Pre-market US stocks | Tesla raises prices in China and the US, Apple contributes to a 21% increase in the S&P 500 this year.
Lordstown Motors fell more than 9%, HSBC HOLDINGS rose nearly 5%, BP fell more than 5%, Alibaba fell 0.6%, BIDU-SW, CLOUD MUSIC, JD, PDD fell nearly 1%, BILIBILI-W fell nearly 2%, XPENG-W, LI AUTO-W, NIO-SW fell 0.8%.
US Stock News
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Prices of Model 3 and Model Y increased in the US and Chinese markets: prices in China increased by 2000 yuan, and prices in the US increased by $250.
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According to S&P Global Market Intelligence, the US five-year credit default swap (CDS) increased from 70 basis points at the previous close to 71 basis points, and the US one-year credit default swap (CDS) increased from 169 basis points to 171 basis points.
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BP p.l.c.: Adjusted net profit for the first quarter was $4.96 billion, exceeding market expectations of $4.28 billion. Adjusted earnings per share for the first quarter were $0.2774, exceeding market expectations of $0.24.
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According to data released by Bespoke Investment Group, Apple's stock accounted for 21% of the S&P 500's gains this year. The stock has risen by about 30% this year. In addition, the stocks of nine large technology companies contributed 80% of the S&P 500's gains in 2023.
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IBM CEO: 7800 jobs may be replaced by artificial intelligence. Recruitment of jobs that can be performed by artificial intelligence will be suspended.
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US Treasury Secretary Yellen informed Congress on Monday that if Congress does not raise or suspend the debt ceiling by June 1, the US is expected to reach the debt ceiling as early as June 1. Yellen urged Congress to "take action as soon as possible" to address the issue of the statutory borrowing limit of $31.4 trillion, and to protect full trust and credit in the US.
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DuPont: Sales for this fiscal year are expected to be between $12.3 billion and $12.5 billion, EBITDA is expected to be between $3 billion and $3.1 billion, and adjusted earnings per share are expected to be between $3.55 and $3.7.
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According to insiders, Musk has been working hard to develop an accurate vision for his startup, and is still in the process of building a team.
Pre-market Movement
In pre-market trading, Dow Jones futures and S&P 500 futures fell by 0.2%, while Nasdaq futures fell slightly.
Lordstown Motors continued to fall by more than 9%, after a sharp drop of more than 23% overnight. Foxconn responded to rumors of its withdrawal from Lordstown investment, saying that it understands that it is evaluating improvement plans and is still willing to continue negotiations in the future.
HSBC Holdings rose nearly 5%, beating expectations for the first quarter. The company announced a quarterly dividend of $0.1 per share, the first since 2019, and a share buyback plan of up to $2 billion.
BP p.l.c. fell by more than 5% after announcing its first-quarter financial report.
Alibaba fell by 0.6%, while Baidu, NetEase, JD.com, Pinduoduo fell by nearly 1%, Bilibili fell by nearly 2%, and Xiaopeng, Ideal, and NIO fell by 0.8%.
Institutional Viewpoints
1. Wedbush: Raises Amazon's target price to $129 and maintains an outperform rating
Wedbush stated that Amazon's performance was slightly better than expected, and its guidance was much better than the market's concerns. The bank believes that once concerns about an economic recession pass, Amazon has the ability to continue to achieve profitability above consensus expectations.
2. Rosenblatt: Lowers Snap's target price to $9 and maintains a neutral rating
Rosenblatt analyst Barton Crockett stated that Snap's first-quarter revenue and second-quarter spending guidance were disappointing. Although its solid user engagement and growth should help the company get back on track, small companies are harder to manage in the post-epidemic era of technology and marketing personnel environment, and Snap is becoming a "typical representative" of this phenomenon.