2023-04-18 21:26:46
Wall Street is digesting a new batch of mixed financial reports. China’s first-quarter gross domestic product (GDP) grew at the fastest rate in a year. The panic index VIX hit its lowest level since January 2022. The main U.S. stock index opened higher on Tuesday (18th). But with the Fed’s “hawk wind” blowing, U.S. stocks closed almost flat,Dow JonesandThat fingerIt closed slightly lower.
On the political and economic front, James Bullard, a hawk of the Federal Reserve and President of the Federal Reserve Bank of St. Louis, expressed his support for the Federal Reserve to “continue to raise interest rates” to curb inflation on Tuesday, and believed that the fear of a U.S. economic recession was exaggerated .
Atlanta Fed President Raphael Bostic said he was in favor of another rate hike next month followed by keeping rates above 5 percent for a “substantial period of time.”
Minneapolis, St. Louis and Cleveland, three regional banks supported the implementation of a larger discount rate hike, according to the minutes of the Fed’s discount rate meeting from February 21 to March 22 released on Tuesday.
The United States is in a debt crisis. House Speaker Kevin McCarthy (Kevin McCarthy) asked Republicans to support his debt ceiling plan in a closed meeting on Tuesday because it would help him negotiate with President Biden. Its plan to raise the debt ceiling was put to a vote.
The U.S. Treasury Department announced on Tuesday that Treasury Secretary Yellen delivered a speech on U.S.-China economic relations on Thursday. The Treasury Department said that Yellen would detail the main goals of the Biden administration in dealing with China, including providing a level playing field for Americans and businesses environment.
After French President Macron’s visit to China, European Commission President Ursula von der Leyen called on European countries to try to maintain relations with China while reducing and avoiding risks. This new strategy is different from the U.S. strategy of promoting “decoupling” from China’s economy and trade .
The European Parliament, the Council of the European Union and the Executive Committee reached a consensus on the content of the EU version of the chip bill on Tuesday. It is expected that the 43 billionEURSubsidies to build the EU’s local chip supply chain and reduce dependence on foreign chips.
The performance of the four major US stock indexes on Tuesday (18th):
Focus stocks
The five kings of technology are generally weak. Amazon (AMZN-US) down 0.43%; Meta (META-US) down 0.44%; Apple (AAPL-US) rose 0.75%; Alphabet (GOOGL-US) down 1.39%; Microsoft (MSFT-US) fell 0.15%.
Dow JonesComponent stocks were mixed. Johnson (JNJ-US) down 2.81%; Goldman Sachs (GS-US) fell 1.7%; Verizon Communications (VZ-US) down 1.32%; Boeing (BA-US) rose 1.63%; Home Depot (HD-US) rose 1.2 percent.
fee halfConstituent stocks rose more and fell less. Micron (MU-US) fell 0.98%; Huida (NVDA-US) rose 2.46%; AMD (AMD-US) fell 0.10%; Applied Materials (AMAT-US) down 0.47%; Texas Instruments (TXN-US) rose 0.15%; Qualcomm (QCOM-US) down 0.85%.
ADRs of Taiwan stocks mostly closed higher. TSMC ADR (TSM-US) up 0.17%; ASE ADR (ASX-US) down 0.68%; UMC ADR (UMC-US) up 0.59%; Chunghwa Telecom ADR (CHT US) up 0.59%.
Corporate News
Bank of America and Goldman Sachs reported different results, leading to Bank of America (BAC-US) rose 0.63% on Tuesday, while Goldman Sachs (GS-US) weakened 1.70%.
Migin (BAC-US) reported an encouraging first quarter, with net income of $7.07 billion, or 80 cents a share, beating Wall Street expectations, but Goldman Sachs (GS-US) first-quarter profit fell 19 percent as sluggish deal activity ate into investment banking revenue, while the sale of part of its consumer unit Marcus’ loan portfolio also weighed on results.
American pharmaceutical giant Johnson & Johnson (JNJ-US) slipped 2.81% to $161.01 per share. Johnson & Johnson’s first-quarter profit and revenue were better than expected, while raising its financial forecast for this year.
apple (AAPL-US) was up 0.75 percent at $166.47 a share. According to the news, Apple is actively building a large number of software service apps for mixed reality (MR) head-mounted devices, including tools such as games, audio-visual, health and collaboration.
Tesla (TSLA-US) slipped 1.46 percent to $184.31 a share. After being told to cut performance bonuses last weekend, workers at Tesla’s Shanghai factory are now over the wall to contact CEO Musk through social media. Musk responded that he has been informed and is understanding the situation.
Intel (INTC-US) fell 0.96 percent to $31.83 a share.Intel gave up the mining pie and announced that it will stop receiving orders for its Blockscale chips starting from October 20. It is expected that the last batch of orders will be delivered on April 20 next year, and the exclusive supplybitcoinChip production business for mining.
Huida (NVDA-US) soared 2.46% to $276.67 per share.After being upgraded from “reduce” to “buy” by HSBC, Huida led the gainsfee halfIndex, Piper Sandler gave Huida an “overweight” rating, and the company is expected to be the biggest winner in generative AI.
Economic data
- The initial value of the monthly rate of building permits in the United States in March was -8.8%, expected -6.0%, and the previous value was 15.8%
- The annualized total of building permits in the United States in March was reported at 1.413 million units, expected to be 1.45 million units, and the previous value was 1.55 million units
- The annualized monthly rate of new housing starts in the United States in March was -0.8%, expected 0.4%, and the previous value was 7.3%
- The annualized total of new housing starts in the United States in March reported 1.42 million units, expected to be 1.40 million units, and the previous value was 1.432 million units
Wall Street Analysis
Among the S&P constituent stocks, 30 companies have announced their financial reports so far, 90% of the companies have better-than-expected earnings per share, and 73% of the companies’ revenues have exceeded expectations.
“Markets are nervous regarding corporate profitability and concerns regarding Fed tightening aren’t going away anytime soon,” said Ed Moya, senior market analyst at Oanda.
Tony Roth, chief investment officer at Wilmington Trust, said: “It’s in the early stages of the earnings season, and it’s really hard to predict too much from what’s going on. More regional banks will report in the coming days and weeks. will give us a better understanding of how they perform.”
The numbers are all updated before the deadline, please refer to the actual quotation
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