Although most corporate earnings reports were better than market expectations, with Federal Reserve (Fed) officials issuing hawkish remarks, US bond yields continued to rise and investor sentiment was under pressure. The three major US stock indices fell again on Thursday (20).Dow Jonesclosed by almost 100 points,that fingerAnd the S&P only dropped over 0.6%.half shareThe index is bucking the trend and closed in the red by almost 0.7%.
On the data front, the number of Americans filing initial jobless claims last week dropped to a 3-week low of 214,000, underscoring the strength of the labor market and fueling concerns about continued wage growth.
On the political and economic front, Philadelphia Fed Chairman Patrick Harker predicted that the federal funds rate could be “well above 4%” by the end of the year, given the lack of progress and disappointment in efforts. Fed to curb inflation. US Federal Reserve (Fed) Governor Cook (Lisa Cook) said on the same day that inflation is still unacceptably high, the federal funds rate must continue to rise to control inflation.
Additionally, one of the hottest news from the market Thursday was that British Prime Minister Liz Truss held a press conference at her Downing Street residence to announce her resignation, becoming the UK’s “short-lived” prime minister, in service only 44 days in charge.
Paul Krugman, winner of the 2008 Nobel Prize in Economics, quoted British economist Simon Wren-Lewis as saying that Truss’s business plan was clearly unsustainable from a political point of view, and Truss’s economics because of positioning wrong politician, she was doomed to resign quickly.
The nomination process for the new party leader began on Thursday and ended on the 24th. The White House said the United States will build close ties with the new British prime minister, regardless of who succeeds Truss, while the French president Emmanuel Macron expected Britain to quickly restore political stability.
The global epidemic of novel coronary pneumonia (COVID-19) continues to spread. Before the deadline, data from Johns Hopkins University in the United States showed that the number of confirmed cases worldwide exceeded 626 million and the number of deaths exceeded 6.57 million. More than 12.7 billion doses of the vaccine have been administered in 184 countries around the world.
Following the gradual easing of global restrictions on the entry of foreign tourists, “Bloomberg” reported that China is considering shortening measures to prevent the epidemic and isolate it from the current “7 + 3″ (centralized quarantine 7-day and 3-day home health monitoring) on ”2 + 5”.
The performance of the four major US equity indices on Thursday (20):
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The five kings of technology were mixed. apple (AAPL-USA) fell by 0.33%; Half (META-US) fell by 1.28%; Alphabet (GOOGL-US) increased by 0.34%; Amazon (AMZN-USA) increased by 0.16%; Microsoft (MSFT-USA) fell by 0.14%.
Dow JonesMore than half of the voters closed lower. The Home Depot (HD-USA) fell by 2.19%; Kaiyuan Heavy Industries (CAT-US) fell by 2.1%; Nike (UNITED STATES) fell by 1.96%; Salesforce (CRM-USA) increased by 2.49%; IBM (IBM-United States) increased by 4.73%.
half shareConstituent stocks generally closed in red. AMD (AMD-USA) increased by 0.94%; NVIDIA (NVDA-USA) increased by 1.19%; Applied materials (AMAT-USA) increased by 1.81%; Texas Instruments (TXN-USA) increased by 0.70%; Micron (MU-USA) increased by 1.26%; Qualcomm (QCOM-USA) fell by 0.77%.
Taiwan’s equity ADR is strong only in the CMU. TSMC ADR (TSM-USA) fell by 0.13%; ASE ADR (ASX-USA) rose by 1.45%; UMC ADR (UMC-USA) rose by 4.26%; Chunghwa Telecom ADR (CHT US) fell by 0.65%.
Company news
Lam Research, a major semiconductor equipment manufacturer (Lam Research) (LRCX-USA) was up 7.81% to $ 355.87 per share on Thursday, supportinghalf shareThe index closes in red. Colin R&D announced that its latest financial report and forecasts were better than market expectations, but warned that revenue in 2023 could be cut from $ 2 billion to $ 2.5 billion due to the impact of the expansion of the US chip ban on China.
IBM (IBM-United States) received a 4.73% dividend at $ 128.30 per share. IBM on Wednesday posted higher-than-expected third-quarter profits and revenues and raised its growth forecast for the full year.
Tesla (TSLA-USA) fell 6.65% to $ 207.28 per share on Thursday. Tesla’s third-quarter revenues were below market expectations and the number of vehicles delivered this year may be difficult to achieve, but investment bank Oppenheimer believes Tesla’s demand for electric vehicles exceeds the Most investor expectations and Tesla praise could be 5 billion – 10 billion The dollar share buyback raised Tesla’s price target to $ 436 from $ 432.
Hurried (SNAP-US) closed 0.64% lower at $ 10.79 per share, after its stock plunged more than 26% after hours. Snap reported its slowest quarterly sales growth after Thursday’s bell, saying the decline in ad spend on the Snapshot platform continued to weigh on results.
Union Pacific (UNP-USAThe latest earnings and revenues of) exceeded market expectations, but on Thursday, its shares fell 6.80% to $ 186.45 per share, weighed down by the company’s weaker prospects for passenger growth and share buybacks. .
Amazon (AMZN-USA) rose 0.16 percent to $ 115.25 per share. Amazon is facing a class action lawsuit in the UK accused of using a secret algorithm to abuse its domain in the online marketplace.
Economic data
- The number of Americans who received unemployment benefits last week reported 214,000, predicted 230,000, the previous value of 226,000.
- The number of people receiving unemployment benefits in the United States reported 1.385 million last week, 1.375 million are expected and the previous value was 1.364 million
- US October Philadelphia Fed Manufacturing Index returned -8.7, expected -5.0, previously -9.9
- US existing home sales in September were an annualized total of 4.71 million units, 4.71 million units expected, and the previous value of 4.78 million units
- US September existing home sales annualized monthly rate of -1.5%, expected -2.1%, previous value -0.8%
Wall Street Analysis
Investment bank Jefferies judged: “The demand for work is still strong enough and workers can still find a new job relatively easily after losing their jobs.”
“Volatility is expected to remain high as traders look at corporate earnings and pay more attention to forecasts,” said Mike Loewengart, head of model portfolio construction at Morgan Stanley’s Global Investment Office.
Wells Fargo analysts believe, “Most market volatility is triggered by inflation uncertainty and how the Fed will respond is the main focus. This pattern of market volatility is unlikely to change in the short term. , in times of economic uncertainty. Not uncommon “.
The data is updated before the deadline, please refer to the actual quotation.
