Negative Corporate News Undercuts Stocks
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Stock indexes are lower on negative corporate news. United Airlines Holdings is down more than -5% on a report that said the Federal Aviation Administration is considering putting temporary sanctions on the company. Intel and Advanced Micro Devices are down more than -2% after a report said that China is seeking to limit the use of US-made microprocessors and servers in government computers. Apple, Alphabet, and Meta Platforms are down more than -1% as they face the risk of fines after the European Union opened a full-blown investigation into the companies’ compliance with new laws under the Digital Markets Act. Super Micro Computer is up more than +7% after JPMorgan Chase initiated a recommendation of overweight on the stock. Masimo is up more than +10% after it said it will evaluate a proposed separation of its consumer business. Walt Disney is up more than +2% after Barclays upgraded the stock overweight from equal weight. The US Feb Chicago national activity index rose +0.59 to 0.05. The markets are discounting the chances for a -25 bp rate cut at 15% for the next FOMC meeting on April 30-May 1 and 81% for the following meeting on June 11-12. Overseas stock markets today are lower. The Euro Stoxx 50 is down -0.19%. China's Shanghai Composite fell to a 1-week low and closed down -0.71%. Japan's Nikkei Stock Index closed down -1.16%. June 10-year T-notes are down -4 ticks. The 10-year T-note yield is up +4.51 bp at 4.212240%. European government bond yields today are higher. The 10-year German bund yield is up +2.4 bp at 2.348%. The 10-year UK gilt yield is up +2.9 bp at 3.922957%.
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