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Current Global Markets: US Equities Remain Unchanged, Intel Hits a 6-Week Low, Experiences a 12% Decline

Market Update: US Stock Indices Stabilize Amid Inflation Report, Intel’s 6-Week Low, and Mixed Sector Performances

The S&P 500 and Dow Jones Industrial Average remained steady following an inflation report signaling sustained easing of price pressures. As of 9:49 a.m. ET, the Dow Jones showed a 0.09% gain at 38,085.16, while the S&P 500 experienced a slight 0.07% decline at 4,890.84. The Nasdaq Composite dipped by 0.21%, standing at 15,477.61.

Intel faced a notable setback, with a 12.1% decline to a six-week low, attributed to the company’s projection of first-quarter revenue falling short of estimates by over $2 billion. This downturn affected other semiconductor stocks, causing declines ranging from 1.6% to 2.2% in companies like Advanced Micro Devices, Qualcomm, and Micron Technology.

American Express surged by 7.1%, driven by an optimistic annual profit forecast. Conversely, Visa (V.N) experienced a 2.1% decline due to a subdued revenue growth projection, overshadowing positive earnings.

LSEG data revealed that 78.2% of S&P 500 companies reporting earnings exceeded expectations, surpassing the long-term average beat rate of 67%.

On the NYSE, advancing issues outnumbered decliners (2.25-to-1 ratio), and on the Nasdaq, the ratio was 1.75-to-1. The S&P index saw 26 new 52-week highs with no new lows, while the Nasdaq had 48 new highs and 28 new lows, indicating positive market trends.

On Thursday, Dow Jones Industrial Average gained 81.36 points, S&P 500 rose by 15.31 points, and Nasdaq Composite was up by 49.29 points.

The pan-European STOXX 600 rose by 1.11% after the European Central Bank (ECB) maintained steady interest rates.

In Asia, China’s Shanghai Composite fell by 1.90%, and Hong Kong’s Hang Seng index was down by 1.60%.

Oil prices remained stable, with Brent crude futures experiencing a marginal decline to $82.34 per barrel. Gold prices held steady, with spot gold at $2,020.19 per ounce and U.S. gold futures at $2,020.30, as investors await insights from the upcoming U.S. Federal Reserve policy meeting.

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