Stock Market Today: Live Updates

Check out some of the companies making headlines in pre-market trading.

• Nvidia — The chipmaker's stock fell less than 1% before the opening bell, but the artificial intelligence play and leader of the “Magnificent Seven” officially entered correction territory on Tuesday. The stock has fallen 10% from its all-time high closing price of $950 per share on March 25th.

• Alibaba Group — The China-based e-commerce stock rose nearly 3% following media reports that co-founder Jack Ma promoted the company's management in an internal memo to employees. Ma's upbeat note also mentioned the potential of AI.

• ALBEMARLE — Stocks rose about 2% after Bank of America upgraded the chemical manufacturer to an acquisition target and raised its price target on the back of rising lithium prices.

Read the full list here.

— Brian Evans

Bridgewater co-chief investment officer Bob Prince told the Financial Times on Tuesday that the Federal Reserve may not be able to cut interest rates as intended amid stubborn inflation and high U.S. growth.

“So far this year hasn't played out the way the Fed and interest rate markets have described it,” he said in an interview. “I think it's clear that the Fed is off track right now. The question is, by how much?” It's out of place,” he said. along with paper.

Prince said he expects interest rates to remain high for some time, so there's “no reason to move away from cash and into long-term bonds at this point.”

— Click here to read FT story.

— Yun Lee

On Wednesday morning, LME aluminum hit $2,488 per tonne, its highest price since February 10, 2023, when it traded at $2,504.

Expected increases in aluminum use in solar power generation and wind turbines continue to raise supply concerns, pushing prices higher. U.S. production fell from 3.8 million tons in 1999 to 785,000 tons in 2023.

LME tin also hit a high of $33,130 per tonne, the highest price since June 16, 2022, when it traded at $33,400.

— Ha-Kyung Kim

Delta shares rose more than 2% after first-quarter earnings beat analysts' expectations.

The company's adjusted earnings were 45 cents per share, beating LSEG's estimate of 36 cents per share. Sales were tied at $12.56 billion. The company also reiterated its full-year earnings forecast.

European stock markets opened higher on Wednesday, with the Stoxx 600 index up 0.6% as of 8:20 a.m. London time, with all sectors rising.

Germany's DAX and Britain's FTSE 100 both rose about 0.6%, while France's CAC40 rose 0.5%.

Ratings agency Fitch revised its outlook for China from “stable” to “negative,” citing “increasing risks to China's fiscal outlook.”

The agency said in a report that the country faces an increasingly uncertain economic outlook and a shift away from real estate-dependent growth.

Moreover, fiscal buffers have been eroded by widening fiscal deficits and rising government debt in recent years, and debt is likely to continue to rise as fiscal policy plays an increasingly important role in supporting growth in the coming years. he pointed out.

However, Fitch affirmed its 'A+' rating for China, citing supporting factors such as China's large and diverse economy, robust GDP growth prospects relative to its peers, and integral role in global merchandise trade.

— Lim Huijie

Chinese internet technology giant NetEase has partnered with Microsoft to bring back Blizzard Entertainment's games to the world's second-largest economy.

The move comes after Blizzard ended the partnership between the two companies in 2023, citing disagreements over intellectual property management.

The press release states that the new publishing agreement includes games that Chinese players had access to under the previous agreement, such as World of Warcraft and Overwatch.

Separately, Microsoft and NetEase also signed an agreement to explore bringing new NetEase titles to Xbox consoles and other platforms.

Japan's corporate goods price index rose 0.8% year-on-year in March, accelerating from February's revised 0.7% rise and in line with economists' forecasts compiled by Reuters.

Corporate inflation also rose for the third consecutive month.

Month-on-month, the CGPI rose 0.2%, slightly below the 0.3% rise expected by Reuters.

CGPI measures the price changes of products traded within the corporate sector.

— Lim Huijie

Check out some of the stocks that made headlines in after-hours trading on Tuesday.

• PriceSmart shares rose 3.2%, beating second-quarter estimates. The company, which operates U.S.-style members-only shopping warehouse clubs in Latin America and the Caribbean, reported adjusted earnings per share of $1.31 on revenue of $1.29 billion. Analysts surveyed by FactSet had expected sales of $1.29 billion and earnings excluding items of $1.24 for the quarter.
• Smart Global Holdings shares fell 7% after disappointing second-quarter revenue estimates, with sales at $284.8 million, compared to analyst estimates compiled by FactSet of $285.1 million. A profit of $1 million was recorded. The memory and storage solutions provider reported non-item earnings of 27 cents per share, while analysts surveyed by FactSet expected earnings of 25 cents per share.
• WD-40 shares fell 0.5% after falling short of analysts' second-quarter sales estimates. The company beat earnings, but had quarterly revenue of $139.1 million, compared to the $140.5 million expected by analysts surveyed by FactSet.

— Peer Singh