Champion of turnover on WednesdayTesla, Inc. closed 1.9% higher at US $1037.86, with a turnover of US $40.2 billionSecond placeMicrosoft Corp closed 4.2% higher, with a transaction of US $17 billion.Alphabet of Alphabet Inc-CL C's parent company rose 5% to $12.5 billionTwitter closed down 10.8% on $2.7 billion.
U. S. stocks closed lower on Wednesday, with the Dow down more than 260 points, as investors continued to digest the results of some big technology companies and industry giants. Crude oil futures prices fell. The yield on the 10-year Treasury note fell below 1.6%.
The Dow fell 266.19 points, or 0.74%, to 35490.69, the Nasdaq edged up 12 points to 15235.84, and the S & P 500 fell 23.11 points, or 0.51%, to 4551.68.
The market is still evaluating the results of large technology companies and industry giants.
So far, 38% of the companies in the S & P 500 have reported results, of which 83% have exceeded expectations and 79% have exceeded expectations in revenue. The announced results show to the market that many companies have successfully overcome the rising price pressure, and sales and profits continue to exceed expectations. While many experts predict that inflationary pressures and supply chain disruptions may last longer than previously expected, few believe that most major companies cannot overcome these effects.
Tesla, Inc., the champion of US stock turnover, closed 1.9% higher at US $1037.86 on Wednesday, an all-time high closing price of US $40.2 billion.Goldman Sachs Group raised his target price to $1125 from $905.
Goldman Sachs Group analysts said that the 100000 electric car orders from car rental giant Hertz will help Tesla, Inc. maintain a healthy supply and demand relationship, strong growth and profit margins, and that over time, the demand for electric vehicles will expand. The Hertz deal could also encourage other rental fleets to switch to electric vehicles more quickly.
Microsoft Corp, the second-largest component of the Dow, closed 4.2% higher with a turnover of US $17 billion.Microsoft Corp's earnings beat analysts' expectations and recorded the biggest revenue growth since 2018. Net profit in the first quarter was $20.5 billion, up 48 per cent from a year earlier. Microsoft Corp beat expectations on almost all key indicators, thanks to continued strong growth in the company's closely watched cloud computing business.
Class A shares of Alphabet Inc-CL C's parent company rose 5% to US $12.5 billion.Earlier, the company released a stronger-than-expected quarterly report. Alphabet's revenue and earnings beat market expectations in the third quarter, mainly due to a further increase in online advertising spending, especially by retailers on Google search. But compared with the previous quarter, YouTube and Alphabet Inc-CL C Cloud's revenue growth slowed.
Fourth place AMD closed down 0.5%, with a turnover of $12.2 billion.AMD's quarterly earnings beat expectations and raised its full-year earnings forecast. The company noted that supply chain tensions had somewhat hampered its ability to meet demand for PC and video game console chips, but its chief executive, Su Zifeng, added on the earnings call that she believed the current supply-side challenges would improve by next year.
Visa Inc ranked 10th in transaction volume, closing down 6.9% to a turnover of US $5 billion.Wall Street asset management firm Cowen lowered its target price to $282 from $290.
Enphase Energy, the 12th solar company, closed up 24.7%, the highest closing price since Jan. 7, with a turnover of $3.3 billion.
The company reported results that far exceeded Wall Street expectations after the close on Tuesday. Earlier this week, Enphase announced the launch of a new miniature solar inverter for North American customers, saying it could use only solar energy to form a microgrid during power outages and provide backup power without batteries.
Boeing Co, the 14th aircraft manufacturer, closed down 1.5% to $3.1 billion. The company's loss exceeded expectations.
Twitter's competitor Snap Inc closed down 6.1% to $2.8 billion, ranking 17th in turnover.
18th Twitter closed down 10.8%, with a turnover of $2.7 billion.Despite Twitter's strong earnings growth, investors are worried about its forecasts for future spending. Wall Street is also worried that the company, like Snap Inc, a peer social media company, will be negatively affected by Apple Inc's iOS privacy policy update.
General Motors Co, the 20th industrial giant, fell 5.2 percent to $2 billion.The company's third-quarter earnings and revenue were lower than expected.
The following are the 20 most actively traded stocks of the day (by turnover):
