U.S. markets ended in the red on Wednesday after recording initial gains following the Federal Reserve hiking the policy rate by 25 basis points that came in line with expectations.
Markets pared the initial gains after Fed Chair Jerome Powell said the central bank still sees inflation as too high, and stated it was too soon to say the rate hike cycle is over.
Meanwhile, following are the five stocks that are drawing investors' attention:
1. Tesla Inc (NASDAQ:TSLA): Shares of the EV-maker closed 0.19% higher on Wednesday. Tesla restarted taking orders for its Model 3 Long Range in the U.S. after an eight-month-long pause. The Model 3 Long Range is now available for order on the company's website for $47,240, with deliveries estimated in June.
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2. Apple Inc (NASDAQ:AAPL): Shares of Apple closed 0.65% lower and lost another 1.1% in extended trading. The iPhone-maker is scheduled to report its second-quarter results on Thursday. Wall Street anticipates Apple may announce $90 billion in buybacks and dividends, equal to last year's authorization figure, reported CNBC based on a compilation of analyst reports.
3. Western Alliance Bancorporation (NYSE:WAL): Shares of the bank holding company closed 4.4% lower and lost another 22.42% in extended trading. Regional bank shares sold off sharply following news that PacWest Bancorp (NASDAQ:PACW) has been exploring strategic options, including a potential sale.
4. ImmunoGen Inc. (NASDAQ:IMGN): Shares of the company closed 135.77% higher on Wednesday after the company’s ovarian cancer drug showed overall survival benefit in a Phase 3 trial.
5. Qualcomm Inc (NASDAQ:QCOM): Shares of the company closed 2.82% lower on Wednesday and lost another 6.5% in extended trading. Qualcomm reported second-quarter revenue of $9.28 billion, down 17% year-over-year. The revenue total beat a Street consensus estimate of $9.1 billion, according to data from Benzinga Pro.
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