U.S. Stock Diary｜Three indexes have been suspended for nine consecutive weeks (Spencer Platt via Getty Images)
The Wall Street stock market’s upward trend was weak. The market opened higher and made gains in the early hours. The Dow Jones index once rose by nearly 200 points. However, all three major indexes fell for a time in the afternoon, and finally closed with only slight gains. The performance of economic data was mixed, and the performance of the bond market was mixed. The interest rate of the 10-year government bond remained at around 4%.
To sum up the week, U.S. stocks had a bad start to the new year. The nine-week winning streak of the three major indexes was broken. The Nasdaq index performed the worst, falling by more than 3%. Stimulated by the situation in the Middle East, oil prices rose for five consecutive weeks, while gold prices ended their three-week rally.
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Market conditions on January 5 (Friday)
l The Dow Jones index rose 25.77 points, or 0.07%, to 37,466.11 points. To sum up the week, the Dow fell 0.59%.
l The S&P 500 index rose 8.56 points, or 0.18%, to 4,697.24 points. It fell 1.52% for the week.
l The Nasdaq index rose 13.77 points or 0.09% to 14,524.07 points. It fell 3.25% this week.
l New York January oil futures closed at US$73.81 a barrel, up US$1.62 or 2.2%. It rose about 3% a week. Rising for 5 consecutive weeks.
l New York February gold futures closed at US$2,049.8 an ounce, down US$0.2 or less than 0.1%. It fell 1.1% for the week, ending three consecutive weeks of gains.
l The U.S. 10-year Treasury bond yield closed at 4.042%, up 5.1 points.
After Apple was looked down upon by major banks, it was reported that the U.S. Department of Justice might launch a large-scale antitrust lawsuit in the first half of the year. The stock price fell for five consecutive years, falling 6% in a week. Nvidia rebounded, rising 2.2%, driving chip stocks to generally perform well, but the seven giant technology companies rose or fell in different ways. Bank stocks rose, with Bank of America and Wells Fargo rising more than 1%.
Investors poured $123 billion into cash funds in the week ended January 3, Bank of America data showed. Strategist Michael Hartnett wrote in a report citing data from EPFR Global that while inflows into currency markets are common at the beginning of each year, inflows in the first week of this year were the highest ever.
Meanwhile, stocks saw inflows of $7.6 billion for the second consecutive week, and bond funds saw $10.6 billion inflows. Hartnett said that if the Fed’s rate hike cycle is definitely over, the “current phase of inflows” in money markets could end in September.
Economic data were mixed. The U.S. Department of Labor announced that non-agricultural employment increased by 216,000 jobs in December, far exceeding the 170,000 expected; the unemployment rate remained at 3.7%, lower than market expectations of 3.8%. The increase in hiring came mainly from an increase of 52,000 government jobs. During the period, average hourly wages increased by 0.4% month-on-month, compared with expectations for an increase of 0.3%; average weekly working hours fell slightly to 34.3 hours.
However, the Institute for Supply Management (ISM) Services Purchasing Managers Index (PMI), released later, unexpectedly fell to 50.6 last month, the lowest since May last year. Among them, the employment sub-index fell to a contraction level of 43.3, a new low in the past three and a half years. The new orders index for the services industry fell to 52.8 last month, and both the new export orders index and the input price index fell.
U.S. Treasury Secretary Yellen said that the current economic situation can be called a soft landing, pointing out that wages have risen faster than prices, and “the improvement of middle-income families is very obvious”, and praised the Federal Reserve for taking corrective actions.
2024-01-05 22:55:00
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