Dow Jones Rises As Travelers Tumbles On Earnings; AI Stock ASML Dives On Weak Sales
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Stock Market Today: The Dow Jones rose Wednesday even as Travelers sold off on earnings. AI stock ASML dived on weak sales results.
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Investors wait to see Red Sea in shippers' Q1 numbers
European shipping firms Maersk and Hapag-Lloyd are unlikely to get a big boost from soaring freight rates due to the Red Sea crisis in the first quarter, reinforcing worries about overcapacity in the long run. Spot freight rates tripled to almost $3,500 a container after vessels began avoiding the Red Sea due to attacks by Houthi militants, the Freightos Baltic Index showed. That compares to the pandemic peak of $13,559, at a time when shippers ordered new vessels in a move that later caused overcapacity, according to Stifel analyst Marc Zeck.
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Apple CEO Tim Cook boasted about the company's upcoming generative AI plans during the iPhone maker's Q2 earnings call.
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TheStreet•Intel Chip Fabrication Plant Selling $3.85 Billion of Bonds
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