Stocks were mixed Wednesday with the
trading just off a record high as traders bet the Federal Reserve will begin cutting interest rates as soon as March.
shares rose 1.9%. A Bloomberg report said the electric-vehicle maker was preparing to launch a revamped version of its popular Model Y SUV from its Shanghai plant. Mass production may start as soon as mid-2024, people familiar with the matter told Bloomberg. The 2024 version of the Model Y will include significant exterior and interior changes.
was down 0.8%. Shares of the tech giant were on pace to fall for a fifth-straight session, which would mark the stock’s longest losing streak since the six-session streak that ended Oct. 20, 2023. The Biden administration on Tuesday declined to overturn a recent ruling that bans Apple from selling several models of the Apple Watch in the U.S. because of a patent-infringement issue.
rose 6.2% and
was up 3.9%, leading cryptocurrency-related stocks higher.
founder Michael Saylor said Wednesday the company has bought 14,620 Bitcoin for around $615.7 million, at an average price of $42,110 each. MicroStrategy now holds 189,150 Bitcoin, acquired at an average price of $31,168 per Bitcoin, Saylor said.
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was falling 22% after the Food and Drug Administration put a clinical hold on a trial of a drug for non-small cell lung cancer following a patient fatality.
Shares of
rose 12% and
jumped 4% in Hong Kong trading after tumbling last week following proposed tougher new rules on gaming by Chinese regulators. U.S.-listed shares of both
and Tencent were down 5.2% and 3.6%, respectively.
was up 20% after the biopharmaceutical company received approval from the Food and Drug Administration for its on-body injector of cancer drug Udenyca.
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was down 0.1% after jumping 5.2% on Tuesday and closing as the best performer in the S&P 500. The chip maker said it would invest $25 billion in Israel to expand its wafer fabrication site after receiving $3.2 billion from the Israeli government.
Write to Joe Woelfel at joseph.woelfel@barrons.com