Stock market today: Live updates

The Dow Jones Industrial Average traded higher Wednesday, trying to extend its winning streak to six days, as investors shook off some weakness in tech.

The Dow added 0.2% , or 75 points, while the S&P 500 gained less than 0.1%. The Nasdaq Composite pulled back less than 0.1%.

Uber shares fell more than 7.5% after the rideshare company’s posted a surprising net loss and weaker-than-expected bookings revenue, while Intel lost 2.5% after the chipmaker lowered its second-quarter revenue guidance.

Tesla shares dipped 2% after Reuters reported that U.S. prosecutors are looking into whether the company committed wire fraud as part of a probe into Tesla’s Autopilot systems.

“Valuation is going to always be the major challenge” for the tech sector, said Baird investment strategy analyst Ross Mayfield. “They’ve entered earnings season with a pretty high bar to clear given all the AI excitement and valuation expansion … [The sector has] given up a leadership baton, and the trend has been broken a little bit, so there’s more volatility around the day-to-day.”

Noting recent strength in the S&P 500 and the Dow, Mayfield added that the market has “all the hallmarks of a pretty healthy and necessary correction” with strong fundamentals and and continued economic resilience.

Investors will get a slew of Federal Reserve commentary Wednesday. Federal Reserve officials including Vice Chair Philip Jefferson, Boston Fed President Susan Collins and Fed Governor Lisa Cook are all expected to give remarks throughout the day.

Shopify was poised to see its worst session in the e-commerce stock’s history.

Shares tumbled more than 19% in morning trading, which would be its worst daily loss on record. Currently, March 16, 2020 holds that accolade after the stock fell around 17.6%.

Shopify beat expectations of analysts polled by LSEG on both lines in the first quarter. But the company said its revenue outlook would be impacted by the sales of its logistics businesses, while also warning that the gross margin would decrease in the current quarter.

The Dow Jones Industrial Average opened 69 points lower, or roughly 0.2%. The S&P 500 and the tech-heavy Nasdaq Composite were down 0.4% and 0.6%, respectively.

DoubleVerify Holdings, a digital advertising measurement company with a $5.5 billion market value (as of Tuesday anyway), is down 38% premarket Wednesday after cutting its second-quarter and full year revenue and adjusted EBITDA forecasts.

“We are adjusting our full-year 2024 guidance ranges to 17% revenue growth, and 31% adjusted EBITDA margins at the midpoints primarily due to uneven spending patterns among select large advertisers,” DoubleVerify said in reporting its latest quarter’s results postmarket Tuesday.

Wells, Keybanc and Capital One all downgraded DoubleVerify in reaction.

DoubleVerify is trading near $19 in premarket trading, down from $30.57 at Tuesday’s close, showing the greatest percentage decline of any stock in the S&P 1500 Index, comprised of the S&P 500, MidCap 400 and SmallCap 600.

Shares of Intel slid 2.6% after the chipmaker updated its second-quarter outlook on a U.S. Commerce Department notice from Tuesday that said it was revoking certain licenses for exports of consumer-related items to a customer in China.

Intel said it expects revenue to come out below the midpoint of its original range of $12.5 billion to $13.5 billion, according to a regulatory filing. This is the second time the company has lowered its quarterly guidance in less than two weeks, as the company previously lowered its range on April 25, per Bespoke Investment Group.

For the full year, Intel still expects its revenue and earnings per share to grow year-over-year compared to 2023, according to FactSet.

Uber slid 6% after the ride-hailing giant reported mixed first-quarter results.

The company’s overall revenue exceeded expectations, coming in at $10.13 billion versus an LSEG estimate of $10.11 billion. Booking revenue, however, totaled $37.65 billion. That’s below a StreetAccount forecast of $37.93 billion.

European markets were slightly higher in early deals Wednesday, with the pan-European Stoxx 600 index trading up 0.3%.

The U.K.’s FTSE 100 index was 0.4% higher at 8,346, Germany’s DAX up 0.5% at 18,527, France’s CAC 0.9% higher at 8,150 and Italy’s FTSE MIB down 0.2% at 34,161.

Singapore’s United Overseas Bank posted a first-quarter net profit of 1.47 billion Singapore dollars ($1.08 billion), a 2% fall compared to the same period last year. This however, beat the mean estimate of SG$1.43 billion from analysts polled by LSEG.

Net interest income, a key profitability indicator, eased to 2%, mainly due to lower net interest margins compared with a year ago.

However, UOB highlighted that net fee income grew 5% year over year to SG$580 million, driven by loan-related, wealth management and credit card fees.

The bank, which is Southeast Asia’s third largest, also said its integration with Citigroup’s businesses was “progressing well,” and said it will complete the integration in Vietnam in 2025.

Last year, UOB acquired Citi’s consumer businesses in four ASEAN markets.

Shares of Japanese video game company Nintendo slipped almost 4% after the company announced its fourth-quarter results. The company will also announce the successor to its flagship Switch console this fiscal year, according to a Google-translated post on X from the company which quotes Nintendo President Shuntaro Furukawa.

For the fiscal year ended March 2025, Nintendo forecast net sales of 1.35 trillion yen ($8.72 billion) and net profit of 300 billion yen, representing a 39% year-on-year fall in net profit. That was much lower than what analysts had forecast, according to LSEG estimates.

Nintendo’s fourth-quarter results largely beat analysts expectations, except on revenue. It recorded 277.1 billion Japanese yen in sales versus the 280.6 billion yen expected.

Pessimistic investors essentially have just one key level left before bulls have total control of the stock market, according to BTIG Research.

Bulls are “clearly in control” with the S&P 500 above its downtrend and 50-day moving average, said Jonathan Krinsky, the firm’s chief market technician. Now, market bears have only one number left the keep the broad index below: a 76.4% retracement of the S&P 500’s recent decline, which in this case sits around 5,191.

Dutch Bros shares are soaring on strong Q1 results. Same-store sales jumped 10% – the largest rise since the fourth quarter of 2021. CEO Christine Barone pointed out that the coffee chain saw “a healthy combination of ticket expansion and traffic.” That’s a stark contrast to coffee giant Starbucks, which last week reported a 7% drop in transactions during its latest quarter that sent the stock tumbling.

Dutch Bros also raised its full-year guidance and announced it’s working with restaurant technology firm Olo to bring mobile ordering to the Dutch Bros app. Shares of Olo are spiking higher on the news.

Futures tied to the Dow, S&P 500 and Nasdaq 100 all traded near flat shortly after 6 p.m. ET.

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