US markets fell; Intel rose 1.4% on CES 2022 showcase; Adobe plunged 7% on a note out of UBS.
- The Nasdaq fell 3.34% to close Wednesday’s session at 15,100 points.
- Intel shares rose 1.4% after unveiling new key products at CES 2022.
- Adobe plunged 7% on a negative note out of UBS including a downgrade.
The US markets fell on Wednesday after the minutes from the Federal Reserve’s latest FOMC meeting confirmed the Fed will begin raising interest rates as soon as March to address rising inflation.
The Dow Jones fell 1.07% to finish the trading day down 393 points to close at 36,407.11 points.
The tech heavy NASDAQ fell 3.34% to finish the trading day down 523 points to close at 15,100 points.
One bitcoin is worth US$43,274 going into the Asian trading day.
The Australian dollar is stronger against the major currencies and is buying 72.17 US cents.
Intel shares popped 1.4% on Wednesday despite a tumble in tech stocks including rivals Nvidia and AMD, after the chip maker unveiled a number of key new products at the CES 2022 conference including its first Alder Lake laptop chips. The tech giant also plans to take on key rivals including Nvidia and AMD in the GPU market this year with its ‘first generation Arc series GPUs’.
Shares in multinational software giant Adobe fell 7% on Wednesday following a negative note out of UBS. The note said UBS is ‘disappointed’ with Adobe’s growth metrics over the last couple of quarters and is downgrading Adobe shares to neutral in 2022. UBS is also worried that ‘front office/marketing tech spend’ got ‘pulled forward in 2020/2021’.
And John Deere has unveiled its first automated tractor that can till a field on its own using cameras and sensors to navigate farmland, at the CES 2022 conference.
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