Stock Market Today: Live Updates

The offshore yuan fell 0.1 percent to 7.23 yuan after China avoided a more-than-expected correction for the third day in a row. The overseas yuan traded similarly.

The People’s Bank of China set its daily midpoint benchmark rate at 7.2101 yuan per US dollar, compared with a Reuters estimate of 7.2092 yuan per dollar.

China’s industrial companies posted an 18.8% decline in cumulative profits in the first five months of 2023, official data showed on Wednesday.

This figure is 1.8 percent lower than the 20.6 percent decline in China’s industrial profits from January to April, China’s National Bureau of Statistics said in a statement.

China’s industrial profits rose 12.6 percent in May from a year earlier, according to monthly figures published by the NBS infrequently.

– Clement Tan

Australia’s weighted inflation rate for May came in at 5.6%, significantly lower than April’s 6.8% and lower than the 6.1% expected by economists polled by Reuters.

May’s headline inflation came in at 5.8%, down from 6.9% in April. It was the lowest rate since April 2022.

– Lim Hui G

Shares of Aerovironment jumped more than 5% in extended trading after the military drone maker beat fiscal fourth-quarter revenue estimates and issued a better-than-expected full-year earnings outlook.

AeroVironment reported revenue of $186.0 million, beating analysts’ expectations of $164.1 million. The company also said it expects full-year revenue of $630 million to $660 million, compared to estimates of $600 million.

A host of large semiconductor companies such as the Nasdaq 100 futures slid 0.3% on Tuesday night.

Shares of Nvidia fell more than 2%, Advanced Micro Devices and Marvell Technology each fell more than 1%. EV giant Tesla slipped about 1%, as did semiconductor stock Broadcom.

The action came after the tech-heavy Nasdaq Composite pulled back during regular trading earlier in the day. The index gained 1.65% as investors held shares of technology companies.

–Darla Market

Markets will look for clarity on Wednesday when Federal Reserve Chairman Jerome Powell joins a monetary panel discussion in Sintra, Portugal, at 9:30 a.m. ET.

The head of the US central bank will be joined by European Central Bank President Christine Lagarde, Bank of England Governor Andrew Bailey and Bank of Japan Governor Kazuo Yuda.

Powell’s comments came two weeks after the Fed voted to keep interest rates on hold, assessing the impact of 10 rate hikes totaling 5 percentage points starting in March 2022. .

Markets expect the Fed to raise rates for the last time this cycle at its July meeting, followed by an extended pause. Federation officials, however, indicated that they will consider two more increases at the June meeting.

– Jeff Cox

U.S. stock futures opened lower Tuesday night.

Dow Jones industrial average futures were down 10 points, or 0.04 percent. S&P 500 futures and Nasdaq 100 futures were down 0.08% and 0.14%, respectively.

– Sarah M