Chinese ADRs dropped in overnight trading. YINN fell 5%; Li Auto fell 6%; XPeng and Bilibili fell 4%; Trip.com, NIO, and Alibaba fell 3%; PDD Holdings fell 2%; Baidu fell 1%.
Adobe forecast second-quarter revenue in line with Wall Street expectations on Wednesday, as it grapples with slower monetization of its artificial intelligence offerings while facing tough competition from startups. Shares of the company fell 4.7% in overnight trading.
UiPath shares plunged 17.4% in overnight trading after the business-automation software platform forecast sales for the year ahead that came in below Wall Street’s expectations, citing higher “global macroeconomic uncertainty” over the past several weeks.
American Eagle Outfitters forecast annual revenue below expectations, becoming the latest U.S. apparel maker to signal a demand slowdown for clothing and accessories as well as a hit to margins from President Donald Trump's tariffs on China. Shares of the Aerie activewear brand maker fell 7.9% in overnight trading.
SentinelOne forecast its first-quarter and annual revenue below Wall Street estimates, hurt by tough competition and softer enterprise spending due to economic uncertainty, sending its shares down 13.9% in overnight trading.
Tesla shares turned negative, erasing earlier 2.5% gains in overnight trading. The shares jumped 7.6% on Wednesday.
Intel shares jumped 9.3% in overnight trading after the company named former board member and chip industry veteran Lip-Bu Tan as its CEO and signaled the struggling but storied chipmaker was unlikely to split up its chip-design and manufacturing operations. The shares gained 4.6% on Wednesday.
Quantum computing stocks surrendered part of rally in overnight trading. Quantum Computing and IONQ rose 2%.
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