Qualcomm Slides 11% Premarket After Handset Chip Sales Fall 26%
Qualcomm falls 11.2% premarket after QCT handset revenue drops 26% to $5.14B and Apple product sales fade from guidance.
Stock market
Dow Opens Up 331 Points to 53,686 as Nasdaq Falls 0.77% on Chip Selloff
Dow opens +0.62% to 53,686.75 while Nasdaq falls 0.77% as chips slide. Jobless claims drop to 189,000; 10-year yield near 4.90%.
Chinese Banks Seek $30 Billion in Buyback Loans as PBOC Cuts the Rate to 1%
Chinese banks applied for over 200 billion yuan ($30 billion) in buyback loan quotas as the PBOC cut the China stock buyback relending rate to 1%.