Stock Market News Live Updates: U.S. Stock rallied on Wednesday as strong earnings from FedEx and Nike, along with positive consumer confidence data, which helped lift sentiments after the latest selling trend.
Stock Market News Live Updates On Wednesday
The S&P 500 (GPSC) advanced 1.5%, and Dow Jones Industrial Avg. (DJI) jumped over 1.6% or 500 points, along with the Tech Heavy Nasdaq Composite (IXIC) also moved 1.5% up.
The positive gauge of consumer confidence helped the rise in the mood of the markets on Wednesday. As per the data released on Wednesday, The Conference Board Consumer Confidence Index grown to 108.3 in this month, and this is the highest since April 2022 from 101.4 in November.
Stock Market Update
The shares of FedEx Corporation jumped by 3.4% after the company shared about its Aggressive Cost Saving Efforts. FedEx CEO – Raj Subramaniam said that they had identified an additional saving of $1 billion beyond the forecast they gave in September as part of their “Ongoing Transformation while navigating the weaker demand environment.” FedEx faced a deep of sell in September when they released a warning about their outlook on the U.S.A economy.
The Shares of Nike (NKE) jumped up 12.2% after their retail beat second-quarter profit and revenue expectations reported in the second quarter of the fiscal and also the reported declined inventories. Nike CEO – John Donahoe also said that the surge was at the peak of their inventories.
However, Rite Aid’s [RAD] stock sunk 17.5%; post drugstore chain reported the losses in the third quarter of the fiscal which is down by the drop in COVID-19 testing and Vaccinations.
The stocks of Tesla (TSLA) remain in highlights after sliding to 8%, which is a fresh two years low on Tuesday. This decline came post dropping 16% the previous week. Chief Elon Musk confirmed on Twitter confirmed that he would not carry role as the head of Twitter once he finds a better replacement for the position. After this statement, Tesla shares closed flat.
Additionally, as per reports, electric vehicle producer is expecting to freeze new hiring and start a new round of layoffs in the next quarter.
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