Monday, 29 May, 2023

Lyft, Alibaba gain while US stocks open mostly lower

Lyft, Alibaba gain while US stocks open mostly lower

Popular News

Wall Street stocks mostly declined early Tuesday ahead of a consumer confidence report, while both Alibaba and Lyft advanced following major corporate announcements.

Exchanges were quiet following the banking industry turmoil of recent weeks. Top financial regulators are set to appear at a Senate hearing later Tuesday.

"Markets are now just kind of in a wait and see mood," said LBBW's Karl Haeling.

About 15 minutes into trading, the Dow Jones Industrial Average was up 0.1 percent at 32,469.63.

The broad-based S&P 500 dipped 0.2 percent to 3,970.94, while the tech-rich Nasdaq Composite Index dropped 0.6 percent to 11,696.88.

Among individual companies, Alibaba shot up 8.6 percent after announcing it will split into six business groups.

The Hangzhou-based firm has business operations spanning cloud computing, e-commerce, logistics, media and entertainment, and artificial intelligence.

Lyft jumped 6.9 percent as it announced that former Amazon executive David Risher would be its next chief executive.

Logan Green and John Zimmer, founders of the ride-hailing company, are transitioning into non-executive roles on the board.

Tuesday's agenda includes the release of the Conference Board's reading of consumer confidence for March, expected to show a decline from the prior month.