Market Recap: U.S. Stocks Dip, Walmart Earnings Awaited, Cisco Soars, Tesla Faces Pressure

U.S. stocks closed lower on Wednesday, with the major indexes recording declines. The Nasdaq Composite fell around 160 points, while the Dow Jones Industrial Average dropped 0.52% to settle at 34,765.74. The S&P 500 also declined, shedding 0.76% to close at 4,404.33.

Several notable stocks attracted attention from traders and investors throughout the trading session.

Shares of Walmart showcased volatility ahead of the company’s second-quarter earnings report on August 17. Analysts expect Walmart to post earnings per share of $1.70 on revenue of $160.19 billion. Walmart’s stock has climbed 12.34% year-to-date. It closed 0.05% higher at $159.26 after reaching an intraday peak of $160.97 and a trough of $158.37.

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StoneCo continued its upward trajectory in the second quarter, exceeding market forecasts. The company reported strong growth in revenue, adjusted EBT, and its Financial Services segment. StoneCo’s CEO Pedro Zinner emphasized the company’s focus on innovation and transparency. The stock dipped 2.06% to settle at $13.34, with an intraday range between $14.15 and $13.28.

Shares of Cisco Systems soared in after-hours trading following the company’s robust fourth-quarter results. Cisco posted earnings per share of $1.14, beating estimates. Revenue grew 16.01% year-over-year to $15.20 billion. Cisco’s CFO highlighted strong software revenue growth and the company’s commitment to boosting shareholder returns. The stock had declined 0.73% during the regular session to close at $52.96.

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In contrast, shares of Wolfspeed sank in extended trading despite the company’s mixed fourth-quarter results. Wolfspeed’s CEO expressed pride in the company’s achievements like the first product shipment from its Mohawk Valley fab. The stock had dropped 2.31% to settle at $53.17 during normal trading hours.

Tesla stock also faced pressure in premarket trading after the company announced further price reductions for Model S and X vehicles in China on top of recent cuts. The move signals potential demand concerns. However, some analysts like Gary Black see it as a longer-term strategic play. Tesla’s stock had decreased 3.16% to close at $225.6 on Wednesday.

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Richard D. Reyes: Accomplished business news journalist on, adeptly distilling intricate financial trends into accessible insights. Trusted for his incisive analysis, Reyes delivers comprehensive coverage and timely updates on the dynamic realm of finance and economics.

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