Following Nvidia’s profit warning the day before, Micron revised its earnings forecast down again on Tuesday (9th), chip stocks stunned, while U.S. bond yields climbed, and interest rate-sensitive growth stocks and technology stocks fell.that fingerfell 1.19%,half feeplunged 4.57%. Investors were cautious ahead of key inflation dataDow JonesAnd the S&P closed slightly in the black.
The latest US consumer price index (CPI) will be released on Wednesday, and the annual rate of CPI in July is expected to drop slightly to 8.7% from a high of 9.1% in June. Analysts warned that a stronger-than-expected CPI report could push the Federal Reserve to continue to raise interest rates sharply and drag on the strength of the recent stock market recovery. Traders forecast a 70 percent chance of a 3-point move in September, according to CME’s FedWatch tool.
In terms of politics and economy, as the bad news for semiconductors is overshadowed, U.S. President Biden signed the Chip Act (CHIPS-plus) worth about $52 billion on Tuesday to provide subsidies for U.S. semiconductor production and research, promote the semiconductor industry and scientific research, and at the same time promote America’s Competitiveness Against China.
Russian oil pipeline operator Transneft issued a statement on Tuesday stating that Ukrtransnafta, the Ukrainian pipeline operator, has suspended transit services for Russian oil since August 4 due to the inability to pay transit fees due to sanctions. Transportation is interrupted.
The global epidemic of new coronary pneumonia (COVID-19) continues to spread. Before the deadline, data from Johns Hopkins University in the United States pointed out that the number of confirmed cases worldwide has exceeded 586 million, and the number of deaths has exceeded 6.42 million. More than 12.4 billion vaccine doses have been administered in 184 countries worldwide.
The performance of the four major U.S. stock indexes on Tuesday (9th):
- US stocksDow JonesIt was down 58.13 points, or 0.18 percent, at 32,774.41.
- NasdaqThe index lost 150.53 points, or 1.19 percent, to end at 12,493.93.
- S&P 500 IndexIt was down 17.59 points, or 0.42 percent, at 4,122.47.
- Philadelphia SemiconductorThe index fell 137.4 points, or 4.57 percent, to end at 2,866.9.
Focus stocks
The five heavenly kings of science and technology fluctuate with each other. apple (AAPL-US) rose 0.030%; Meta (META-US) fell 1.01%; Alphabet (GOOGL-US) fell 0.57%; Amazon (AMZN-US) fell 1.13 percent; Microsoft (MSFT-US) rose 0.71%.
Dow JonesConstituent stocks were mixed. Nike (OF THE US) fell 3.41%; Salesforce (CRM-US) fell 3.96%; Home Depot (HD-US) fell 2.17%; Traveller (TRV-US) rose 1.84 percent; Chevron (CVX-US) rose 1.3 percent; McDonald’s (MCD-US) rose 1.27%.
half feeThe constituent stocks are collectively bloodstained. Micron (MU-US) fell 3.74%; AMD (AMD-US) fell 4.53%; NVIDIA (NVDA-US) fell 3.97%; Applied Materials (AMAT-US) plummeted 7.58%; Texas Instruments (TXN-US) fell 2.78%; Qualcomm (QCOM-US) fell 3.59%.
Taiwan stock ADR was the worst performer with TSMC. TSMC ADR (TSM-US) fell 2.98%; ASE ADR (ASX-US) fell 2.81%; UMC ADR (UMC-US) fell 2.77%; Chunghwa Telecom ADR (CHT US) rose 0.57%.
Corporate News
American memory maker Micron (MU-US) fell 3.74 percent to $59.15 a share. Due to general economic factors and supply chain tensions, Micron warned that revenue this quarter (to the end of August) may not be as good as its previous forecast, and the newly estimated revenue may be in or below the previously forecast range of 6.8 to 7.6 billion US dollars. At the same time, Micron Announced to spend $40 billion to build a memory chip factory in the United States by 2030.
Novavax, a well-known American biotechnology company (NVAX-US) plunged 29.64% to $40.28 per share. Novavax released its latest financial report on August 8. In addition to the poor performance in the second quarter, it also cut its annual revenue forecast in half, mainly due to the oversupply of global vaccines and weak demand.
According to the financial report released so far, the global tourism industry is still doing well, however, Norwegian Cruise Line Holdings Limited (NCLH-US) The latest financial report was poor, with an occupancy rate of only 65% in the second quarter, far lower than the 107.3% in 2019, mainly due to epidemic prevention restrictions, an increase in the number of infections on cruise ships, labor shortages and fluctuations in demand. Norwegian Cruise Line predicts that the company will not return to pre-pandemic occupancy levels until the same period next year.
The “demon stock” of China Concepts has appeared, AMTD Digital (HKD-US) dived 47.65% to $212.00 a share, closing lower for five straight sessions. Zhifu Capital (MEGL-US) fell 89.47% to $12.32 per share, falling to an all-time low.
Economic data
- The initial quarterly growth rate of U.S. unit labor costs in the second quarter was reported at 10.8%, compared with the expected 9.5% and the previous value of 12.7%
- The initial quarterly growth rate of non-farm productivity in the second quarter of the United States reported – 4.6%, expected – 4.7%, the previous value – 7.4%
- US August IBD/TIPP economic optimism index reported 38.1, expected 40.2, the previous value of 38.5
Wall Street Analysis
“It does raise awareness that what the market experienced in July could be more of a bear market rally with Micron and Nvidia highlighting a deteriorating economic situation,” said Robert Stimpson, chief investment officer at Oak Associates Funds.
JPMorgan analyst Marko Kolanovic said investors should moderately underweight stocks after stocks outperformed other assets as recession fears receded.
Lindsey Bell, chief market and currency strategist at Ally, predicts: “The better-than-expected CPI report will weigh on the market this week. Investors have already priced in the Fed’s expectation of a 3-yard rate hike in September, so the market may take this in its stride. In any case, another jobs report, more inflation data and Jackson Hole’s annual meeting will still be needed before the Fed’s September meeting. Markets could be volatile in the coming weeks. “
The figures are updated before the deadline, please refer to the actual quotation.
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