US stock market finished lackluster session with mixed note on Wednesday, 08 May 2024, with the Dow extending winning streak for the sixth consecutive day, while the Nasdaq and the S&P500 indexes settled marginally in negative territory amid lingering uncertainty about the outlook for interest rates following Tuesday's remarks by Minneapolis Federal Reserve President Neel Kashkari. At closing bell, the Dow Jones Industrial Average index climbed up 172.13 points, or 0.44%, to 39,056.39. The S&P500 index edged down 0.03 point, or 0.00%, to 5,187.67. The tech-heavy Nasdaq Composite index decreased by 29.80 points, or 0.18%, to 16,302.76.
Total 07 of 11 S&P500 sectors closed lower along with S&P500 index. Utilities sector was top performer, rising 1.05%, while real estate sector was bottom performer, falling 0.9%.
Among individual stocks, Intel shares fell 2.8% after chipmaker releasing revised second-quarter guidance. Intel said it now expects revenue below $13 billion for the quarter after the U.S. Department of Commerce revoked export licenses for China-based Huawei.
Shares of Uber Technologies (UBER) moved sharply lower after the ride-hailing giant reported an unexpected first quarter loss on weaker than expected booking revenue. Its gross bookings of $37.7 billion were up 20% compared to the same period last year, but fell short of its target. Uber expects second-quarter gross bookings, or the total dollar value earned from its services, in the range of $38.75 billion to $40.25 billion.
Shopify (SHOP) shares plunged nearly 19% after the e-commerce platform forecast its slowest quarterly revenue growth in two years.
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