Pre-market trading in US stocks | Chinese concept stocks and US technology stocks all decline, Google plans to abandon Broadcom AI chips, Qualcomm denies "withdrawal from Shanghai"

US Stock Market News

1. Qualcomm: It is expected that the company in Shanghai will lay off employees, but the rumors of a "large-scale" withdrawal from Shanghai are not true.

2. UBS plans to cut nearly 70% of its research staff in UBS Hong Kong.

3. According to The Information, a source revealed that Google executives have extensively discussed the possibility of dropping Broadcom as an artificial intelligence chip supplier by 2027 at the earliest.

4. Insider: VINFAST plans to export 3,000 electric vehicles to France, Germany, and the Netherlands this year.

5. Li Bin: NIO's first mass-produced laser radar control chip has been produced, and one chip can save several hundred yuan.

6. JPMorgan Chase CEO: The Federal Reserve may have to raise interest rates further to counter sticky inflation.

7. The Federal Reserve keeps interest rates unchanged in the range of 5.25%-5.5%. The hawkish dot plot suggests another rate hike this year, with a narrower rate cut next year by 50 basis points. The economic outlook for the United States this year has been significantly raised. Powell continues to leave room for potential rate hikes and states that a soft landing is a reasonable prospect.

8. US House Speaker McCarthy: House Republicans are "very close" to reaching an agreement on a short-term spending bill.

9. "Fed Whisperer" Nick Timiraos pointed out in an article after the Fed's rate decision that several Fed officials have been reluctant to indicate an end to rate hikes.

10. FedEx: Adjusted earnings per share for the first quarter of fiscal year 2024 were $4.55, a year-on-year increase of 32.2%, higher than the market's expected $3.73; revenue was $21.7 billion. In addition, the adjusted earnings per share guidance for fiscal year 2024 has been raised to $17-18.5.

Pre-market Movers

In pre-market trading, Dow Jones futures fell 0.32%, Nasdaq futures fell 0.69%, and S&P 500 futures fell 0.48%.

Broadcom fell more than 5% after reports that Google is considering dropping Broadcom as an artificial intelligence chip supplier. Qualcomm fell more than 1%.

FedEx rose 5%, Klaviyo fell 2.6%, Arm fell nearly 3%, and Instacart fell 1.4%.

Apple, Microsoft, Amazon, and Netflix fell 0.5%, Google fell 0.7%, Meta, Tesla, and TSMC fell more than 1%, and NVIDIA fell 1.5%.

Alibaba and JD.com fell 1.6%, Pinduoduo and Baidu fell nearly 2%, Beike and Bilibili fell more than 2.5%, XPeng Motors fell 1.7%, and NetEase fell nearly 1%.

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