As investors continue to digest corporate earnings reports and comments from Federal Reserve officials,Dow JonesIt closed down more than 40 points on Wednesday (8th), putting utility and energy stocks under pressure.
Technology stocks performed best, with Microsoft reaching a new high. The S&P closed up 0.1% on Wednesday, extending its winning streak to eight days, which is the index’s longest winning streak since November 2021.that fingerIt also closed about 0.1% lower, continuing its rise for the ninth trading day.
The 2-year U.S. Treasury yield rose 1 basis point to 4.93%.10-year U.S. Treasury yielddown 5 basis points to 4.52%.
On the political and economic front, the cautious remarks of several hawkish members of the Federal Reserve have curbed optimism that interest rates have peaked, weakening the momentum for stock market gains. However, according to the CME FedWatch tool, 90% of traders insist that interest rates will not be raised this year, 25 % of traders expect a rate cut in March.
The Federal Reserve’s Research and Statistics Division (R&S) celebrated its 100th anniversary on Wednesday. Fed Chairman Jerome Powell delivered a speech but did not provide clues about future monetary policy. He will speak again at a panel meeting on Thursday.
The U.S. Treasury Department sold US$40 billion of 10-year government bonds, and the bid rate reached 4.519%. Last month’s bid rate was 4.610%, a new high since 2007. This time it has dropped significantly and is still the second highest since 2007. This time the U.S. The bond auction performance was mediocre, with overseas demand becoming the bright spot.
Performance of major U.S. stock indexes on Wednesday (8th): U.S. stocksDow Jones IndexIt fell 40.33 points, or 0.12%, to close at 34,112.27 points.
NasdaqThe index rose 10.56 points, or 0.08%, to close at 13,650.41 points.
S&P 500 IndexIt rose 4.4 points, or 0.1%, to close at 4,382.78 points.
Philadelphia SemiconductorThe index rose 1.21 points, or 0.03%, to close at 3,472.67 points. The NYSE FANG + index rose 36.85 points, or 0.47%, to close at 7,854.02 points. Five of the 11 major S&P sectors ended in the red, with information technology and real estate leading the gains, and energy stocks finishing in the red again. (Image: finviz) Focus Stocks
The five kings of science and technology ended higher. Alphabet (GOOGL-US) rose 0.66%; Meta (META-US) rose 0.30%; Apple (AAPL-US) rose 0.59%; Microsoft (MSFT-US) rose 0.74%; Amazon (AMZN-US) fell 0.44%.
Dow JonesComponents were mixed. Walgreens Alliance Boots (WBA-US) fell 3%; Intel (INTC-US) fell 2.19%; Chevron (CVX-US) fell 1.39%; Amgen (AMGN-US) rose 0.79%; JPMorgan Chase (JPM-US) rose 0.49%.
half feeConstituent stocks have waxed and waned with each other. Qualcomm (QCOM-US) fell 0.55%; Huida (NVDA-US) rose 1.35%; Micron (MU-US) fell 0.71%; Applied Materials (AMAT-US) rose 1.76%; AMD (AMD-US) rose 0.12%; Deyi (TXN-US) fell 0.93%.
Taiwan stocks ADR closed in the red. TSMC ADR (TSM-US) fell 0.44%; ASE ADR (ASX-US) flat; UMC ADR (UMC-US) fell 1.97%; Chunghwa Telecom ADR (CHT-US) fell 0.41%.
Corporate News
U.S. retail stock trading platform Robinhood (HOOD-US) plunged 14.29% to $8.36 per share. The decrease in Robinhood platform users led to a decrease in trading activity. Robinhood’s third-quarter revenue reached $467 million, an annual increase of 29%, which was worse than market expectations.
Goldman Sachs said it expects trading activity to be subdued in November and December given the holiday season, lowering Robinhood’s price target to $10 per share from the previous target of $11 per share.
E-commerce platform eBay (EBAY-US) fell 2.01% to $39.95 per share. eBay’s third-quarter earnings beat Wall Street expectations, but sales in the key holiday season are expected to be lower than expected.
Game manufacturer giant Take-Two (TTWO-US) closed at a 5.21% dividend to $143.47 per share. Take-Two owns the Rockstar and 2K Games video game brands. Rockstar confirmed on Wednesday that it will release the first promotional video for the next game in the “Grand Theft Auto” series in early December, exciting players around the world.
iRobot (IRBT-US) fell 4.28% to $30.16 per share. As the US Federal Trade Commission (FTC) arranged a closed-door meeting, investors worried that Amazon’s acquisition of iRobot may encounter obstacles.
Lucid Motors (LCID-US) fell 8.14% to $3.95 per share. Lucid expects to produce 8,000-8,500 vehicles this year, down from its previous forecast of more than 10,000 vehicles.
Wall Street Analysis
“The market is starting to prepare for the Fed to take a wait-and-see approach, and we may get a soft landing,” said Anthony Saglimbene, chief market strategist at Ameriprise. “The stock market has been really oversold over the past few months and now we’re finally seeing a little bit of a rebound.”
eToro US investment analyst Callie Cox commented: “Investors are not praising every stock. They are really paying attention to fundamentals and trying to understand what is good and what is not good in a high interest rate environment.”
Liz Ann Sonders, investment strategist at Charles Schwab, said: “It is difficult to see the Fed taking actual interest rate cuts in the first half of next year. Inflation has not reached the Fed’s target, and the labor market, although weak in October, has not worsened significantly. The economy still seems to have some traction.”
The figures are all updated before the deadline, please refer to the actual quotation.
2023-11-08 21:32:48
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