8/14/2023 0 Comments 7.18 meta![]() ![]() BOC dallied down on rate hikes to 50 bps, bringing the interest rate to 3.75% amid recession worries.Both Chinese stocks and the Chinese Yuan sharply rebounded amid Chinese authorities’ pledge to support its financial markets, with all the US-listed Chines tech shares, including Alibaba and JD.com jumping more than 8%, while NIO and Baidu were up 2% and 3%, respectively. The Chinese Yuan also soared after major Chinese state-owned banks sold US dollars in both onshore and offshore markets, with USD/CNH plunging 1.8% to 7.18 from nearly 7.32 at the day high.Tesla CEO Elon Musk changed his profile descriptor to “Chief Twit” on Twitter, sending a video about him carrying a kitchen sink to Twitter’s office. Elon Musk is due to take Twitter private on Friday.The shares’ price rose to $28.98 at the close on its debut day. The Israeli self-driving car technology company’s IPO price was at $21, with a valuation of $17 billion, trading under MBLY. Mobileye’s shares soared 38% on the debut day after spinning off Intel.The company expected that the slowdown in sales will continue in the fourth quarter. The social platform’s third quarter EPS is at $1 64 vs the $1.89 estimated, though it beat the revenue expectation, which came to $27.71 billion, or a 4% decline year over year. Meta Platforms’ shares plunged 13% in after-hours trading due to a miss on EPS and weak guidance towards the fourth quarter.While Energy stocks gained the most, up 1.4%. ![]() 6 out of 11 sectors in the S&P 500 closed in green, but all the growth sectors, including Communication services, Technology, and Consumer Discretionary, finished in red, down 4.7%, 2.2%, and 1%, respectively.
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