The number of U.S. jobless claims exceeded expectations last week. Investors are waiting for next week’s inflation data and the Federal Reserve’s monetary policy meeting.S&P 500 IndexIt closed at 0.62% on Thursday (8th), the highest closing price in 2023.
The S&P closed above 4,292.48 on Thursday, exiting its longest bear market run since 1948, with a 20% rally from a bear market closing low of 3,577.03 set on Oct. 12, 2022, meeting broad bear market end and bull market start criteria.
In terms of politics and economy, the Federal Reserve will hold a monetary policy meeting on June 13-14. At present, Fed officials have entered a period of silence before the meeting. The market expects that the probability of the Fed’s interest rate hike pause in June is about 73%. A significant number of economists expect at least one more rate hike this year as the economy remains resilient, with about a 66 percent chance of a rate hike in July.
The International Monetary Fund (IMF) on Thursday urged the Federal Reserve and other global central banks to “stay the course” on monetary policy and remain vigilant in fighting inflation.
It was rumored that the United States and Iran were close to reaching an interim agreement on oil exports, which once caused a sharp drop in international oil prices. However, a White House official denied the relevant reports.
Two U.S. senators have proposed legislation that would ban the Federal Aviation Administration (FAA) from buying Chinese-made drones and require the FAA to replace dozens of Chinese-made drones it currently has within a year.
The FAA temporarily suspended flights to New York’s LaGuardia airport and Philadelphia on Thursday as smoke from wildfires in Canada blanketed the U.S. northeast and mid-Atlantic, raising concerns about the hazards of persistent poor air quality , U.S. President Biden has instructed the National Interagency Fire Center to provide assistance to Canada.
The performance of the four major indexes on Thursday (8th):
- US stocksDow Jones IndexIt gained 168.59 points, or 0.5 percent, to close at 33,833.61.
- NasdaqThe index rose 133.63 points, or 1.02 percent, to close at 13,238.52.
- S&P 500 IndexIt gained 26.41 points, or 0.62%, to close at 4,293.93.
- Philadelphia SemiconductorThe index rose 37.14 points, or 1.07 percent, to close at 3,514.32.
Focus stocks
The five kings of science and technology received more and more. Amazon (AMZN-US) up 2.49%; Meta (META-US) rose 0.37%; Apple (AAPL-US) rose 1.55%; Alphabet (GOOGL-US) down 0.29%; Microsoft (MSFT-US) rose 0.58%.
Dow JonesConstituent stocks have their ups and downs. Boeing (BA-US) rose 2.92%; Salesforce (CRM-US) rose 1.85%; Intel (INTC-US) rose 1.73%; Dow Chemical (DOW-US) down 2.02%; Visa (V-US) down 0.99%.
fee halfConstituent stocks generally closed in red. Applied Materials (AMAT-US) rose 0.88%; AMD (AMD-US) rose 2.73%; Micron (MU-US) fell 2.59%; Texas Instruments (TXN-US) up 0.13%; Qualcomm (QCOM-US) rose 1.02%; Huida (NVDA-US) rose 2.76%.
Among Taiwan stock ADRs, only TSMC closed in black. TSMC ADR (TSM-US) down 0.35%; ASE ADR (ASX-US) rose 0.12%; UMC ADR (UMC-US) rose 1.93%; Chunghwa Telecom ADR (CHT US) rose 0.10%.
Corporate News
apple (AAPL-US) rose 1.55% to $180.57 per share. Apple Vision Pro will be mass-produced this year and will be launched in 2024. It is rumored that Apple has lowered the sales target of the new mixed reality (MR) device Vision Pro to 150,000 units, far below the 1 million units predicted by analysts.
General Motors (GM-US) fell 1.02%, and the stock price rose more than 3% after hours. Tesla (TSLA-US) received a dividend of 4.58%, and the stock price also rose by more than 3% after hours.
General Motors announced a partnership with rival Tesla that GM’s next-generation electric vehicles (EV) will adopt the Tesla charging standard. GM’s move follows Ford’s similar decision to adopt Tesla’s charging standard, meaning the three major EV sellers in the North American market have now agreed on charging hardware standards.
GameStop (GME-US) plummeted 17.89% to $21.44 per share. Due to the uncertain economic environment and consumers reducing non-essential spending, GameStop’s revenue in the first quarter of the 2023 fiscal year fell for the fourth consecutive time and was worse than market expectations. At the same time, the company announced that its board of directors had fired CEO Matt Furlong.
Economic data
- The number of people claiming unemployment benefits in the United States reported 261,000 last week, compared with 235,000 expected and 233,000 previously
- The number of Americans continuing to claim unemployment benefits last week was reported at 1.757 million, expected to be 1.8 million, and the previous value was 1.794 million
- U.S. April Wholesale Inventory Monthly Rate Final Expectation – 0.2%, Previous Value 0%
Wall Street Analysis
“We’re in a news vacuum: corporate earnings season is over, the U.S. debt ceiling crisis is resolved, and now we’re waiting for next week’s Fed meeting,” said Barbara Doran, chief executive of BD8 Capital Partners.
“The Fed is widely expected to pause rate hikes, but what matters is the Fed’s guidance on future policy direction and next week’s CPI and PPI data,” Doran said. Data, these are really important.”
The numbers are all updated before the deadline, please refer to the actual quotation
2023-06-08 21:12:04
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