Stocks Mixed Ahead of Powell Speech; Intel Plunges on $7B Loss Forecast
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The Dow Jones Industrial Average rose 0.3% Wednesday morning, recovering some losses from Tuesday's 1% drop. Fed Chair Jerome Powell will give a speech on economic outlook later today.
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Intel stock plunged 6% after the company disclosed a $7 billion loss in its chipmaking operations for 2023. Revenue from that business fell 37% last year.
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Jobs data from ADP showed 184,000 jobs added in March, beating estimates. This comes ahead of Friday's key government jobs report.
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Google parent Alphabet, Arista Networks, DraftKings, and ServiceNow are among top stocks near potential buy points. Disney, IBM and Verizon are Dow stocks trying to build bases.
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Apple and Microsoft traded mixed Wednesday after slipping Tuesday. Nvidia rose while Tesla fell further from recent highs among "Magnificent Seven" mega-cap techs.