Solid US economic data caused market participants to worry that the Federal Reserve’s (Fed) tightening policy could last longer. US stocks fell after noon on Thursday (22), but retreated in late trading but however, they closed lower.Dow JonesAfter falling 800 points in the intraday session, it closed nearly 350 points or 1.05% lower at the end of the session. Selling pressure has emerged from big tech and semiconductor stocks.That fingerImmersions greater than 2%,tax halfIt crashed by 4%. A stock sell-off boosted safe-haven purchases and the dollar strengthened.
S&P 500 indexIt fell 3% in midday trading and recouped some losses in late trading.ATS-US) shares tumbled 8.88%, leading the decline in the consumer discretionary sector.Nasdaq The once 100 index fell 4% during the intraday session, heading for its biggest monthly drop in 20 years.
microns (MU-US) dragged down by the pessimistic outlook,tax halfOne piece poured constituents, Colin R&D (LRCX-USA), materials (AMAT US) and Huida (NVDA-USA) and so on are facing severe selling pressure.
december to now,Dow Jones Industrial AverageFell 4.5%, the S&P 500 andThat fingerDown 6.3% and 8.7% respectively, the three major indices could break records of three consecutive years of gains and record their worst annual performance since 2008.
The US dollar rose as US stocks tumbled and the yield on the two-year US Treasury note, which is more sensitive to monetary policy, climbed to 4.27%. Oil prices have snapped a three-day winning streak.
Economic data showed that the number of Americans filing for jobless benefits last week remained near record lows, and a strong job market continued to provide enough justification for the Fed to tighten policy. Elsewhere, US gross domestic product (GDP) growth was revised to 3.2% in the third quarter as spending rose, while key inflation indicators edged up slightly from their previous reading.
David Tepper, a heavyweight hedge fund manager and known as Wall Street’s “bottom hunter,” said in an interview that he is inclined to sell stocks and bonds next year because he expects global central banks to adopt unprecedented tightening measures to calm inflation. Tepper’s bearish comments fueled market risk aversion.
Elsewhere, the Bank of Japan (BOJ) moved into a more aggressive stance this week, guidingJPYRising Japanese exchange rates and bond yields have sparked concerns about capital repatriation, which could further raise global borrowing costs and dampen already cooling economic growth.
In terms of the epidemic, data from Johns Hopkins University in the United States shows that the number of confirmed cases worldwide has exceeded 655 million and the number of deaths has exceeded 6.67 million. About 13.1 billion doses of vaccines have been administered in 184 countries around the world.
On Thursday (22), the performance of the four major US stock indexes:
Focus on the actions
The five kings of science and technology are black. Apple (AAPL-USA) down 2.38%; Meta Platforms (META-USA) down by 2.20%; Alphabet (GOOGL-USA) down 2.03%; Amazon (AMZN-USA) fell 3.43%; Microsoft (MSFT-USA) down 2.55%.
Dow JonesComponent inventories have generally declined. boeing (BA-USA) down 3.95%; intel (INTC-US) fell 3.21%; Kintor Heavy Industry (CAT-US) down by 1.73%; Chevron (CVX-USA) fell 1.5%; Goldman Sachs (GS-USA) down by 1.31%; Walmart (WMT-USA) fell by 1.17%; JPMorgan Chase (JPM-USA) down by 1.14%; Verizon (VZ-USA) up 1.4%; Nike (OF THE UNITED STATES) increased by 0.8%.
tax halfThe constituent shares collapsed collectively. Research and development by Colin (LRCX-USA) fell 8.65%; Applied Materials (AMAT US) fell 7.84%; Huida (NVDA-USA) down 7.04%; AMD (AMD-USA) fell 5.64%; Asmol (ASML-US) down by 4.30%; microns (MU-US) fell 3.44%; Qualcomm (QCOM-USA) down 3.41%.
Among Taiwanese stock ADRs, only Chunghwa Telecom is the only one in red. TSMC ADR(TSM-USA) fell 2.41%; ASE ADR (ASX-USA) fell by 2.30%; UMC ADR (UMC-USA) fell 2.58%; Chunghwa Telecom ADR (US CHT) up 0.74%.
Company news
As the sell-off intensified, Tesla finished down 8.88% on Thursday and is down 36% so far in December, and its single-month performance is expected to be its worst in history.
According to information from the official website, Tesla has doubled the discount on Model 3 and Model Y delivered in the United States this month to $7,500, showing that the economic slowdown has put downward pressure on demand. The company warned in October that it could miss its delivery target this year, with analysts pointing to rising interest rates and a slow economy that would dent demand.
Shares of US airlines fell collectively, American Airlines (AAL-USA) and Southwest Airlines (LUV-US) decreased by 3.61% and 3.11%, respectively, Delta Air Lines (FROM-USA) fell 2.23%, United Airlines (UAL-US) fell about 1.9 percent as a massive snowstorm hit the United States, causing more than 1,000 flight cancellations.
Auto Max (KMX-USA) closed down 3.66%. With sluggish demand making inventories hard to swallow, the used-car dealership previously announced that its profits in the recent quarter plunged 86% and both revenue and profits fell short of forecasts. expectations. .
Xinchuang Tucson Future Self-Driving Truck (TSP-USA) announced layoffs of 25%, affecting about 350 employees, and news of the layoffs dragged the stock down 11.27%.
Economic data
- The number of people filing for unemployment benefits in the US reported 216,000 last week, up from 220,000 expected and 214,000 previously
- Continuing jobless claims in the US were reported at 1.67 million last week, up from 1.68 million previously
- The US GDP growth rate in the third quarter is 3.2%, from the previous 2.9%.
Wall Street analysis
Joe Gilbert, portfolio manager at Integrity Asset Management, said the economic data was even more positive than expected, so the market now faces the Fed’s assertion that it will continue to aggressively hike interest rates. risk aversion in the market.
“Today’s data tells us that consumer spending is stronger than the market thinks,” said Priya Misra, head of global rate strategy at TD Securities, which is expected to slow towards the middle of next year.
In terms of inflation, as the labor market remains resilient, he believes US inflation will remain sticky during the decline, which will allow the Fed to continue tightening policy. TD Securities expects the Fed to continue raising interest rates until May next year, when the interest rate will reach 5.5%.
The numbers are all updated before the deadline, please refer to the actual quotation
