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Better-than-expected economic numbers weren’t enough to buoy stocks, with the S&P 500, Nasdaq Composite and the Dow Jones indexes all opening lower.
Industrial production picked up in February, rising an above-estimate 0.7% from January, when it’d expanded a revised 0.3%. Manufacturing output and capacity utilization also improved by more than expected.
Housing starts picked up in February by more than expected to an annualized pace of 1.50 million from a downwardly revised 1.35 million January. Building permits were little changed at a 1.46 million rate. The import and export price indexes both slowed by less than expected last month.
Here are some stocks in focus today:
Google (GOOGL-2.94%) parent Alphabet’s stock fell 0.7% after Bloomberg reported that the company is in fresh talks to buy cloud-security provider Wiz for about $33 billion, after extended discussions on a potential deal were called off last summer. Wiz is a privately held company.
Nvidia
Nvidia (NVDA-2.13%) CEO Jensen Huang will give the keynote address Tuesday at his company’s AI developers conference in San Jose, California. Investors will be listening closely for any hints about future plans or demand for the company’s products. He’s due to start speaking at 1 p.m. E.T. today. Nvidia stock fell 2.6% ahead of the speech.
Tecent Music
Tencent Music’s (TME+11.49%) ADRs jumped 10% after the Chinese online entertainment company’s fourth-quarter earnings topped expectations. The company’s Super Premium VIP membership gained traction among users, Reuters reported.
Tesla and BYD
Tesla’s (TSLA-3.76%) stock slipped about 5.6% in early trading after its Chinese rival BYD (BYDDY+2.53%) said Monday that it had developed an ultra-fast charger able to refill a battery in five minutes. BYD’s ADRs climbed 2.2% after its Hong Kong-listed shares closed 4.1% higher.
Xiaomi
Xiaomi’s (XIACF+4.60%) ADRs rose 5% in New York trading after the maker of mobile phones and electric vehicles boosted its EV-delivery target for 2025 to 350,000 vehicles and reported 90% surge in quarterly net profit and a 49% jump in sales.
Xpeng
Xpeng’s (XPEV-6.51%) U.S.-listed shares fell 10% after it posted earnings. The EV maker’s quarterly net loss narrowed by more than expected and revenue was in line with expectations, the Wall Street Journal reported.