2 Hours Ago
Samsung Electronics soars more than 5%, SK Hynix plunges over 3%
Shares of South Korean heavyweight Samsung Electronics soared more than 5% after chip giant Nvidia reportedly said the South Korean chipmaker’s high bandwidth memory chips were in the “qualifying” stage for use in Nvidia’s graphics processing units.
This comes after rival SK Hynix announced that it was set to deliver its high-bandwidth memory (HBM) chips to customers, with Reuters saying that Nvidia would be its first client. Shares of SK Hynix plunged as much as 3.56% on Wednesday.
— Lim Hui Jie
3 Hours Ago
China leaves loan prime rates unchanged, reportedly shuffles PBOC leadership
China’s central bank left its one- and five-year loan prime rates unchanged at 3.45% and 3.95%, respectively.
The one-year LPR acts as the peg for most household and corporate loans, while the five year LPR is the benchmark for most property mortgages.
Separately, Reuters reported that the PBOC has reshuffled its monetary policy committee to include securities regulator head Wu Qing and vice central bank chief Xuan Changneng.
— Lim Hui Jie
4 Hours Ago
Yen hits 4-month low after landmark BOJ decision
The Japanese yen hit a four-month low on Tuesday to hit 151.3 against the greenback after the country’s central bank made a landmark policy shift to its monetary policy. This is its lowest level since it hit 151.71 on Nov. 13.
If yen break’s past the Nov. 13 low, it will be at its weakest against the U.S. dollar since June 1990, when the country’s asset bubble burst.
The Bank of Japan raised interest rates from -0.1% to around 0%-0.1% and scrapped its yield curve control policy.
6 Hours Ago
Chipotle Mexican Grill shares jump after 50-for-1 stock split
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Chipotle Mexican Grill
6 Hours Ago
Expect choppy trading ahead, RBC Capital Markets warned
Traders work on the floor at the New York Stock Exchange on March 13, 2024.
Brendan McDermid | Reuters
There could be some volatile trading over the next several months, according to RBC Capital Markets.
Technical strategist Robert Sluymer told clients that the S&P 500 and Nasdaq Composite have “merely traded sideways in a narrow choppy range” over the past two weeks and haven’t shown evidence of a true reversal on their uptrends. Looking ahead, he cautioned of hectic trading movements into the second quarter of the year.
“We expect further volatility into Q2 that likely sees both indexes trade in choppy sideways trading ranges,” Sluymer wrote to clients.
While he said stocks should see further upside this year, he noted that there may be a short-term pause or pullback in the upcoming quarter.
— Alex Harring
7 Hours Ago
