.S. prosecutors are investigating whether Tesla misled investors and consumers about the self-driving capabilities of its electric vehicles, people familiar with the matter said.
Tesla\’s Autopilot and Full Self-Driving systems are not fully autonomous. The U.S. Department of Justice is reviewing statements by the automaker and its CEO, Musk, suggesting the cars could drive themselves.
People familiar with the matter said investigators are looking into whether Tesla deceived investors and committed wire fraud or securities fraud.
One of the people added that the U.S. Securities and Exchange Commission (SEC) is also investigating Tesla’s statements to investors about driver assistance systems.
There is also news that China may support Tesla’s testing of driverless taxis. However, it has not yet fully approved the full implementation of FSD.
Microsoft is developing a new large AI model called MAI-1. The parameter scale may reach more than 500 billion.
According to a report by market research firm TrendForce, the price of the new generation iPad Pro has increased by US$200 compared to the previous generation. In addition, the iPad Air has also launched a 13-inch product simultaneously. This may also crowd out potential demand due to the spread of firepower.
The agency estimates that total shipments of AMOLED iPad Pro 11-inch and 13-inch units in 2024 are expected to be only 4.5 million to 5 million units.
It is estimated that in 2024, the overall AMOLED flat panel shipments will be approximately 9 million units, accounting for approximately 7% of the overall flat panel market.
Lidar company Luminar\’s first quarter sales were US$20.97 million, a year-on-year increase of 44.5%. Slightly lower than the expected US$21.14 million; a loss per share of US$0.19. The market expected a loss of US$0.2.
Luminar stated in a letter to shareholders that Tesla purchased more than $2 million worth of lidar in the first quarter, accounting for approximately 10% of revenue in the quarter. Tesla is its largest customer.
Canadian e-commerce platform Shopify’s first quarter revenue was US$1.9 billion, a year-on-year increase of 23%.
Net loss was US$273 million, compared with US$68 million in the same period last year.
Gross merchandise volume (GMV) was US$60.9 billion, a year-on-year increase of 23%. It was higher than analysts’ expectations of US$59.67 billion.
Revenue was US$1.9 billion, a year-on-year increase of 23%. Higher than analysts’ expectations of US$1.843 billion.
Cost of revenue was US$904 million, compared with US$791 million in the same period last year.
Gross profit was US$957 million, a year-on-year increase of 33%.
Gross profit margin was 51.4%, compared with 47.5% in the same period last year.
Operating expenses were US$871 million, compared with US$910 million in the same period last year.
Operating profit was US$86 million, compared with an operating loss of US$193 million in the same period last year.
Net loss was US$273 million, compared with US$68 million in the same period last year.
Basic and diluted losses per share were both US$0.21, compared with basic and diluted earnings per share of US$0.05 in the same period last year.
Uber’s revenue in the first quarter was US$10.1 billion, a year-on-year increase of 15%.
Net loss attributable to Uber was US$654 million, compared with a net loss of US$157 million in the same period last year.
U.S. online ride-hailing giant Lyft\’s first-quarter revenue was US$1.277 billion, a year-on-year increase of over 27%. Market expectations were US$1.17 billion; adjusted earnings per share were US$0.15, exceeding market expectations of US$0.08.
The company recorded 188 million rides in the first quarter, an increase of 23% year-on-year; total bookings increased 21% year-on-year to $3.7 billion; and the number of active passengers increased 12% year-on-year to 21.9 million.
Lyft expects gross bookings in the second quarter to be about $4 billion to $4.1 billion, higher than market expectations of $3.98 billion.
Occidental Petroleum\’s first fiscal quarter net sales were US$5.98 billion. Analysts expected US$6.62 billion; adjusted earnings per share were US$0.63. Analysts expected US$0.58.
Electronic Arts\’ fourth-quarter revenue fell to US$1.78 billion from US$1.87 billion in the same period last year. Market expectations were US$1.785 billion; earnings per share were US$0.67. It turned a loss into profit. Market expectations were US$0.57.
Electric vehicle maker Rivian\’s first-quarter revenue was US$1.2 billion. Analysts expected US$1.18 billion; adjusted loss per share was US$1.24. Analysts expected a loss of US$1.15.
Tinder parent company Match\’s first fiscal quarter revenue was US$859.6 million, a year-on-year increase of 9%. Analysts expected US$855.8 million; earnings per share were US$0.44. Analysts expected US$0.41.
Reddit\’s first fiscal quarter revenue was US$243 million. Analysts expected a loss of US$211.9 million; net loss was US$575.1 million. Analysts expected a loss of US$612.9 million.
Intel expects second-quarter revenue to be below the midpoint of its guidance range of $12.5 billion to $13.5 billion.
META is expanding its generative AI advertising products. New tools can automatically generate diverse images and overlay text on them.
British pharmaceutical giant AstraZeneca announced on Tuesday that it would withdraw its new coronavirus vaccine from the market. The main reason is insufficient market demand for this vaccine.
A spokesman for German automotive chipmaker Infineon said in an emailed statement that Infineon plans to cut mid-to-three-digit jobs at its Regensburg plant in Germany.
Infineon will not make compulsory layoffs. The company will use float, partial retirement and voluntary separation to reduce the number of employees.
UBS expects to complete its merger with Credit Suisse on May 31.
According to information disclosed by Credit Suisse Securities in 2023, as of the end of 2023, the company has a total of 126 employees. Compared with 234 employees at the end of 2022, it has decreased by approximately 46.2% year-on-year.
It is worth noting that there are only 2 people left in the wealth management department of Credit Suisse Securities, a decrease of 34 people compared to last year, a decrease of more than 90%.