BREAKING: Stock Futures Decline as Weak China Services Data Dents Sentiment
In the wake of the Independence Day holiday, stock futures on Wall Street are declining today due to weak China services activity data. Major companies such as Amazon, Microsoft, Wolfspeed, Rivian, and UPS are among the stocks that are experiencing significant movement.
According to data released today, China’s services sector activity fell sharply in June, signaling a slowdown in the world’s second-largest economy. This news has dampened investor sentiment and led to a decline in stock futures. The weak China services data adds to concerns about the global economic recovery and could impact the performance of multinational companies that rely heavily on China’s market.
Amazon and Microsoft, two tech giants, are among the stocks that are facing notable movement today. Amazon, the e-commerce behemoth, is experiencing a decline in its stock price following reports of increasing competition in the online retail space. Microsoft, on the other hand, is seeing a surge in its stock price as the company continues to benefit from the growing demand for cloud computing services.
Wolfspeed, a leading supplier of power and radio frequency semiconductors, is another stock that is making waves today. The company’s stock is surging after it announced a new partnership with a major telecommunications company. This strategic alliance is expected to drive growth and increase market share for Wolfspeed.
Rivian, the electric vehicle manufacturer, is also in the spotlight today. The company’s stock is experiencing a significant increase following the announcement of a partnership with a major automaker. This collaboration is seen as a positive development for Rivian, as it expands its reach in the electric vehicle market.
UPS, the global logistics company, is among the stocks that are facing downward pressure today. The company’s stock price is declining as investors worry about the impact of rising fuel costs on its operations. With fuel prices on the rise, there are concerns that UPS’s profitability could be affected.
Overall, the stock market is starting the day on a cautious note as weak China services data weighs on investor sentiment. Stocks such as Amazon, Microsoft, Wolfspeed, Rivian, and UPS are among those experiencing significant movement. Investors will be closely watching market developments and economic data for further insights into the global economic recovery.
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Original Story at www.barrons.com – 2023-07-05 13:06:00
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