After the release of worse-than-expected ADP small non-agricultural employment data, US stocks generally opened lower on Wednesday (3rd), and subsequently fluctuated narrowly in the flat market. Before the deadline, the Dow Jones Industrial Average rose 62 points or 0.2%, the Nasdaq fell 0.5%, the S&P 500 fell 0.14%, and fees fell 0.3%.
US President Biden promised on Tuesday evening to complete the vaccination for all adults by the end of May, 2 months earlier than originally planned. On the other hand, due to the rapid decline in the number of infections and hospitalizations, Texas announced on Tuesday (2nd) that it will end the 8-month mandatory wearing of masks, and it is expected that most companies will fully resume operations from next week.
Although the epidemic situation seems to be good, the US “small non-agricultural” created 117,000 jobs in February, which was far below market expectations, indicating that as the epidemic improves, the job market is still struggling to recover. The official non-agricultural employment report for February will be announced this Friday (5th).
Regarding the progress of the bailout bill, after the House of Representatives passed, Biden proposed 1.9 trillionU.S. dollarThe stimulus bill has now been submitted to the Senate and will be officially debated as early as Wednesday (3rd) afternoon. The Democratic Party strives to resolve the disputes between the ruling and opposition parties on the stimulus bill before the revision process to be launched as soon as Thursday (4th).
The 10-year U.S. Treasury yield rose slightly to 1.47% on Wednesday, but it was still lower than last week’s high of 1.61%.
Mary Daly, chairman of the San Francisco Fed, said on Tuesday that the current US employment and inflation rate is still not up to standard. The Fed will patiently evaluate the job market and inflation rate to avoid rashly tightening monetary policy before reaching the target.
As of 22 o’clock on Wednesday (3rd) Taipei time:
- The Dow Jones Index rose 62.49 points, or 0.20%, to 31454.01 points temporarily
- Nasdaq dropped 65.46 points, or -0.49%, to 13293.33 points temporarily
- The S&P 500 Index fell 5.23 points, or -0.14%, to 3,865.06 points temporarily
- Fees and a half fell 9.77 points, or -0.32%, to 3,061.16 points temporarily
- TSMC ADR rose 0.58% to 126.72 per share U.S. dollar
- The 10-year U.S. Treasury yield rose to 1.47%
- New York light crude oil rose 1.77% to 60.81 per barrel U.S. dollar
- Brent crude oil rose 1.59% to 63.70 per barrel U.S. dollar
- Gold fell 1.11% to 1714.40 per ounce U.S. dollar
- U.S. dollarThe index rose 0.28% to 91.04 points
Focus stocks:
Lift(LIFT-US) Rose 2.01% in early trading to 380.27 U.S. dollar。
According to documents submitted to the US Securities and Exchange Commission (SEC), Lyft’s passenger load in the last week of February hit its best weekly performance before the epidemic. Therefore, it announced that it will raise its Q1 financial forecast for this year and will adjust its EBITDA loss to the original expected 145 million.U.S. dollarTo 150 millionU.S. dollar, Raised to 135 millionU.S. dollar。
Esmore (ASML-US) Rose 0.39% in early trading to 565.32 U.S. dollar。
After it was reported that it had obtained a supply license from a US equipment manufacturer, SMIC announced on Wednesday that it had signed a volume purchase agreement with ASML from March 16, 2020 to March 2, 2021. The total purchase price was 1.2 billionU.S. dollarWafer production equipment.
Zoom(ZM-US) Rose 5.15% to 60.00 in early trading U.S. dollar。
Cathie Wood, Wall Street’s “women stock god” and founder of the ARK Fund, bought more than 250,000 Zoom stocks. At the closing price on Tuesday, the transaction was worth more than 95 million.U.S. dollar.Since the beginning of this year, Zoom’s stock price has risen by about 230%, and its market value is about 109 billionU.S. dollar。
Today’s key economic data:
- In the United States, ADP added 117,000 new jobs in February, which is expected to be 165,000. The previous value was raised from 174,000 to 195,000.
- At 22:45, Taipei time, the US February Markit service industry PMI will be announced, the previous value was 58.9
- At 22:45, Taipei time, the US February Markit comprehensive PMI will be announced, the previous value was 58.8
- At 23:00, Taipei time, the US February ISM non-manufacturing PMI will be announced, which is expected to be 58.7 and the previous value is 58.7
- At 23:30, Taipei time, the increase and decrease of EIA crude oil inventories will be announced last week, the previous value was 1.285 million barrels
Wall Street analysis:
Seema Shah, chief strategist at Principal Global Investors, said that compared to expectations, the launch of the vaccine seems to be very good. When the economy can recover on its own, the prospects for the prosperity of fiscal stimulus will help raise market expectations for US economic growth.
Eaton Vance Global Equity Director Chris Dyer said that optimism about the economic outlook has stimulated corporate stock demand, which will benefit after the economy returns to normal, including energy and banking stocks, which have outperformed technology stocks this year.
Dyer further stated that we can see the light at the end of the epidemic. The progress of vaccination has increased people’s confidence in the economic recovery. We can see that companies that have adapted well to the economic recovery have performed well in the past few months.
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