Title: Disney Stock Plummets Nearly 8% as U.S. Stock Indexes Open Higher
On the evening of May 7th, Beijing time, the three major U.S. stock indexes collectively opened higher. As of press time, the Dow rose 0.14%, the S&P 500 rose 0.16%, and the Nasdaq rose 0.04%. However, Disney experienced a significant drop of nearly 8% after its earnings report showed lower-than-expected profit prospects and a decline in the number of users for its Disney+ streaming service.
Most popular Chinese concept stocks also saw a decline in the market, with Bilibili falling by more than 6%, NetEase falling by nearly 5%, Xpeng Motors and Baidu falling by more than 3%, and NIO, JD.com, and Alibaba falling by more than 2%.
On the other hand, UBS saw a rise of more than 9% after announcing that their first-quarter net profit exceeded expectations and their merger with Credit Suisse is expected to be completed by the end of May.
The U.S. Consumer News and Business Channel (CNBC) reported that new U.S. non-farm employment data showed that the number of new jobs created in April was lower than expected, and the unemployment rate rose slightly. This news helped ease concerns about economic overheating in the market.
It will be interesting to see how these developments continue to impact the stock market in the days to come.
Source: China-Singapore Jingwei
Date and Time: 2024-05-11 16:45:17