April 17, 2024

First Washington News

We Do Spectacular General & News

Stock market today: Live updates

Stock market today: Live updates

Dow and S&P 500 end session up but all three indexes end week lower

All three indexes ended the week down despite two posting gains in Friday’s session.

The Dow closed up 0.5{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}, but still end the week down 0.2{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}. The S&P 500 added 0.2{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} at close after vacillating around the flatline for much of Friday’s session, but ended the week down 1.1{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}. The Nasdaq Composite dropped 0.6{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} in the session, pushing the technology-heavy index down 2.4{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} for the week.

It marked the worst weeks for the S&P 500 and Nasdaq since December.

— Alex Harring

WTI had its strongest week since October

WTI closed on Friday with its best week since October.

It rose 8.63{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} this week, marking its strongest week since Oct. 7, when WTI gained 16.54{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}. This was also its first positive week in three weeks.

WTI settled up 2.13{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} at $79.72 and hit a session high of $80.33. This was the highest level since Jan. 30, when it traded as high as $80.49.

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— Gina Francolla, Hakyung Kim

Yelp shares may gain almost 46{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}, says Credit Suisse

Credit Suisse anticipates Yelp shares will see an upside of almost 46{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}, following the company’s promising fourth-quarter earnings report. 

Analyst Stephen Ju reiterated his outperform rating for the stock. He also raised his price target to $45 from $42, which is up 45.9{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} from the stock’s Thursday closing price. 

“Despite the softening macro, top-line results came in better than we anticipated driven by resiliency of Yelp’s Services advertising business which grew 12{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} year-over-year – as total revenue improved by 15{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809},” Ju wrote in a client note on Friday. 

The analyst added that he sees “ongoing opportunities for further value unlock, particularly among its SMB customer base.”

Yelp’s reported revenue and earnings were largely in-line with analysts’ expectations. The company had revenue of $309 million, compared to analysts’ forecasts of $307 million, according to Refinitiv. Per-share earnings were 28 cents, arriving in line with estimates.

Shares were up almost 4{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} by Friday afternoon. The stack has rallied 17.5{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} since the start of 2023.

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Yelp stock

All eyes are on inflation data next week

Looking ahead to next week, investors are already readying for the latest consumer price index reading to see if inflation once again cooled.

The January reading for the index, which follows the prices of a wide basket of goods as a gauge of inflation, is due Tuesday. Economists polled by Dow Jones forecast a 0.4{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} increase in headline CPI on a monthly basis and a 6.2{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} gain from the prior year.

“Next week is really all about one thing, and that one thing is CPI,” said Scott Ladner, chief investment officer at Horizon Investments.

Market observers also expect the CPI reading to help dictate the Federal Reserve’s next move on interest rates. The central bank last implement a 25 basis point interest rate hike, while Fed Chair Jerome Powell noted inflation was starting to come down but had a ways to go.

Emmanuel Cau, an analyst at Barclays, said inflation data will likely be a market catalyst going forward.

“More than the central banks’ rhetoric, we think it is the inflation data that will dictate the direction of travel for markets from here,” he said in a note to clients Friday.

CNBC Pro subscribers can read more about what to expect in the coming week here.

— Alex Harring

Stocks are mixed heading into final trading hour

The three major indexes were mixed as investors entered the final hour of the trading day and week.

The Dow had the best performance heading into the final hour at 0.4{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} up. The S&P 500 traded slightly above the flatline, while the Nasdaq Composite was down 0.8{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}.

Still, the indexes are on pace to end the week down. Leading the way down was the Nasdaq, on track for a 2.5{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} drop. The S&P 500 headed toward a 1.2{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} loss, while the Dow was poised for a relatively modest 0.2{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} dip.

— Alex Harring

Bitcoin on pace for biggest weekly drop since November

Bitcoin is poised to record its worst weekly performance since November.

It is down 6.6{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} this week, putting it on pace for its largest weekly losses since Nov. 11, when bitcoin lost 20.85{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}.

Bitcoin Coin Metrics fell to $21,640.62 in Friday trading. That marks the lowest levels for the cryptocurrency’s value since Jan. 20, when it traded as low as $20,875.2.

Coinbase also plunged 21.7{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} this week, putting it on track for its first negative weeks in 5 weeks. If Coinbase continues to fall below 21.8{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}, it will be the company’s worst week since May 13, 2022, when it lost 34.58{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}.

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Bitcoin/USD Coin Metrics

— Gina Francolla, Hakyung Kim

Energy is sole S&P 500 sector on pace for a winning week

The S&P 500 is down 1.4{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} so far this week, on pace to post its worst weekly performance since December. Energy is the only of its 11 sectors set to end the week up.

The sector is on track to advance 4.5{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} this week. A notable chunk of that is from a 3.4{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} advance seen so far in Friday’s session, during which it was also the best performer.

Phillips 66 led the sector this week, adding more than 7{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}. Marathon, Diamondback and EOG followed, trading just under 6.8{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} in the green compared with the start of the week.

On the opposite end, consumer services is on pace to perform the worst of the 11 sectors this week, currently down 6.5{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}. Lumen is the biggest laggard in the sector, plummeting just under 25{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} so far this week.

— Alex Harring

Stocks making the biggest moves midday

Check out the companies making headlines in midday trading.

  • Lyft — The ridesharing stock cratered 36{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} after issuing disappointing guidance for its first quarter. Lyft also got hit by a slew of downgrades from analysts.
  • Spotify — Shares of the music streamer jumped 3{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} after news that ValueAct has taken a stake in the company. 
  • Expedia — The travel company’s stock toppled nearly 8{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} after falling short of analysts’ revenue and earnings expectations for the recent quarter.
  • Affirm — The buy now, pay later stock shed more than 5{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} following a downgrade to equal weight from an overweight rating by Morgan Stanley. 

— Samantha Subin, Yun LI

Stifel upgrades VF Corp. to buy

Stifel upgraded VF Corp. shares to buy from hold, saying the stock looks compelling after investors sold it in the wake of a dividend cut. The company behind Vans and The North Face has grown its dividend for 49 years, which means it’s often held by exchange traded funds as a dividend aristocrat.

“The dividend cut and resulting dislocation in shares present an attractive entry point and we recommend capitalizing on elevated volume to build positions. We view the new look 4.6{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} dividend yield as safe (mid-50{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} payout) and foresee a flush of cash flow (forward 5 quarter projection $2-2.5bn, >20{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} yield to the equity) accruing to the equity value,” analyst Jim Duffy wrote.

CNBC Pro subscribers can read the full story here.

— Sarah Min

Analysts bail on Lyft after latest earnings

Wall Street analysts say Lyft has no excuses for its poor guidance.

Lyft shares fell more than 30{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} Friday as traders weighed a weaker-than-expected forecast from the ridesharing company in its most recent earnings report. The firm otherwise reported a revenue beat.

The ridesharing company said it expects to make about $975 million in revenue in the fiscal first quarter of 2023, or lower than the $1.09 billion consensus estimate from analysts, according to StreetAccount. Lyft also forecasted an adjusted EBITDA between $5 million and $15 million in the first quarter.

Given this, market observers pointed out that Uber might be better positioned to take advantage of a broader recovery in ridesharing, as Lyft appears to be falling behind.

“The mea culpa by management seems to be that the business was over-earning on inflated prices amidst supply-constraints (surge pricing), an issue they had downplayed to then apparently be taken by surprise,” wrote Loop Capital’s Rob Sanderson, one of several analysts who downgraded the stock.

CNBC Pro subscribers can read the full story here.

The stock declined more than 9{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} in Friday’s session.

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Wall Street could be entering a new bull market, technical strategist says

Many Wall Street strategists have been skeptical of the rally to start 2023, but some technical indicators suggest it might have serious staying power.

“Despite what might seem a logical expectation of lower prices, the market action has been quite impressive to the upside,” Frank Gretz, technical analyst at Wellington Shields, said in a note to clients.

Gretz pointed out that the majority of NYSE stocks are trading above their 200-day moving average, and that new 12-month highs are lapping new 12-month new lows on both the NYSE and the Nasdaq.

“We just don’t see these numbers fitting in with the ongoing bear market thesis. Without meaning to be too convoluted semantically, a big new leg down here would almost seem a new bear market, rather than a continuation of the old one,” the note said.

— Jesse Pound

Fleetcor rises after Baird upgrade

Shares of Fleetcor Technologies rose more than 1{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} after Baird upgraded the business bill payment platform to outperform.

“We like Fleetcor, as we believe the businesses have good barriers and solid secular trends. Guidance for 9-10{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} organic constant-fx in 2023 indicates a good/resilient business during a period of macro uncertainty,” analyst David Koning said in a note.

Koning also said the stock could see a relief rally in the coming months as Fleetcor’s Russia exposure, along with other macro pressures, start to wane.

— Fred Imbert, Michael Bloom

Consumer spending strengthened in January, Bank of America says

Credit and debit card data from January suggests the U.S. consumer is not about to roll over, according to a note from David Tinsley, senior economist at Bank of America Institute.

“We have seen signs of a strengthening in consumer spending at the start of this year – Bank of America credit and debit card spending per household rose 5.1{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} year-over-year (YoY) in January, compared to 2.2{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} YoY in December. Total payments across all channels (Automated Clearing House (ACH), Bill Pay, Credit and Debit Card, Wires, Person-to-Person, Cash and Check) grew 7.5{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} YoY,” the note said.

Those year-over-year improvements could be due in part to a Covid wave that hit parts of the country in January 2021, but the larger picture still points to a resilient consumer, according to Tinsley.

“More broadly, the data suggests that while lower income consumers are pressured, they still have solid cash buffers and borrowing capacity. Even for the lowest income cohorts this should provide support for some time yet,” the note said.

— Jesse Pound

Alphabet loses roughly $165 billion in market cap over two days

It’s been a tough week for Google-parent Alphabet, as the company’s recent moves in AI fail to impress investors. The stock is down about 9{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} week to date, on pace for its biggest weekly drop since November.

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Tough week for Alphabet

In the last two days, the company lost roughly $165 billion in market cap.

“While the near-term move may be overdone and Alphabet will have a very strong foothold in the A.I. race (stock ticking up in the pre’ market), it is harder to imagine this overhang goes away anytime soon as Chatbots & A.I. do open up some hard to answer questions,” Goldman Sachs traders said in a note Friday.

— Fred Imbert, Michael Bloom

ValueAct has taken a stake in Spotify

ValueAct has taken a stake in music streamer Spotify, CNBC’s David Faber reported Friday. Shares jumped nearly 4{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} following the news.

“We welcome ValueAct as an investor in Spotify,” a Spotify spokesperson said.

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Bank of America downgrades Deutsche Bank

Bank of America downgraded shares Deutsche Bank to underperform from neutral, as the European bank deals with challenges around profitability.

“We see Deutsche Bank struggling to improve profitability as growth is heavily volume reliant, consuming cost and capital resources. This likely limits RoTE to 6-7{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} with weak profitability and regulatory headwinds constraining capital distribution,” analyst Rohith Chandra-Rajan wrote in a Friday note.

CNBC Pro subscribers can read the full story here.

— Sarah Min

Consumer outlook improves in February, though inflation outlook up as well

Consumer sentiment has risen in February but so have short-term inflation expectations, according to a closely watched gauge.

The University of Michigan Index of Consumer Sentiment‘s preliminary reading was 66.4 for the month, up from 64.9 in January and ahead of the Dow Jones expectation for 65.1. The current conditions index jumped to 72.6 from 68.4 in January, while the future expectations index edged lower to 62.3, down from 62.7.

On the inflation side, the one-year inflation expectations gauge increased to 4.2{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}, up from 3.9{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} in January. However, the five-year outlook was unchanged at 2.9{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}.

—Jeff Cox

S&P 500 and Nasdaq open down

Two of the three major indexes opened Friday’s session down amid what has so far been a losing week for stocks.

The Nasdaq Composite and S&P 500 were down 0.4{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} and 0.1{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} directly following the market’s open. The Dow traded near flat, oscillating above and below the flatline.

Despite the mixed open, all three are on pace to end the week down.

— Alex Harring

Aluminum falls to low not seen in a month

Aluminum hit a low not seen in around a month.

LME Aluminum reached $2,447.50 per metric ton. That’s the lowest the metal has been valued at since Jan. 11, when it fell to $2447.

It’s down 4{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} this week, putting it on pace for its second straight losing week. If this performance continues, it would be the worst week for aluminum since Dec. 16, when the metal lost 4.3{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}.

— Gina Francolla, Alex Harring

Stocks making the biggest premarket moves

Here are the some of the stocks making the biggest moves in the premarket:

  • Lyft — The ride-sharing company cratered 32{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} after issuing weak guidance in its fiscal first-quarter earnings report. Lyft said it anticipates about $975 million in revenue, lower than the $1.09 billion analysts expected, according to StreetAccount. Several analysts subsequently downgraded the stock.
  • Yelp — The consumer review platform gained nearly 7{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} in the premarket after it posted fourth-quarter revenue of $309 million, topping analysts’ expectations of $307 million. Earnings per share were in line with estimates.
  • Newell Brands — The parent company of Rubbermaid and Yankee Candle slumped 5.5{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} after reporting earnings that missed analysts’ expectations. CEO Ravi Saligram said the company was impacted by a tough operating environment, including slowing consumer demand.

To see more premarket movers, read the full story here.

— Michelle Fox

Oil prices rise amid Russia output cut

Oil prices rose Friday after Russia said it will cut output by 500,000 barrels a day following a slew of Western bans and price caps on Moscow’s crude and oil products implemented over the last few months.

Brent crude futures were last up $1.80, or 2.13{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}, to $86.30 a barrel, while U.S. West Texas Intermediate crude futures gained $1.64 up $2.01, or 2.10{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809}, to trade at $79.70.

The production cut equates to about 5{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} of Russia’s latest crude oil output.

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Oil prices jump on Russia output cut

Affirm falls after Morgan Stanley downgrade

Affirm shares fell more than 3{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} after Morgan Stanley downgraded the buy now pay later company to equal weight from overweigh.

“BNPL [Buy Now, Pay Later] can be a great way to give younger consumers and those with limited credit history access to purchasing credit, and Affirm’s BNPL’s structure helps establish behavior and repayment discipline,” the bank said.

However, by limiting its offering to BNPL and developing products that have substantially different features (e.g. Debit+) than what has been broadly adopted by the market (i.e. revolving credit), the challenges to customer education and adoption rise,” Morgan Stanley said.

— Sarah Min

CNBC Pro: Is it time to buy Disney? Two market pros make their case for and against the stock

Disney is slashing $5.5 billion in costs and eliminating 7,000 jobs as part of a major organizational overhaul.

Two investors faced off on CNBC’s “Street Signs Asia” on Thursday to make their case for and against buying the stock.

Pro subscribers can read more here.

— Zavier Ong

Stocks making the biggest moves after hours

Here are three names making headlines after the bell:

Expedia — The travel company’s shares fell about 2{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} after the company missed analysts’ expectations on earnings and revenue in the latest quarter. The company reported adjusted per-share earnings of $1.26 on revenue of $2.62 billion. Analysts called for earnings of $1.67 per share on revenue of $2.70 billion, according to Refinitiv.

Lyft — Lyft shares cratered 30{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} in extended trading after a disappointing fiscal fourth-quarter report. The ride-hailing company reported losses of 74 cents per share. Lyft also anticipates making roughly $975 million in revenue in the fiscal first quarter of 2023, lower than the $1.09 billion analysts anticipated, according to StreetAccount.

PayPal — Shares of PayPal slipped during after hours following the company’s quarterly report. Revenue came in at $7.38 billion, compared to analysts’ estimate of $7.39 billion, according to Refinitiv. PayPal CEO Dan Shulman also announced that he would aim to step down at the end of 2023.

Check out the full list here.

— Hakyung Kim

Gold still on pace for 7th up week in 8; natural gas off 46{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} in 2023

April gold futures eased 0.65{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} to $1,878.5 the ounce on Thursday after touching an intraday low of $1,870.9, but remain higher by 0.1{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} week-to-date, on pace for the seventh advance in eight weeks.

Gold is up almost 3{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} in 2023.

March natural gas contracts added 1.4{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} Thursday to $2.43 per thousand cubic feet, on pace for the first weekly advance in eight weeks. Natural gas remains about 46{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} lower in 2023.

— Scott Schnipper, Gina Francolla

Solus Alternative’s Dan Greenhaus makes the bull case for stocks

Dan Greenhaus, Solus Alternative Asset Management chief strategist, believes the technicals in the stock market have turned more bullish.

“Historically it’s very unusual to see the S&P 500 itself get this far above the 200-day moving average this deep in a bear market and not have it be the end,” Greenhaus said on CNBC’s “Closing Bell Overtime.”

The 200-day moving average is a widely watched momentum indicator. The S&P 500 is now nearly 4{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} above its 200-day moving average of 3,945, after climbing more than 6{cfdf3f5372635aeb15fd3e2aecc7cb5d7150695e02bd72e0a44f1581164ad809} year to date.

— Yun Li