U.S. Stock Diary｜Three indexes rebounded, Bitcoin rebounded, and gold prices reached new highs (Spencer Platt via Getty Images)
Wall Street stocks stabilized, with the three major indexes rising after falling for two consecutive days. Federal Reserve Chairman Powell testified before Congress, and his words did not surprise the market. Bitcoin rebounded over $6,000 after plummeting, and gold prices hit new highs for four consecutive days.
Real-time quotations of U.S. stocks and foreign currencies, multi-country news
Market conditions on March 6 (Wednesday)
l The Dow Jones index rose 75.86 points, or 0.20%, to 38,661.05 points.
l The S&P 500 index rose 26.11 points, or 0.51%, to 5,104.76 points.
l The Nasdaq index rose 91.96 points, or 0.58%, to 16,031.54 points.
l New York oil futures for April delivery closed at US$79.13 a barrel, up US$0.98 or 1.2%.
l New York gold futures for April delivery closed at $2,158.2 an ounce, up 0.8%.
l The U.S. 10-year Treasury bond yield closed at 4.104%, down 3.3 points.
Apple shares fell for the sixth consecutive trading day on Wednesday, closing down 0.6% on Wednesday, continuing a series of declines since February 28, with the year-to-date decline reaching nearly 12%. Jefferies said Apple may be severely oversold, and “the most oversold timing in six years looks like a good starting point,” analyst Michael Toomey wrote.
Tesla also continued to fall, closing down another 2.3% on Wednesday. The company warned that it was uncertain when production at its plant near Berlin could resume. Baird Equity analyst Ben Kallo noted that investors may need to lower their expectations for the number of vehicles the company will deliver this quarter. He estimated that the company would deliver only about 421,100 vehicles in the first three months of this year, about 67,900 fewer than Wall Street forecast.
Although technology stocks generally performed weakly, chip stocks continued to be strong. Nvidia broke through the top again and closed up more than 3%. AMD simultaneously broke through the top and closed up 2.7%.
Retail stocks performed poorly. Foot Locker’s stock price plummeted more than 32% due to losses after the Christmas quarter, its worst single-day performance ever. Nordstrom warned sales could fall in 2024, sending shares down 16%. Although Abercrombie & Fitch’s results were better than expected, the stock price still fell nearly 4%.
Federal Reserve Chairman Powell said, “It would be inappropriate to lower the target range for the federal funds benchmark interest rate until there is greater confidence that inflation is sustainably moving toward 2%.” He further made it clear that the current interest rate policy “may At the peak of this tightening cycle. If the economy develops broadly as expected, it may be appropriate to begin easing monetary policy restrictions at some point this year.” After Powell’s speech, the market expected the Federal Reserve to cut interest rates in June. The probability is 70%.
In terms of economic data, the ADP private sector employment report said 140,000 jobs were added in February. This was an improvement from the upwardly revised 111,000 jobs in January, but the increase in February was slightly lower than the average forecast of 150,000 jobs by economists. Position.
2024-03-06 23:33:56
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