Finance

Stock market live updates: Rally disappears, Cramer on Apple, chip stocks drop

Apple CEO, Tim Cook openS the door of the newly renovated Apple Store at Fifth Avenue on September 20, 2019 in New York City.

Kena Betancur | AFP | Getty Images

This is a live blog. Check back for updates.

8:50 am: GE surges 7% after beating Q4 expectations

General Electric shares rose 7% after the embattled industrial conglomerate reported fourth-quarter results that were stronger overall than analysts expected. Additionally, while GE’s forecast for 2020 earnings was below what Wall Street expected, its guidance for the closely-watched metric of industrial free cash flow was higher than anticipated. —Sheetz

8:37 am: AMD and Xilinx fall on weak revenue guidance

Shares of AMD and Xilinx are both down as weak revenue forecast from the two chipmakers overshadow better-than-expected earnings. AMD slid more than 4%, noting it expects first-quarter revenue to come in around $1.8 billion. That’s slightly below a Refinitiv estimate of $1.86 billion. Xilinx, meanwhile, dropped 8.1% after the company issued a sales forecast ranging from $750 million to $780 million. That’s well below a Refinitiv estimate of $825 million. Xilinx said it sees slowdown in “both 5G and wired infrastructure deployment.” —Imbert

8:28 am: Dow heads for 170-point gain after Apple crushes earnings

Stock futures are pointing to another day of strong gains after Apple’s quarterly results easily topped analyst expectations. Dow Jones Industrial Average futures are up more than 140 points, indicating a gain of 174 points at the open. A swift turnaround in Boeing shares is also boosting the Dow. Worries over the coronavirus appear to have been set aside as investors turn their attention to the latest Federal Reserve decision on monetary policy. Though the Fed is expected to keep rates unchanged, Wall Street will look for clues about future policy direction. —Imbert

8:20 am: Coronavirus names bouncing back

Shares of stocks that have been hit recently by fears about the spreading coronavirus in China continued to bounce back on Wednesday. Las Vegas Sands and MGM Resorts International, which operate casinos in Macau, rose 1.8% and 2%, respectively, in premarket trading. Cruise line stocks also recovered some of their losses, with Norwegian Cruise Line up 1.5% and Royal Caribbean jumping 3%. –Fitzgerald

8:18 am: Apple jumps on strong earnings

Shares of Apple are up nearly 2% in premarket trading, on track to open above about a $1 above its record of $323.33 per share, after crushing analysts’ expectations for its quarterly earnings on Tuesday. The Tim Cook-led technology company reported revenue and profit significantly higher than what Wall Street expected. Apple’s earnings were partially powered by iPhone revenue, which was up 8% on the strength of new iPhone models to $55.96 billion. Apple’s wearables business, which includes Airpods and Apple Watches, also drove one of the one of the biggest quarterly profits in history, analysts said. The company also acknowledged the uncertainty around the impact of the deadly coronavirus in China saying it was taking steps to reduce the impact and setting a wider guidance range. Shares of Apple have rallied more than 100% in the past 12 months. –Fitzgerald

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