On the eve of the release of US nonfarm payrolls data, investors digested mixed economic data and hawkish comments from Federal Reserve officials. The US dollar continued to fall along with US bond yields.
The sales force collapsed under pressure,Dow JonesHe finished close to 200 points.S&P 500 indexSlightly down 0.09%, holding their 200-day moving average, meme stocks like AMC and Bed Bath & Beyond took off,That fingerIt was up 0.13%.tax halfIt was down 0.78%.
In terms of data, the inflation index that the Federal Reserve prefers to reference – the core personal consumption spending price index fell to 5% in October, indicating that inflation has continued to cool, while the Personal income and spending both rose sharply, releasing a soft landing for the economy. The signal boosted market confidence in early trading.
However, the US ISM manufacturing index returned 49 in November, falling below the 50 line of prosperity and contraction, below market expectations of 49.8, down for the first time since May 2020, and the pressure of a rapid economic recession hit, pouring cold water on the bulls.
Investors await Friday’s nonfarm payroll data to deliver more broad economic news. Wall Street expects the US to add 200,000 nonfarm jobs in November, the lowest since December 2020, and the unemployment rate is expected to remain unchanged at 3.7%.
On the political and economic front, after Federal Reserve Chairman Jerome Powell said on Wednesday that the pace of interest rate hikes could slow in December at the earliest, Federal Reserve Bank of New York Chairman John Williams (John Williams) He did not comment on the rate hike on Thursday in December, but stressed that the Fed needs to raise interest rates further to ease excessive price pressures.
Federal Reserve Governor Bowman (Michelle Bowman) said Thursday that while the Fed may soon slow the pace of interest rate hikes, inflation is still too high and monetary policy needs to remain tight enough for a period of time to keep inflation low. , the final rate could be slightly higher than 4.6%.
The US Congress is trying to prevent the closure of the US rail system in the run-up to Christmas, and the Senate passed legislation on Thursday to enforce a temporary employment contract previously drafted by railroads, unions and the Biden administration , but a separate agreement Paid sick leave bill falters However, the crux of the strike remains.
The European Union’s Russian oil sanctions will take effect Dec. 5, and the EU said Thursday it was close to reaching an agreement to cap Russian oil prices at around $60 a barrel, which is expected to be implemented sooner. due next Monday.
The global novel coronavirus pneumonia (COVID-19) epidemic continues to spread. Ahead of the deadline, data from Johns Hopkins University (Johns Hopkins University) showed that the number of confirmed cases worldwide exceeded 643 million, and the number of deaths exceeded 6.63 million. More than 12.7 billion doses of vaccines have been administered in 184 countries around the world.
The performance of the four major US stock indexes on Thursday (1st):
Focus on the actions
The five kings of technology were mixed. apple (AAPL-USA) increased by 0.19%; Alphabet (GOOGL-USA) was flat; Microsoft (MSFT-USA) down 0.18%; Half (META-USA) increased by 1.98%; Amazon (AMZN-USA) fell 1.08%.
Dow JonesMore than half of the constituent shares closed in the black. sales force (CRM-USA) fell 8.27%; UnitedHealth (UNH-US) down 1.98%; boeing (BA-USA) down by 1.73%; Nike (OF THE UNITED STATES) increased by 1.29%; Home Depot (HD-USA) increased by 0.95%.
tax halfConstituent stocks were generally weak. Nvidia (NVDA-USA) increased by 1.25%; Applied Materials (AMAT US) fell 2.36%; Texas Instruments (TXN-USA) down by 1.64%; microns (MU-US) down 3.75%; intel (INTC-US) down by 0.80%; Qualcomm (QCOM-USA) increased by 0.25%; AMD (AMD-USA) fell 0.19%.
All Taiwan stock ADRs declined. TSMC ADR (TSM-USA) down 0.36%; ASE ADR (ASX-USA) down 0.15%; UMC ADR (UMC-USA) fell 1.86%; Chunghwa Telecom ADR (US CHT) down 0.88%.
Company news
TSMC ADR (TSM-USA) fell 0.36% to USD 82.68 per share, the conversion price was 506.50 yuan, and the discount rate reached 1.60%. Foreign media cited sources as saying that TSMC has come up with a new upgrade plan: Arizona plant in the United States will start producing 4-nanometer chips soon after opening in 2024. This new plan is expected to be announced at the ceremony machine transfer.
Sales force (CRM-USA) plunged 8.27% to $147.00 a share. Salesforce’s fourth-quarter earnings forecast fell short of market expectations, and investors were caught off guard by the sudden departure of Salesforce co-CEO Bret Taylor.
NIO ADR (NIO-USA) fell 5.40%, Li Auto ADR (LI-USA) fell 3.18%, Xiaopeng Motors ADR (XPEV-USA) tumbled 7.77%.
China’s new automakers announced their sales figures for November, including GAC Aian won the championship with 28,700 vehicles, monthly deliveries of Lixiang and NIO both hit record highs, while monthly deliveries of Xiaopeng Motors increased by over 10%.
Burning Sciences (ROIV-USA) increased by 8.21%. Pfizer (Pfizer) (PFE-USA) increased by 1.90%. The two companies formed a unit on Thursday to develop RVT-3101, a drug used to treat inflammatory bowel disease.
FuGuo Bank (WFC-USA) fell 2.25% to $46.87 per share. According to foreign media reports, Wells Fargo plans to reduce the number of employees in the mortgage department again due to the cooling of the housing market.
Economic data
- The number of people filing for unemployment benefits in the US reported 225,000 last week, up from 235,000 expected and 241,000 previously
- The number of Americans continuing to receive jobless benefits last week was reported at 1.608 million, expected at 1.573 million, and the previous value was 1.551 million
- US PCE price index reported 6% annual rate in October, expected at 6% and prior value at 6.3%
- US October PCE Price Index Monthly Rate Reported 0.3%, 0.6% Expected, Previous Value 0.3%
- The PCE core price index in the US recorded an annual rate of 5% in October, which was expected to be 5% and the previous value was 5.2%
- US Core PCE Price Index in October was reported at 0.2%, expected at 0.3% and previously was 0.5%
- US November ISM manufacturing index reported 49, expected 49.8, prior value 50.2
- US November final manufacturing PMI was 47.7, expected 47.6 and prior was 47.6
- Monthly US personal spending rate in October was reported at 0.8%, expected at 0.8% and previously was 0.6%
- US monthly personal income rate in October was reported at 0.7%, expected at 0.4% and previous value of 0.4%
- The monthly rate of real personal consumption in the US reported 0.5% in October, the previous value was 0.3%
Wall Street analysis
Garrett Melson, portfolio strategist at Natixis Investment Managers Solutions, said: “US equities looked a bit overwhelmed after Wednesday’s big rally, with investors still digesting the data and waiting for Friday’s nonfarm payrolls data. it would help stocks because it would provide support for the Fed to cut rates, which would be good for a rally later in the year.”
Fawad Razaqzada, market analyst at City Index and Forex.com, said: “The smaller the size of the stock market pullback, the more likely it is to go higher. At the same time, as we enter the last month of the year, if the bears want to maintain this year’s downtrend If things change, they will have to defend this downtrend line to bring the S&P back below the 200-day moving average.”
The numbers are all updated before the deadline, please refer to the actual quotation
