Investors continued to worry about the recession and the debt ceiling crisis. US consumer confidence showed signs of weakening this month.Looking at the week, the S&P andDow JonesThey fell 0.30% and 1.11% respectively, marking the second consecutive week of losses.
On the political and economic front, the debt ceiling meeting between U.S. President Joe Biden and congressional leaders has been postponed until next week. U.S. Treasury Secretary Yellen pointed out that there is still uncertainty about when the federal government will run out of cash to repay debts, and it may be exhausted as early as June 1. At present, there is no good solution except to increase the debt ceiling.
Yellen revealed that the Biden administration is working around the clock, focusing on ensuring that Congress does raise the debt ceiling and avoiding economic turmoil caused by a U.S. debt default.
Federal Reserve Governor Bowman (Michelle Bowman) released hawkish remarks on Friday, saying that if inflation does not cool and the labor market shows no signs of slowing down, the Fed may need to raise interest rates further and maintain them at a higher level for a period of time level.
Chicago Federal Reserve Bank President Goolsbee (Austan Goolsbee) said that inflation is too high, but at least for now is falling, there are signs that the Fed can avoid triggering a recession by raising interest rates.
U.S. President Joe Biden announced the nomination of Federal Reserve Governor Philip Jefferson as Fed vice chairman to succeed Lael Brainard, who left in February to become Biden’s chief executive. economic advisor. If Jefferson is confirmed by the Senate, he will become the second African-American vice chairman ever with a hawkish stance on monetary policy.
Financial leaders of the Group of Seven industrialized nations (G7) discussed the need to make global supply chains more resilient by reducing overreliance on China, German Finance Minister Christian Lindner said on Friday.
The performance of the four major indexes on Friday (12th):
Focus stocks
Of the five kings of technology, only Alphabet is strong. Amazon (AMZN-US) down 1.71%; Meta (META-US) down 0.84%; Apple (AAPL-US) down 0.54%; Alphabet (GOOGL-US) up 0.81%; Microsoft (MSFT-US) fell 0.37%.
Dow JonesMore than half of the constituent stocks closed black. Nike (OF THE US) fell 1.64%; JPMorgan Chase (JPM-US) down 1.43%; Salesforce (CRM-US) fell 0.82%; IBM (IBM-US) rose 1.6%; Baoqiao (PG-US) rose 1.02%.
fee halfConstituent stocks were generally weak. AMD (AMD-US) fell 1.89%; Huida (NVDA-US) down 0.83%; Micron (MU-US) down 1.12%; Applied Materials (AMAT-US) rose 0.55%; Texas Instruments (TXN-US) rose 0.44%; Qualcomm (QCOM-US) fell 0.42%.
ADRs of Taiwan stocks continued to fall. TSMC ADR (TSM-US) flat; ASE ADR (ASX-US) down 0.29%; UMC ADR (UMC-US) down 0.38%; Chunghwa Telecom ADR (CHT US) fell 1.15%.
Corporate News
Regional Bank PacWest (PACW-US) continued to fall 2.99% to $4.55 per share on Friday, but the SPDR S&P Regional Bank ETF (KRE-US) received a dividend of 0.64%.
Tesla (TSLA-US) fell 2.38% to $167.98 per share. Tesla will conduct a large-scale recall in China, involving 1,104,622 electric vehicles made in China and imported, including Model S, Model X, Model 3 and Model Y. The main reason is that the design may increase the risk of accidentally stepping on the accelerator pedal for a long time probability, increasing security concerns.
Tesla announced on Friday that it will increase the price of all Model X/S/Y models in the United States. In addition, Musk chose Linda Yaccarino, head of advertising at NBCUniversal, as Twitter’s new CEO.
Solar company First Solar (FSLR-US) soared 26% on Friday, its best one-day performance in nearly a decade, pushing other solar stocks higher as well.
Icahn Enterprises (IEP-US) surged 11.85% to $35.40 per share. The company approved a $500 million treasury stock program, equivalent to nearly 27% of its shares traded on the public market, the first time since 1987.
Economic data
- The initial value of the University of Michigan’s consumer confidence index in May in the United States was 57.7, expected to be 63, and the previous value to be 63.5
Wall Street Analysis
Rhys Williams, chief strategist at Spouting Rock Asset Management, said: “The turbulence in the banking industry is likely to get worse, which means that three months from now, people will be less interested in lending than they are now, which is good for the economy. It’s a major problem that’s slowing economic growth.”
Marie Jacot-Cardoen, chief executive of Edmond de Rothschild Asset Management, said: “Expect a bipartisan agreement, but remember that the debt ceiling negotiations have only just begun. Political confrontation may intensify until a deal is reached, but we believe a compromise will be found plan.”
The numbers are all updated before the deadline, please refer to the actual quotation
2023-05-12 21:26:47
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