U.S. bond yields fell, and investors were cautious one day before the non-farm payrolls report was released. U.S. stocks closed in shock on Thursday (5th), with the S&P falling slightly by 0.13% and remaining above the 200-day moving average.
Mr. Koraku (CLX-US) suffered heavy losses due to poor financial forecasts, causing consumer staples stocks to plummet, crude oil prices continued to fall, and energy stocks were weak.
The 2-year Treasury yield fell 6 basis points to 5.03% on Thursday.10-Year Treasury Bond YieldIt fell 3 basis points to 4.71%, but remains at multi-year highs.
In terms of data, in the week ended September 30, the number of initial applications for unemployment benefits in the United States increased by 2,000 to 207,000, which was lower than the 210,000 economists generally expected, highlighting that the job market remained tight at the end of the third quarter. , the trade deficit narrowed to a new low in nearly three years in August, and capital goods exports were close to a record high.
With inflation raging in Europe and the United States, the Russia-Ukraine war continuing, and China’s slow recovery, the World Trade Organization (WTO) on Thursday lowered its forecast for global merchandise trade growth this year to 0.8% from the 1.7% forecast in April.
The market is focused on the U.S. non-farm payrolls data for September to be released on Friday. This is the most important data this week and may provide a decisive reference for raising interest rates next month. Economists generally expect that 170,000 new jobs will be created, weaker than the previous value.
On the political and economic front, Wall Street Journal reporter Nick Timiraos, known as the “Fed’s mouthpiece,” wrote an article on Thursday stating that hopes for a soft landing in the U.S. economy have been extinguished by the plunge in the bond market, thus weakening the Fed’s case for raising interest rates again this year.
San Francisco Fed President Mary Daly said on Thursday that progress in inflation and soaring yields may mean the central bank may not need to raise interest rates again, while Richmond Fed President Thomas Barkin thought more would be needed. Wait and see the economic data before deciding whether to raise interest rates.
In terms of geopolitics, sources said that the U.S. government’s latest regulations restricting the export of chip manufacturing equipment to China are in the final review stage, indicating that Biden will update regulations restricting the export of chips and chip manufacturing tools to China. The U.S. Office of Management and Budget (OMB) published a regulation titled “Semiconductor Manufacturing Project Export Controls, Entity List Modifications” on its website on Wednesday, referring to expected restrictions on shipping chip manufacturing tools to China.
Performance of the four major U.S. stock indexes on Thursday (5th): 7 out of 11 sectors of the S&P 500 Index fell, but the consumer staples sector performed the worst, materials performed the second worst, and real estate and health care closed in the red. (Image: finviz) Focus Stocks
The five technology kings had mixed gains and losses. Meta(META-US) fell 0.26%; Apple (AAPL-US) rose 0.72%; Alphabet (GOOGL-US) fell 0.13%; Microsoft (MSFT-US) rose 0.13%; Amazon (AMZN-US) fell 0.82%.
Dow JonesComponent stocks closed mostly in the black. Coca Cola (KO-US) fell 4.83%; Dow Chemical (DOW-US) fell 2.45%; Kaifeng Heavy Industry (CAT-US) fell 1.6%; Disney (DIS-US) rose 1.88%; Merck (MRK-US) rose 1.4%.
half feeComponent stocks were generally lower. Qualcomm (QCOM-US) fell 0.05%; Huida (NVDA-US) rose 1.47%; Micron (MU-US) rose 1.38%; Applied Materials (AMAT-US) fell 0.01%; AMD (AMD-US) fell 1.11%; TI (TXN-US) fell 1.81%.
Taiwan stock ADRs all closed higher. TSMC ADR (TSM-US) rose 0.42%; ASE ADR (ASX-US) rose 0.93%; UMC ADR (UMC-US) rose 1.02%; Chunghwa Telecom ADR (CHT-US) rose 0.45%.
Corporate News
Tesla (TSLA-US) fell 0.43% to $260.05 per share. The northern Mexican state government said on Thursday that Tesla has asked the state to build infrastructure such as energy, water conservancy, roads and railways. Tesla plans to build a new Gigafactory in the state.
American electric vehicle manufacturer Rivian (RIVN-US) plunged 22.88% to $18.27 per share. Rivian announced Thursday that it plans to issue $1.5 billion in convertible debt and announced unsurprising preliminary third-quarter revenue figures.
General Motors (GM-US) fell 2.32% to $30.31 per share. General Motors said on Thursday it had made a counteroffer to the United Auto Workers (UAW) to end the union’s strike against the U.S. automaker.
apple (AAPL-US) rose 0.72% to $174.91 per share. Apple will announce its fourth quarter financial report for fiscal year 2023 on November 2. Apple has not provided a formal financial forecast since the beginning of 2020, but analysts estimate that the company’s revenue for the quarter will be approximately US$89.2 billion. Revenue in the previous quarter $90.1 billion.
Mr. Koraku (CLX-US) fell 5.23% to $124.93 per share. The company said a cyber attack in August that disrupted its operations would have an impact on its first-quarter earnings and sales.
American technology company Dell (DELL-US) fell 1.5% to $66.19 per share. Dell forecast on Thursday that the company will grow at a compound annual growth rate of 3% to 4% over the long term, disappointing some investors who expected artificial intelligence (AI) to drive a surge in its sales. Tianfeng International Securities analyst Ming-Chi Kuo predicted last month that the long-tail effect and edge computing are key to the growth of AI computing power, and Dell may be one of the undervalued beneficiaries.
Economic data: The U.S. trade balance in August reported – 58.3 billion U.S. dollars, expected – 62.3 billion U.S. dollars, and the previous value was – 64.7 billion U.S. dollars. The number of people claiming unemployment benefits in the United States last week was 207,000, compared with 210,000 expected, and the previous value was 205,000. The U.S. continued last week The number of people receiving unemployment benefits reported 1.664 million, expected 1.675 million, and the previous value of 1.665 million Wall Street analysis
Economists surveyed by London Stock Exchange Group (LSEG) believe non-farm payrolls will increase by 170,000 in September, down from 187,000 in August. While investors don’t want a recession, they are hoping for some signs of weakness in the labor market to prompt the Federal Reserve to reconsider raising interest rates again and prevent U.S. bond yields from rising to 16-year highs.
However, investment bank Barclays pointed out that bulls waiting for weak economic data to save bonds may be disappointed. The supply and demand of the bond market shows that the fate of the bond market is in the hands of the stock market. Only if the stock market continues to fall, the bond market may rise. Otherwise, the global bond market The outlook is expected to be quite bleak.
Jeremy Siegel, a well-known retired finance professor at the Wharton School of the University of Pennsylvania, said: “Considering the uncertainty of a possible government shutdown and a strike by auto workers, there is no doubt that the Federal Reserve should take action, but despite this, the real economy Still going strong.”
Scott Ladner, chief investment officer of Horizon Investments, said: “The overall data on the job market tells us that the situation is improving, but essentially it shows a reduction in hiring and no large-scale layoffs.”
The figures are all updated before the deadline, please refer to the actual quotation.
2023-10-05 21:32:35
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