US Nonfarm Payrolls Report for October Was Better Than Expected, and China was Rumored to Loosen Outbreak Prevention and Control. Leading US Stock Index Staged a V-Shaped Reversal Friday (4), with materials stocks leading, Chinese concept stocks up and the four major indices closing collectively in the red,Dow JonesOver 400 points, S&P ethat fingerincreased by more than 1.2%,half shareIt was up 4.60%.
The major US stock market index swallowed black for the week,Dow JonesIt fell 1.4% for the week, yielding a four-week winning streakthat fingerThey fell 3.35% and 5.65% respectively, breaking the uptrend for two consecutive weeks.
In terms of data, the number of nonfarm employees in the United States increased by 261,000 in October, a figure above market expectations of 200,000. However, the unemployment rate also rose to 3.7%, showing that although the US labor market has cooled slightly, it continues to show resilience, but not enough to push the Fed to move on.
On the political and economic front, the Federal Open Market Committee (FOMC) voting committee, Boston Fed Chair Susan Collins, and Richmond Fed Chairman Thomas Barkin all agreed on Friday that the Fed needs to increase further. interest rates, but the rate may not be as aggressive.
Foreign media cited sources as saying China may soon reduce the quarantine time requirement for arriving travelers to seven or eight days from the current 10 days, which boosted market sentiment on Friday.
The market also reported that US audit officials completed the first round of on-site audits of Chinese companies ahead of schedule.09988-HK) (BABA-USA) to Yum China (09987-HK) (YUMC-USA) and other Chinese concept titles have risen.
US officials confirmed that the seven major industrialized nations (G7) are expected to announce details of the Russian oil price cap by December 5, in order to cut Russia’s war budget and limit the impact of the price war of Russia. energy in Russia.
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 632 million and the number of deaths exceeded 6.59 million. More than 12.7 billion doses of the vaccine have been administered in 184 countries around the world.
The performance of the four major US equity indices on Friday (4th):
- US stocksDow JonesUp 401.97 points, or 1.26 percent, to stand at 32,403.22.
- NasdaqThe index gained 132.31 points, or 1.28 percent, to finish at 10,475.25.
- S&P 500 IndexUp by 50.66 points, or 1.36 percent, to stand at 3,770.55.
- Semiconductor of PhiladelphiaThe index rose 105.4 points, or 4.60%, to close at 2,398.2.
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The five kings of technology. apple (AAPL-USA) fell by 0.19%; Alphabet (GOOGL-US) increased by 3.78%; Microsoft (MSFT-USA) rose by 3.33%; Half (META-US) increased by 2.11%; Amazon (AMZN-USA) increased by 1.88%.
Dow JonesMore than half of the voters closed in the red. Nike (UNITED STATES) increased by 5.96%; Dow Chemical (DOW-US) rose by 5.46%; the development of heavy industry (CAT-US) increased by 3.92%; American Express (AXP-USA) increased by 3.88%; Salesforce (CRM-USA) fell 4.48%.
half shareThe components were generally strong. NVIDIA (NVDA-USA) rose by 5.48%; Applied materials (AMAT-USA) rose by 6.26%; Texas Instruments (TXN-USA) increased by 3.92%; Micron (MU-USA) rose by 5.01%; Intel (INTC-USA) increased by 4.35%; Qualcomm (QCOM-USA) increased by 2.71%; AMD (AMD-USA) increased by 3.46%.
The ADR momentum of Taiwan’s shares is like a rainbow. TSMC ADR (TSM-USA) rose by 3.65%; ASE ADR (ASX-USA) rose by 7.74%; UMC ADR (UMC-USA) rose by 6.12%; Chunghwa Telecom ADR (CHT US) increased by 0.93%.
Company news
Starbucks coffee chain (SBUX-USA) was up 8.48% to $ 91.86 per share. Starbucks posted strong third quarter earnings as consumers benefit from increased beverage order spending
Funko Toy Maker (FNKO-USA) plunged 59.38% to $ 7.92 per share as Funko released a sad latest earnings report and lowered its full-year forecast before the holiday season.
PayPal (PYPL-USA) fell 1.79 percent to $ 75.18 per share. PayPal reported higher-than-expected third-quarter profits and revenues after the bell on Thursday, but fourth-quarter revenue expectations were lower than analysts’ expectations.
Twitter began firing workers on Friday and will temporarily close its offices to employees. Twitter’s new head Elon Musk said Twitter’s revenue is plummeting as advertisers have suspended spending.
Economic data
- U.S. non-farm payrolls reported 261,000 jobs in October, 200,000 expected and 315,000 before revisions
- The unemployment rate in the United States in October was 3.7%, an expected 3.6% and the previous value was 3.5%.
- The average weekly working time in the United States in October was 34.5 hours, the expected 34.5 hours and the previous value of 34.5 hours
- The average hourly wage growth in the United States in October was 4.7%, 4.7% expected, and 5% previously
- US average hourly wage growth in October was 0.4%, expected to be 0.3% and the previous value was 0.3%
- The participation rate of the US workforce in October was 62.2%, expected at 62.4% and the previous value of 62.3%
Wall Street Analysis
Mike Loewengart, head of model portfolio construction at Morgan Stanley, said the stronger-than-expected jobs report showed the Fed still faces hard work with a resilient job market and stubborn inflation.
Loewengart said that while the nonfarm payroll report may disappoint investors who are desperate for the Fed to become accommodative sooner, keep in mind that this is the lowest number in nearly two years, so there may be signs of a slowdown in the job market.
“Non-farm wages may not be what the Fed is happy with, but they need some economic weakness to ease inflationary pressures and the report hasn’t reflected that,” said Rusty Vanneman, investment strategist at Orion Advisor Solutions. .
The data is updated before the deadline, please refer to the actual quotation.
